2016 is poised to be a year of rapid change and innovation within the insurance industry talent market. From the rise of flexible work options to the growing analytics revolution, the industry continues to be influenced by a number of key emerging talent trends. Here are the eight top insurance industry trends for 2016.
Nearly four million Baby Boomers nationwide are retiring each year, and they are leaving behind a growing executive skills gap that must be bridged. Luckily, today’s young professionals are poised to meet this impending need. How can the insurance industry adapt their current workforce culture to embrace and encourage this new generation of leaders?
In recent years, insurance organizations have renewed their focus on engaging young professionals. They have rethought recruitment practices and strategies, revitalized company cultures, and instituted company-wide policy changes in order to attract Millennials. As Kylee Lacson, a Millennial professional and National Territory Manager at The Jacobson Group, discussed in our latest edition of Compass, the industry must now shift their focus to transitioning their Millennial employees into the executives of tomorrow.
This blog entry is part one in Jacobson’s Generational Spotlight Series, which provides a general overview of the generations active in the workforce. While we understand that these overviews may include broad stereotypes that do not apply to all members of that particular generational breakdown, we believe there is value in looking at today’s professionals from a generational perspective in order to gain a better understanding of their viewpoints.
The Millennial generation—currently 77 million strong—is entering the workforce in vast numbers. Currently, Millennials account for 25% of the U.S. workforce and are expected to form 50% of the global workforce by 2020. They are the fastest-growing generational cohort and are expected to shape the world of work for years to come.
The insurance industry is way behind the times. There are no opportunities for me to advance my career. It’s a stale industry that fails to embrace change.
We’ve heard it all before.
The talent market image of the insurance industry is not a very positive one. Many individuals view insurance as an out-of-date, antiquated labor market that offers little room for growth. As such, recruiting talent, at all levels, is extremely challenging. As the industry continues to see low unemployment rates, a greying workforce and an increasing demand for talent, recruitment is only going to get more and more difficult.
You dedicated time to create a welcoming and enticing work environment. You have positioned your company as innovative and cutting-edge with social media and new technologies. You have embraced a fresh company culture that is appealing to young talent. You have worked hard to attract the younger generation into your organization. Now what?
With 60 percent of Millennials expected to leave their employers within the first three years, what can organizations do to keep these future leaders engaged?