The UK’s insurance industry employs over a million people and is recognised as a global leader in this arena. However, very few people proactively choose this industry as a career. According to research by insurance firm Ecclesiastical, 80% of insurers want to attract younger talent, but 52% find it a challenge to recruit those aged 30 and younger.
With so many opportunities to choose from when job shopping, the generation entering our workforce are intelligent consumers who are drawn to other industries and opportunities over insurance, attracted by engaging employer branding. The Hartford’s 2015 Millennial Leadership Survey, showed that only 4% of millennials are interested in having a career in the insurance industry.
Much of the challenge comes down to perceptions about insurance as being a little dull, ‘non inclusive’, and ‘old fashioned’. However, anyone who works in insurance knows that this has significantly changed and we need to get better at educating people on the many benefits of the careers we can offer.
This is a particularly challenging issue when so many of our number are looking at retiring over the next decade. Furthermore, as our industry transforms and modernises, we increasingly need the digital and analytical skills that are so strong amongst the next generation.
3 strategies to enhance attraction
I am working with my insurance clients to develop attraction strategies targeted at people with the skills it most needs, in particular those entering the workforce.
- Take control of your recruitment marketing
Although it sounds obvious, to attract the entry-level talent your company needs you need to post your job ads where they will see them. This means making sure you are leveraging popular job boards and social media and ensuring your reviews on Glassdoor are positive.When using these channels to advertise your job listings, your online presence needs to be crafted in such a way that it effectively markets your company in a way that will appeal to them. It is also a great opportunity to educate them on the many benefits that our industry has to offer.Honing your online presence is of particular importance as younger generations use the internet heavily in their job search and to research potential employers. Being able to demonstrate a diverse, dynamic working environment will help incline more top candidates to apply to your job postings. According to the Institute for Public Relations and Weber Shandwick, 47% of the millennials prioritise diversity and inclusion when actively searching for potential employers. Ensuring
- Digitise processes
Insurance companies that are lagging behind in implementing digital processes to streamline the selection process like providing education on roles via social media, internal chat functions, video conferencing and intuitive intranet systems will find it harder to attract and retain younger talent. The next generation are very used to having technology at their fingertips, and according to Vertafore, 49% of millennials believe automation and other tech saves time, encourages productivity and enables them to focus on the most important aspects of their jobs.Embracing these digital tools creates and supports a company culture of progressive, forward-thinking attitudes, which is hugely attractive to younger candidates.
- Outline clear career progression
When considering a job, many younger people will be attracted to a company that rewards forward thinking and hard work with a clearly defined professional development path. Job security has become an increasingly attractive incentive to young people, especially following the COVID19 pandemic. Demonstrating your investment in your people with a clearly defined career path will reassure them of the longevity of the role especially if this can be linked to obtaining externally recognised qualifications such as those issued by the Charted Institute of Insurers (CII). With the ability to fund this development using money from your apprentice levy, there is no reason not to offer this kind of development.
Recognising the challenges facing the industry we have developed a one stop solution for recruiting and developing entry-level talent. We hire both school leavers and graduates and then provide development programmes wrapped around their work which result in them being awarded CII qualifications.
With over 1,000 learners working in insurance undergoing one of our programmes, a 100% pass rate (60% with distinction) we are well placed to help you develop your own strategy. Most importantly, our clients can leverage their apprenticeship levy to pay for our services. If you would like to find out more, please get in touch.