The Talent Pipeline for Insurers Is Diminishing
Insurance companies must compete with other industries for a diminishing supply of skilled workers. What role does carriers' IT play in attracting and retaining top talent, and how can companies leverage Web 2.0 tools to recruit qualified workers?
THE AGING demographics of the insurance talent force point to a diminishing pipeline of qualified replacements. The Bureau of Labor Statistics shows growth in available workers aged 16 to 44 significantly lags behind the supply of workers aged 45 and older across all industries in the United States.
Additionally, the American Institute for CPCU shows fewer than 23,000 professionals sat for the Chartered Property Casualty Underwriter (CPCU) exam in 2006, a 55-percent decrease from 2002. These are a few statistics that point to the growing difficulty the insurance industry faces in recruiting and retaining talent.
To compete for talent today, organizations must understand how to attract, recruit and retain Gen Y. Connecting with Generation Y requires a deep commitment to employment brand. A strong and compelling employment brand can communicate the organization's commitment to the values that are important to Gen Y workers: long-term career development, multiple experiences within the organization, a sense of purpose and meaning, access to mentors, work/life balance, tech-savvy environment, honest communication and an open social environment, to name a few.
One of the first places to focus your employment brand is on the recruiting page of your Web site. How are you selling the company and the work experience? Do prospective employees get the sense that your organization is exciting, dynamic, challenging and engaging? Or is the first impression dull and heavy-handed? Treat your recruitment pages like your product pages -- market your employment opportunities with some sizzle.
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