Score a Grand Slam: Recruitment Strategies for the Big Leagues

The insurance industry talent crisis is here. Insurers are now face-to-face with a shallow talent lineup thanks to an aging workforce, an impending wave of retirements and an increasingly shallow talent pool. Throughout the past 10 years, the number of insurance professionals age 55 and older has increased by 74 percent. As a result, 25 percent of the industry’s workforce is poised to retire by the year 2018.

Further complicating the issue is a dramatic shortage of young industry talent. Currently, only 27 percent of insurance employees fall under the age of 35. To remain fully staffed, the industry needs to add 400,000 open positions to its bench by 2020. Unfortunately, graduates from risk and insurance programs currently meet only 10 percent to 15 percent of this growing need. Adding to the challenge is the reality that less than 5 percent of Millennials are interested in working in insurance.

To stay successful in today’s increasingly challenging labor market, insurance organizations must rethink their current recruitment strategies. No longer will the status quo be acceptable. Rather, now is the time to determine whether your organization is going to step up to the plate or find itself relegated to a bench warmer in the high-stakes game of insurance recruitment.

Avoid the Employment Curveball

Transparency is key to a truly successful engagement and recruitment strategy. In today’s hiring climate, your organization is being interviewed just as much as you are interviewing the candidate. It is a candidate’s market, and the industry is finding itself competing for the attention of today’s top talent. No longer are job candidates fighting for our attention. Rather, companies are trying to sell them on the benefits of working for their organizations.

These individuals want to know the “good, bad and ugly” of your organization. They want to get the inside scoop on the culture and day-to-day operations. They don’t want to be blindsided by a workplace or position that doesn’t fit their needs. Most of all, they want to make an informed decision before taking the first, or next, step in their careers. Connect them with members of the team they would be working with and have them meet with someone who is in a similar role. These experiences can be the game-changing strategy needed to get these emerging professionals on your team.

Don’t Send Hiring to Extra Innings

Insurers need to realize that we are competing for talent not only among ourselves, but also among a number of outside industries that are putting monumental effort into filling their lineups with top emerging professionals. Unfortunately, organizations are failing to adjust the pace of hiring to keep up with today’s staffing reality.

A slow recruitment process is one of the top pet peeves of today’s job candidates. They want and expect timely feedback regardless of the outcome. Often, when there is a lag in communications, these emerging professionals feel like they are being benched by the organizations and they actively lose interest in the position. In today’s increasingly competitive recruitment climate, organizations cannot afford to draw out the hiring process.

Time is of the essence when hiring. Organizations must realize that extending the process and waiting to hit one out of the park does not translate to lower turnover or any sort of cost savings. Rather, it often has the opposite effect with top talent instead accepting offers from competitors both inside and outside the industry. Today’s forward-thinking insurers must bite the bullet, trust their instinct and hire the top talent that comes their way. Moving quickly and decisively on top-quality candidates can be the key to getting your organization off the bench and in the game.

Recruitment Is Not a Spectator Sport

Amid today’s challenging recruitment environment, only those organizations that step off the sidelines and get in the game will find success.

To ensure your organization isn’t stuck in the bleachers, now is the time to embrace a culture of recruitment. Finding talent becomes much more difficult when organizations wait until a position needs to be filled. By advocating, selling and engaging candidates before a need arises, your organization can build an opportunity pipeline to draw upon in its time of need.

Ensure your organization is visible to potential talent. Use your website and social networks as promotional tools. Make sure you are putting your best foot forward and sharing your message with the public. Don’t just be a spectator; step onto the field.

Amid today’s ever-evolving labor market, finding and engaging Millennial employees is key to your organization’s future. Already 77 million strong and accounting for more than 25 percent of the U.S. workforce, Millennials are the solution to the growing talent gap. Recruiting this dynamic generation requires a bit of re-thinking in terms of engagement and recruitment strategies, but the potential payoff is huge. Now is the time to think through a different lens and get your foot in the game.

Topics Talent Training Development