Our working environments have rapidly changed thanks to the CoVid 19 pandemic. However, were these changes inevitable? With increased globalization and the requirement to be constantly available via various platforms, such as email and social media, many businesses have adapted to their customers’ ever-changing and diverse needs. This is done to help these companies adapt to the ever-changing dynamics around us and maintain the services rendered to consumers and the public.
But what about attracting and retaining talented employees? With changing working environments, the need is more pronounced than ever. In particular, the insurance industry is facing a potential crisis due to poor employee recruitment and retention. So how could top talent be attracted and retained in this sector? Read our tips to find out.
Tip 1: Flexible Working Hours
With a move away from the typical 9 – 5 working week, allowing employees to work flexible hours helps them maintain a healthy work-life balance. This, in turn, creates job satisfaction with employees more likely to stay with their employer whilst also increasing their productivity. Ensuring an effective work-life balance is important to the younger generation; therefore, incorporating this into a working environment should be seriously considered. However, a flexible working environment may also help recruit and retain more parents or people with dependents. This is because they have flexibility in respect of any obligations to their dependents, including taking them to school, appointments, or day centers, for example.
Tip 2: A Technological Savvy Workplace
Insurance companies need to be more dynamic in their approach to using technology in their working environment. Their image is often portrayed as being old fashioned and behind the times, which isn’t a true representation. However, to encourage more individuals into becoming an insurance agent, insurance companies need to be seen to embrace new technology just as much as using it to complete their daily tasks. The rise of cryptocurrency, alone, could be one subject to attract a younger workforce.
Tip 3: Career Progression
Clear direction of career progression, including tailored employee packages, is vital for potential employees. If attractive and relevant, it will entice people into the industry and possibly retain them. This is because individuals will know that choosing to work in insurance will mean secure employment. It will also highlight the opportunities to progress up the career ladder with the right training and experience. Investing in a marketing strategy or recruitment drive that demonstrates the various ways an individual could enter the insurance industry may shed light on what is actually available, which could encourage more interest.
Tip 4: Diversity and Inclusion
Quite rightly, businesses should not discriminate against people for certain characteristics, including race, sexual orientation, gender, or disability. A company must be committed as a diverse and inclusive employer in a more woke society in this regard. What’s more, people want to be seen working for such a business instead of one that blatantly discriminates against certain individuals merely because they are different. Insurance companies need to demonstrate their diversity and inclusion not just by employability but by championing this in other ways as a means of attracting and retaining potential employees.
Tip 5: Corporate and Industry Image
As previously mentioned, the insurance industry is seen as dated, slow to adapt to change, and stifling in career opportunities. However, it may come as a surprise that approximately 75% of millennials working in the industry have no intention to leave it. This is in contrast to only 4% of them being interested in actually working in the sector. Perhaps insurance businesses and the industry need to adapt their current strategies to encourage people to work in this field. But why is there such a discrepancy? It could be because the stereotypical views held of insurance as being particularly behind other industries have yet to be adequately challenged.
Undoubtedly the employment market is going through a process of change. The insurance industry needs to remain abreast of these changes, so they do not fall behind other markets and face a shortfall of top talent. Furthermore, the insurance industry’s importance requires highlighting because it protects against financial loss, which can sometimes be substantial. Most of us have insurance, either as home, contents, or medical. The industry also needs to be making changes and showing that it is worthy of attracting and retaining the creme de la creme of employees. Once this is common knowledge, the insurance industry will be spoilt for choice in respect of recruitment.