The insurance industry is suffering from an aging workforce. In fact, according to a study by McKinsey and Co., 25% of insurance professionals with retire by 2018.
We have also begun to see a distinct lack of new talent entering the industry as well. With competition for new talent higher than ever, the focus needs to be on educating the younger generation on the positives of joining this industry.
There are many paths within insurance besides underwriting and sales. Insurance offers tech jobs, data analytics, and new product development.
Everyone has certain criteria on their wish list when looking for a new job such as a better salary, opportunities for advancement, and training opportunities. Millennials are looking beyond these common wish list requirements more so than previous generations. They want to gain a sense of purpose through their work.
With the strong, curious, and driven millennial mindset, this population is able to gather information on companies reputations with much more ease than in the past. They are eager to find companies with organizational culture that is positive, full of opportunity, and that are on the forefront of the the latest technologies and top notch equipment.
Studies show that Millennials want these 3 top qualities in a company the most:
• a company that utilizes current technology
• a company that offers diversity and collaborative working environments
• a company that employs cutting edge techniques such as big data collection and analytic
Attracting the next generation of workers requires more college students being educated in the benefits of majoring in Risk Management & Insurance, more job fairs, as well as more online talent communities inclusive of executive search companies. It is well worth it, as Millennials are ready to meet the changing demands in the industry.
