The insurance industry will soon face a critical shortage of experienced people because the Boomer generation are retiring. Retirement of this entire generation is happening now and is expected to continue through to 2030. The question many Brokerages are facing is how to attract a younger work force and how to retain them. Competition for replacements is intense and as the economy improves competition from other industries will only intensify. These are concerns the Broking industry is currently facing.
Employers seeking staff are all dipping into the same talent pool. With Level 5 certification being an industry requirement, the pool has shrunk. What has worked before regarding new hires, is not working as well now. In my opinion a new approach to recruiting is essential. It is hard to flip the switch on the old strategies but changing times call for changing methods. Other industries are competing for the same people so the question is – How can the Insurance industry as a whole attract Millennials and Gen Z as they look at establishing their careers? Is it time to stop looking at technical skills and start looking at transferable capability and relatable soft skills? Is investing in a new generation that place a high value on corporate social responsibility, work-life balance, career development and organisational culture an investment that will pay off?
The War for Talent is on and the Insurance industry needs to compete and adapt and be prepared for battle if it plans on growing and thriving in the future.