The insurance industry, once known for stability, now faces a pressing talent gap as an ageing workforce retires. Attracting new talent requires overcoming challenges related to salary, location, and overall appeal.
The Salary Conundrum
While insurance offers competitive pay, it struggles to match the high compensation packages of other professional services including finance and tech. Younger professionals are often drawn to sectors with transparent, lucrative earning potential. For the insurance sector to remain competitive, a reassessment of its compensation recruitment strategies is essential.
Location Challenges
Geography also affects recruitment. While cities like London and Manchester are insurance hubs, the high cost of living there can deter young talent. On the other hand, smaller towns may be more affordable but lack urban amenities that appeal to younger generations. Remote work options and flexibility could help the industry broaden its talent pool, making roles accessible beyond major cities.
Rethinking Incentives
The industry’s commission structures, often biased toward new business, can demotivate Account Executives who manage established portfolios. Recognising and rewarding account retention is crucial to incentivise professionals who focus on growing and maintaining existing relationships.
Building a Strong Employer Brand
Beyond financial perks, the insurance sector needs to enhance its Employer Brand Proposition (EBP) to attract new talent. A strong EBP highlights a company’s culture, values, and growth opportunities. Emphasising innovation, inclusivity, and professional development can shift the industry’s perception as slow-moving, making it more appealing to millennials and Gen Z professionals.
Green Barks Search: Leading the Way
At Green Barks Search, we specialise in finding top talent for roles such as Chief Risk Officers and Underwriting Managers. By matching skilled candidates with organisations focused on growth and adaptability, we help build future-ready teams.
In a rapidly evolving market, attracting the right talent is critical. By addressing salary, location, remuneration, and brand appeal, the insurance industry can build a sustainable talent pipeline. At Green Barks Search, we are committed to helping organisations secure the next generation of leaders.
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