3 Tips to Improve Recruitment and Retention Goals in the Insurance Industry

A recent study by McKinsey found that 65% of employees who left an insurance- or finance-related job between April 2020 and April 2022 never returned. With only retail and government sector jobs exceeding that rate, what can organizations do to attract and retain talent in the insurance industry?

Angie Schaefer, Chief Human Resources Officer at Safety National, emphasizes that drawing top talent extends beyond compensation. “A comprehensive strategy, encompassing flexibility, inclusive benefits, and a workplace commitment to positive societal impact through diversity, equity, inclusion and environmental policies, is crucial for attracting and retaining exceptional employees.”

Here are three methods for realigning your insurance industry recruitment and retention standards to attract and retain talent.

1. Review your recruitment and talent acquisition strategy.

Finding great candidates requires exceedingly well-planned recruitment strategies. Recruiters may see the best results when they cast a wider net. For instance, many of the roles in the insurance industry, like human resources and communications, are not insurance business-oriented. If your organization attends career fairs, target those individuals, in addition to finance, IT, and business graduates.

Additionally, consider how you are marketing your organization to potential candidates. Are you prioritizing your benefits plans? What about your societal impact and advancement opportunities? As COVID-19 shifted values and in-office standards, career-seeking individuals expect flexibility and balance in their roles. Consider adding current employees to your career fair visits who can discuss typical day-to-day schedules and provide a first-hand account of the real advantages of employment at your organization.

2. Refine your training and development opportunities.

It is no secret that the “Great Retirement” has left a vacuum of knowledge necessary to the insurance industry. Upskilling, employee development, and succession planning are all essential components of ensuring a smoother transition. Ensure that your employees have tangible career paths with measurable goals for getting there. As more organizations introduce artificial intelligence and machine learning, consider the impact on affected roles and their training needs.

Providing development opportunities must include engagement and trust between leaders and their direct reports. Without that relationship, their motivation to succeed is diminished. Invest in your people leaders and encourage transparency with employees so they have a channel for providing feedback.

3. Offer a meaningful internship program.

Internship programs are not new, but many organizations have not taken full advantage of their explosive impact. Hiring at this level and building an individual’s skills can prepare these candidates to fit a company’s open positions. In the event that they choose to work elsewhere, the knowledge they leave with builds critical contributions to the industry.