Talent gaps and skills shortages are key issues for the insurance industry. The dream of an innovative and exciting career can jar with the conservative nature of insurance, particularly for younger generations. So how can organisations in this traditional industry look to attract millennials? The Insurance Institute investigates.
The world of work is changing at a faster pace than ever before. In this post-economic crisis environment, company loyalty has decreased and a ‘job for life’ is officially a thing of the past. And the generation with which this resonates most, is millennials.
Millennials are loosely defined as those born between 1980 and 2000. PwC predicts that millennials will make up 50% of the global workforce by 2020. At The Insurance Institute, 56% of our members are millennials; a figure that is growing by the day.
This cohort is shaping the future of virtually every sector, including insurance. Millennials are seen as very different to the generations who came before, valuing professional development and career advancement above salary or job security.
It is also clear that millennials are not choosing insurance as a career path, which is resulting in our organisations losing out on some of the country’s best talent. They are critical to the future of our business, so the industry needs to take steps now to counteract the negative perceptions of insurance among school leavers and graduates.
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