The talent landscape continues to shift and present new challenges for insurance leaders. From the abrupt adoption of remote work and a focus on contingency planning at the start of the pandemic to the current “Great Reshuffle” (and potentially “the Great Regret”), ongoing evolution and real-time learning have been key themes throughout the past two-plus years.
Now, with accelerating retirements and an increased movement of talent, savvy insurers are focusing on more strategic and thorough succession planning. Internal leadership development and long-term career pathing are being prioritized to prepare companies for a variety of future scenarios.
We’re also seeing an increased commitment to DEI regarding access to executive opportunities. More diverse perspectives within the executive team and the boardroom lead to improved innovation and market share, among other positive business outcomes.
– Brett Carter, Managing Director
At the same time, management teams are having more frequent conversations around behavioral health. Insurers are reevaluating the need for EAPs while equipping their leaders with the tools and training to best respond to employee concerns and challenges. Individuals adopted several new normals – both personally and professionally – during the pandemic and leaders are working to identify ways their teams can move forward most effectively while providing ongoing support.
- Judy Busby, Senior Vice President of Executive Search and Corporate Strategy
Ensuring individuals are being compensated fairly is also crucial to retention. What would they receive if they interviewed for a similar role at another company? What else can you offer that may encourage them to stay? Proactively evaluate how you can gain employees’ loyalty, rather than wait to make a counteroffer when it is already too late.
- David E. Coons, Senior Vice President
This will look different depending on each organization. Even for companies that do not have formal HR-run leadership development programs, identifying the traits and interpersonal skills that are valued within your organization and providing training around them should be a priority. By integrating these skills into professional development plans – even at the more junior levels – insurance organizations will not only build future leaders, but also more effectively retain their high potential employees.
- Julie Dunn, Assistant Vice President and Engagement Director
While salary will always be important, other forms of compensation such as paid time off and performance bonuses can carry substantial weight in a comprehensive plan. Money alone will not ensure long-term job satisfaction, as evidenced by the emergence of “the Great Regret.” Continually seek feedback from employees about their current compensation and focus on how you can best meet their needs.
- Diana Shay, Assistant Vice President
For more on the current state of insurance talent, view our recent thought leadership.