Currently, the insurance and asset management industry is experiencing a major change due to a series of factors, primarily an aging workforce that’s eagerly gearing up for retirement and a new wave of Millennial workers, ready to enter the job force. The most pressing question currently facing this ever-expanding industry is what steps need to be taken to ensure the right talent apply for the abundance of positions that are about to become available? The key to a smooth transition between baby boomers and Millennial candidates is to implement solid insurance recruitment tactics that’ll effectively attract the right candidates to their ideal roles and help them realize that there’s much more to asset management than making sales.
Hiring Challenges in the Insurance Industry
There are a number of fascinating sectors within the insurance and asset management industry that offer challenging and satisfying work for anyone who’s interested. It’s simply a matter of getting the word out in an effective manner, recognizing the following list of imminent challenges involved, and finding ways to overcome them.
High Retirement Rates
Since the majority of insurance experts with years of experience in their respective fields are expected to reach retirement age within the next few years, this leaves a lot of spaces to fill by equally qualified candidates who require minimal training. This means each company needs to come up with innovative job postings that not only appeal to applicants already looking for jobs in the insurance industry, but also other jobseekers with the right skill sets. To attract potential candidates, many insurance companies have started implementing strong incentives to encourage new talent to apply for positions within their company.
High Turnover Rates
One of the main defining factors young jobseekers list as an absolute must when it comes to accepting a new position with a company is the continued opportunity for upward mobility. Young jobseekers are highly motivated and usually don’t want to remain in a static or stagnant position that doesn’t allow them to keep learning new things on the job. Industry experts need to work towards spreading awareness about the potential for growth and the different types of opportunities the industry has to offer. The most important thing is to change the general perception of the insurance industry by shedding a more positive light on the different aspects of it as well as the benefits it provides for a lot of people.
Location is another key factor in the decision-making process for a lot of prospective applicants and it can sometimes serve as an insurmountable obstacle. As long as your firm is located in a central area that’s easily accessible via various means of transportation such as public transit or major intersections and has prominent parking, then this shouldn’t pose too much of a problem.
Recruitment and Training Costs
Leveraging strong campus recruitment efforts is an effective way of spiking the interest of impressionable and hopeful college and university graduates who are just entering into the job market. However, it’s not enough just to hire them fresh out of school. You also need to provide elaborate training and support to make sure that they have all of the information and resources they need to be successful. The cost of recruiting, hiring, and training new employees can be extremely high, so it’s also important to use employee referrals. Employee referrals are a surefire method of finding hard-working and dedicated candidates who absolutely want to work for your company.
Expand the Talent Pools with an Insurance Company Recruitment Agency
Resolve Recruit Inc. is one of the leading insurance recruitment companies in Canada. We’ve connected thousands of eager candidates to their ideal professional roles across a wide range of industries through intricate recruitment strategies and solutions. To learn more about our company and how we can help you find your dream job, contact us.