Attracting the Next Generation of Insurance Talent
While the insurance industry offers many of the attributes upcoming graduates and young professionals seek in a career, it is often overlooked. According to one study, only 7% of Generation Z considers itself very familiar with insurance. This number has increased from just 4% in 2015, likely due to the work of organizations such as the Insurance Careers Movement and insurance fraternity Gamma Iota Sigma. However, many organizations are still finding it difficult to attract young talent.
Millennials, whose youngest members are 24, are currently the largest generation in the workforce, according to Pew Research. While members of Generation Z (born 1997 and after) are just now securing their first jobs, they’ve eclipsed both Millennials and Baby Boomers in overall size. As seasoned employees retire, organizations must focus on recruiting young talent and developing them into future insurance leaders.
As you recruit this year’s up and coming graduates, here are a few ways to showcase your company, and the industry as a whole, as an employer of choice.
Be creative. Since colleges and universities are finishing the school year from home, in-person campus recruiting activities such as career fairs will not be possible. It’s also likely candidates will not be able to participate in face-to-face interviews or go on physical office tours for the near future. Think about ways to bring your work environment, people and corporate culture to life virtually instead. Use video conferencing tools to interview new and soon-to-be graduates and keep your hiring efforts moving forward. You may consider hosting virtual career fairs.
Connect on social media. While a career in insurance is well-aligned to the qualities new graduates seek, it’s up to the insurance community to showcase its attributes. It is important to focus on developing a company’s online presence. Take a fresh look at your organization’s careers page to make sure it’s comprehensive and up-to-date. Provide a glimpse into your company culture on social media by highlighting team members, open roles or charity efforts. Forty percent of Generation Z uses YouTube to research companies, followed by Instagram (37%) and Snapchat (36%). This varies from Millennials who leverage platforms such as LinkedIn and Facebook.
Promote your community involvement. Showcase your dedication to a greater cause within the interview process and through your company’s online platforms. Community impact and corporate social responsibility are important to young professionals. According to a Cone Communications survey, 64% of Millennials won’t accept a position if the organization lacks strong corporate social responsibility values. A recent study from Girls with Impact found 65% of Gen Z considers making a difference one of its top priorities.
Offer internships. Creating an internship program and partnering with colleges and universities to share opportunities for current students is key in creating relationships and building your employer brand. This also provides students with a real-life view into the industry. While internships may look different in the COVID-19 climate, consider how you can create virtual opportunities for the short-term or expand the reach of your program in the coming year.
Discuss career growth. In a 2019 survey of students and recent college graduates from insurance fraternity Gamma Iota Sigma, 74% of respondents said they measure success by growing their skills and experience, rather than salary or other factors. Gallup found that 87% of Millennials consider professional development to be very important. When talking with young professionals, share the details of the position, but also outline where it might lead as they advance in their careers.
Provide flexibility. In today’s connected world, it’s often not crucial to physically be in the office from 9 a.m. to 5 p.m. Especially given the current work-from-home business environment, it’s likely your organization now has remote work programs in place, even if it wasn’t common in the past. Think through ways you can be flexible and support work-life balance for not only this demographic, but your overall workforce.
Create a positive candidate experience. The candidate experience is important, no matter an individual’s professional level. The insurance industry still has a need for top talent. Once you’ve found the right candidate, move quickly toward an offer to alleviate the likelihood they’ll sign on with a competitor. Clearly communicate the next steps in the interview process and maintain momentum to keep their interest.
Ensure an inclusive hiring process. Young professionals seek organizations that are committed to diversity and inclusion at all levels. More than 85% of job seekers within Generation Z say a commitment to diversity is an important factor when deciding to join a company, and two-thirds would be hesitant to accept an offer if diversity wasn’t reflected in their interview process. Share how your organization is cultivating inclusivity, justice and equity.
Insurance professionals are able to protect customers during some of the most difficult moments of their lives, while also helping support the economy by covering businesses and other assets. It’s a noble industry and one that offers vast opportunities for new graduates. Understanding what drives these individuals and adjusting recruiting strategies accordingly can help attract top young talent to the industry.