6 ways to tackle the insurance industry talent gap.
Millennials are now the majority of the U.S. workforce and are projected to comprise 50% of the global workforce by 2020.
With 4 million baby boomers retiring nationwide each year, the looming talent crisis facing the insurance industry is a cause of concern for many organizations. With nearly 400,000 open positions projected by 2020 and less than 5% of millennials interested in working in insurance, Insurance Careers Trifecta says the industry needs to come together to find a solution.
"Insurers are facing a growing war for talent, the focus needs to shift toward recruiting and engaging the next generation of talent and bringing millennials into insurance," Greg Jacobson, co-CEO for The Jacobson Group said in a statement. "Insurers must join together and re-brand insurance as the industry of choice for young professionals."
To help companies in this effort, Insurance Careers Trifecta has compiled a list of ways insurance professionals can engage the next generation workforce.
Revamp your internship program
Internship programs allow organizations to find potential employees who can help grow the business, and they are an excellent way to introduce young professionals to the industry. A quality internship program will enable you to attract bright and ambitious young people.
Insurance Careers Trifecta recommends using a program called MyPath. MyPath is a collaborative industry initiative dedicated to educating students and young professionals about the insurance industry and can help organizations reach job seekers early and often.
Exhibit at a career fair or local job fair
Appeal to current students and young professionals when they are looking for internships or entry-level positions in a location that is convenient for all parties.
Career fairs are popular on college campuses -- they expose students to potential opportunities, as well as employers that they may not have known existed. At the same time, these job fairs allow organizations to gain access to a large pool of candidates in one place, and they can help increase brand, and industry, awareness.
Inspire young professionals
Insurance Careers Trifecta suggests showing current students what a day in the life of an insurance professional is like. By giving emerging talent a first-hand look at the everyday activities, you can share what makes this industry a great one to work in.
Volunteer in the classroom. Schools across the country have been inviting local professionals into the classroom for decades to talk about their work and careers. Arrange to visit a classroom to help students understand the relevance of their classroom work and gain exposure to industry jobs and careers.
Allow students to job shadow. Job shadows introduce students to the realities of today's workplace and the skills they need to succeed, while providing employees with an enriching opportunity to share their knowledge and experience.
Participate in career day at schools. Teach students about insurance and introduce them to careers in the industry. By sharing your experience, you can help students understand insurance and provide insight on how a career in insurance might be the right path for them.
Appeal to young professionals with the technology they use every day.
Launch a video challenge. Encourage your employees, especially the millennials, to create videos describing why insurance is a great industry. Post the videos on your social media sites to attract viewers.
Conduct a hack-a-thon. Get your employees together and host a competition encouraging them to come up with solutions to the talent gap. You can even invite local college students to attend.
Hold a virtual meet and greet. Appeal to a young demographic by utilizing virtual technology. Encourage students and young professionals to get to know your company by Skyping in. Be active on Twitter and the other social sites millennials frequent.
Connect the dots for young professionals
There is more to the insurance industry than meets the eye. The opportunities and benefits are truly limitless. Oftentimes though, students don't understand how their college focus can intersect with the insurance industry.
Show young professionals that there are insurance careers for every major with MyPath's brochure, "Uncovering Career Paths in the Risk Management and Insurance Industry."
"Some of the ways insurers are innovating is by developing new solutions to meet the demands of cybersecurity, green technology, the sharing economy and other emerging trends. To attract millennials into our industry, we need to better tell our story and connect on issues important to this generation." June Holmes, COO and treasurer at PCI.
Audit communication channels
Before targeting young professionals, make sure your marketing materials will make an impression and update your social media strategy.
Think of your audience. When creating marketing materials, think of what would appeal to your target audience. Make sure your images are diverse and depict other young professionals.
Keep up with the trends. Is your organization keeping up with the latest trends? Are you on Twitter, Facebook, Pinterest or Snapchat? It's vital to monitor the latest social media outlets. Subscribe to publications and blogs that can help you stay informed.
Ask your millennials. Not sure where to look to keep up with the latest social media tools? Look in your own office! Your organization's millennials can be a great resource and can point you in the right direction.