Workforce planning has never been more complicated, yet never more essential. The industry faces unprecedented challenges. Most people are concerned about the talent shortage, but what about the expertise challenge. The great retirement wave has arrived and with it an ever-increasing leadership vacuum. This massive talent exodus, coupled with the knowledge critical Brain Drain is starting to make an impact. Companies are experiencing a relentless war on expertise.
The most immediate threat to stability is the sheer volume of professionals approaching retirement. A significant portion of the insurance workforce is over the age of 55, setting the stage for a massive transfer of knowledge or a catastrophic loss of it. For those just entering the insurance industry my advice is – learn from someone else’s 20+ years of experience. Find a knowledgeable, capable mentor. Ask real questions. Actively listen. Stay engaged in your development.  Most importantly, cherish every opportunity you have to learn. Their insights, lessons learned and perspective is invaluable and will prove beneficial in the years ahead. I believe the future of the industry depends on how well knowledge is transfered today and it doesn’t just need to be pairing newer industry people with experienced ones.  Pairing mid-career professionals with these senior experts helps forward momentum too. Throughout my long career I have been a mentee and a mentor and I know from years of experience that the personal reward helping a newbie to navigate and ultimately accelerate their career pathway brings a lot of satisfaction. Taking a focused, strategic approach to retaining top people can help navigate this challenging moment for the industry. The future health of the industry depends on retaining top people and how well the knowledge of those approaching retirement is transfered today.