For years now, attracting and hiring fresh talent has been one of the biggest challenges facing insurance agencies, and it’s only getting more urgent.
Half of the current insurance workforce is set to retire in the next 15 years, according to the U.S. Bureau of Labor Statistics, leaving 400,000 open positions.
Upcoming leaders, Millennials and Gen Z workers are poised to take over for their older professional counterparts, but workplace changes over the last few years combined with shifting worker expectations means agencies may have to change their tactics in order to attract this new generation of talent.
Younger insurance professionals are
looking for meaning in their work and stellar workplace culture — not just a paycheck.
Liberty Mutual and Safeco Insurance released the findings of the 2022 Agency Growth Study, which surveyed more than 730 independent insurance agents to learn about their strategies for growth.
Amid a tight labor market and the Great Resignation, independent agencies are competing for talent. As many as 75% of agencies are currently recruiting. In terms of recruiting tactics, referrals and networking were the top methods, with 80% of actively recruiting agencies using them to find candidates, while 40% were advertising online and using social media posts to find candidates.
Looking ahead, more than half of agencies plan to have employees work from the office full time despite indications that workers are happier and more productive when working from home, the survey found. Specifically, of agency staff who work remotely at least one day a week, 67% said their work-life balance was better, 61% said their personal happiness was better, and 55% said they were more productive.
The survey found that agencies with the most focus on growth and willingness to try new approaches to hiring and recruiting are reaping the benefits. Agencies who stated they are aiming for aggressive growth see an average revenue growth of 22% year-over-year, as opposed to just 9% for agencies aiming for slow-and steady-growth.
Diversity in the workplace and flexibility are among the top priorities for younger workers seeking employment.
According to the survey, younger generations also value knowing their workplaces cares about their wellness, competitive pay and benefits and opportunities for career development. Ninety-five percent of Gen Z job seekers also said it is important they feel their work has meaning.
As such, when crafting job postings, it is important for agencies to emphasize initiatives and elements that make them an appealing choice for young insurance talent. Postings should mention any flexible work options (remote/hybrid), mentorship opportunities, unique benefits, information about the workplace culture and information about diversity and inclusion initiatives.
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onnect with the greatest amount of job seekers by upgrading to CareerPlug Pro. This investment can help you find the right staff to maintain and grow your business!