How Charitable Giving Can Solve the Industry’s Talent Problem
For years, the insurance industry has battled a looming talent crisis, and the threat of that crisis is becoming more urgent.
According to the U.S. Bureau of Labor Statistics, more than 50% of insurance workers will retire by 2036 and currently less than 25% of the workforce is under the age of 25. At the same time, global turbulence from the pandemic, inflation, and more, have exacerbated challenges. Fortunately, there is a way our industry can address this talent issue and help address the needs of our communities.
To move forward and ensure our communities continue to thrive, we must expand charitable giving and volunteerism within our industry — from Main Street agents to the largest insurers.
The Value of Philanthropy
Millennials and Gen Z workers satisfied with their company’s environmental and social footprint are more likely to stay with their company for five years or more, according to the Deloitte Global 2022 Gen Z and millennial survey. Not only do employees want to give back and make an impact, giving back also builds trust with the community and is good for business.
Insurance has always been a business of relationships, and to be successful you need to understand your community and customers. Rolling your sleeves up to support a playground cleanup or opening your wallet to sponsor a Little League team are ways to help build meaningful connections.
The industry has a heart that beats for its community. The more we integrate that into everyday business, the more we’ll evolve. Numerous opportunities are available for those who want to make a difference. Consider the following to get started.
Get to know your community. Making personal connections and learning about local competitors, potential partners and the community at large can broaden your network and highlight important issues. Attend local events, such as food bank meal servings, business openings or fundraisers and make connections.
Connect with your team. Strong employee communication is essential. Here at Newfront, I spoke with one of our staff members about her passions and learned she loved animals. Consequently, we sponsored a Mutt Strut to raise money for shelters and help dogs find homes. Consider taking a survey to see what causes your team members like to support. This will help you find opportunities for employees to stay connected with their passions, their work and their team members.
Partner with other organizations. Consider collaborating with organizations dedicated to philanthropy. For example, at the Insurance Industry Charitable Foundation (IICF), we offer opportunities to get involved, such as our annual Week of Giving, a celebration of the industry’s dedication to giving back through volunteering and service projects throughout the year.
Step Up as an Individual. At IICF, we launched a Global Membership program, which provides individuals in the industry a new opportunity to advance social good. IICF membership provides access to a valuable networking platform, connecting members to executives and other professionals, along with volunteer projects and educational and mentoring programming.
Getting involved is critical to fueling our workforce with the right talent and preparing our industry for the future. Showcasing these efforts is also important. Millennials and Gen Z workers actively promote their volunteerism, and many look to work with and patronize businesses that do the same. Post on social media, using the appropriate hashtags, and work with local media to broadcast the work your company’s been doing.
Moving Forward
This is an answer to our talent woes. Now is the time for the insurance industry to reinforce the importance of purpose in our work and personal lives to make a difference. Showcase that our industry is one that is and always will be rooted in giving back — and being there for people and our communities in their time of need. Doing good will attract the best talent, the best customers and the best partners.