The War for Talent

As baby boomers retire, the U.S insurance industry faces a war for talent. The insurance industry is not only competing against other financial sector industries, but also against non-financial organizations. Awareness of the range of career choices has become more universal with information technology and together we must do more to educate the millennial generation (those born between 1982-2002) about the insurance industry and the opportunity for a successful career in it.

Check out this minute video on the War for Talent from Larry Pistel of St. Johns University. Click here.

Did you know:

• 60 percent of the insurance industry’s current employees are older than the age 45.

• The millennial generation is the largest yet, estimated 100 million (baby boomers were 80 million).

• Seventy-one percent of millennial’s want to “work with people their own age,” yet large percentages stated that they perceive the industry as having “older workers” (58 percent), being “old in general” (63 percent), being “not innovative” (53 percent) and having a “poor public image” (65 percent).

• Millennial’s have expectations of their employers providing technologies similar to what they already use in daily life. These included company-provided PCs (76 percent), mobile phones or smartphones (48 percent), internal company instant messaging (50 percent), access to social networking sites (40 percent), company intranet or portal (62 percent), and company-provided virtual meetings (42 percent).

• 91 percent of millennial’s stated that being able to work with “newer, innovative technologies” in the workplace would make them more likely to consider a potential job opportunity. Other drivers included the ability to telecommute or work from home (77 percent); flexible work schedules and locations (91 percent); and opportunities to work on collaborative team projects (72 percent).

Watch this informative short presentation on Millennials given by InVEST program manager, Jennifer Robinson.  Click here.

The good news?

More than half (55%) of millennial’s surveyed say they would consider the insurance industry for a possible career or currently work within the industry.

In 2015 millennial’s will dominate the workforce, who will be working at your agency? Don’t wait until your office is empty, contact InVEST today and begin a program in your state. For more information, click here.