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3 Top Ways to Tackle the Talent Crisis in Insurance
The results are in, 43% of insurance companies are saying that it’s getting harder to find skilled candidates in a number of areas, including claims.
And this isn’t just a short-term trend. The talent crisis in the insurance industry has been brewing for a long time. From difficulties in attracting graduate talent to retaining employees at all levels, these issues are being seen across the insurance industry.
So, what’s the solution? It’s time to think beyond the traditional methods to tackle these insurance industry challenges.
Here are 3 ways that mentoring can provide the solution to tackle the crisis.
How can mentoring tackle the talent crisis in the insurance industry?
Put culture first 🙌
The pandemic has fundamentally changed the way that we work. Along with generational differences in what Millenials and Gen-Z expect from their employer, traditional methods of attracting talent are no longer enough.
Nice-to-have elements of workplace culture have become must-haves. These included DE&I, financial wellness, flexibility and career enrichment opportunities. By working on creating an inclusive working culture, that accounts for flexibility and learning and progression opportunities, you can stay competitive.
“People who report having a positive employee experience have 16 times the engagement level of employees with a negative experience, and they are eight times more likely to want to stay at a company.” (McKinsey, 2021)
Employees asking for pay increases that are unsustainable. Meaning that investing in your culture is an intrinsic part of creating an environment that goes beyond pay in retaining top talent.
And mentoring is a fantastic way to build a company culture that addresses the top areas of workplace culture that people are looking for. By connecting people for peer-to-peer and social learning, you can foster inclusion, provide tangible growth opportunities, and, with virtual mentoring, provide a flexible learning solution.
Grow your own talent 🌱
Insurance graduate schemes have long been used to nurture top talent. High-potential employees can also be found early on through apprenticeships and earn-and-learn programs for school leavers.
Focusing on capturing new talent and nurturing them is important in an industry where talent is continually ageing out. Building the processes where you can develop your people in house are vital for creating a resilient talent pipeline.
When growing your own talent, mentoring can play an important role. From helping in the onboarding process and developing new starters to positively affecting long-term career progression.
“As we seek to attract new people into the business, they have to know that there is mentorship and somebody that feels responsible or accountable for the development available to them.” Chris Conrade, Conrade Insurance Group
Building human connections is incredibly important. It not only leads to skills development and faster time to competency, but can support mental health and employee engagement too. By incorporating mentoring into your graduate or earn-and-learn schemes, high-potential employees will gain invaluable insight into the business.
Who better to get your new hires up to speed on the industry and company culture than your own people?
Go digital 💻
The final way that mentoring can tackle the talent crisis in insurance is through virtual mentoring. In our ever-more digital workplaces, there are many ways to continue to connect and develop your employees. We know that relying on traditional ways of working is no longer effective.
“Forced virtualisation of work during the pandemic has fueled revolutionary changes in employee expectations and upended many traditional employment models” (Deloitte, 2023)
Whether you’re still expecting in-person recruitment events to bring in new starters or thinking that in-person learning opportunities will still yield the same results they used to, it’s time to rethink the methods you’re using to engage your people.
Virtual mentoring is a great way to provide a flexible learning opportunity that can be used across remote and hybrid employees. Mentoring software, such as Guider, makes implementing mentoring across your organisation simple.
Through virtual mentoring, you can connect employees across the business, breaking down siloes and creating connections that have a big impact on employee happiness.
Working in insurance is a fulfilling and rewarding career. For top insurance companies to stay competitive, it’s important to focus on attracting and retaining top talent by moving with changing times. By utilising mentoring and peer learning solutions, such as Guider, you can improve culture, grow talent and tackle the talent crisis head-on.
Want to find out more? Book a chat with our team today!