Brokers, underwriters, and claims professionals are all feeling battle fatigue as the ongoing war for talent marches on.
P&C insurance industry veterans are retiring and the worker demographic is changing. Senior leaders and managers are feeling the pressure to backfill their talent to keep pace. What’s the best way to recruit and retain fresh, inspired talent?
About 8.5% of the P&C insurance industry workforce plans to retire in the next five years, per the Insurance Institute of Canada’s Demographic Research Series 2022-2023. The majority (68%) of retirements are projected to occur sometime after two years from now.
That’s what’s happening at the senior level. But what’s happening in the junior and intermediate ranks?
Over the past two years, 37% of job openings were for entry level roles (roles needing less than two years of experience). That’s a 4% increase from IIC’s 2017 iteration of the survey, but is it sufficient to replace the dearth of senior leadership once the senior leaders retire? Are there enough people in intermediate-level positions to take the baton of leadership and run with it?
What are the best ways to attract new talent?
Organizations are mainly advertising their open positions through employee referrals. Plus, digital channels, like an organization’s website, LinkedIn and other external job boards, are continuing to be primary recruitment channels for hiring P&C talent.
But is there a better way to recruit? Especially as P&C companies find their top talent is getting poached by their competition?
And once you find the talent, how do you hold onto it?
Tune into a Canadian Underwriter LinkedIn Live panel discussion on Sept. 7, 12-1pm ET, to hear some answers to these questions and more. Senior industry leaders will provide their insights on how to attract top talent to the P&C industry and provide a seamless workplace experience for new and seasoned recruits alike.
Register now: How to win the war for talent on LinkedIn Live
Panellists:
John McNeil, Program Coordinator, Full-Time Professor, Humber College Insurance Management Program
Brad Neal, Vice President, Business Development & Strategic Partnerships, Insurance Institute of Canada
Stefan Rolfe, Associate Director, Insurance, Impact Recruitment
