With 66% of insurance agents aged 40 or above, the need for fresh perspectives and innovative thinking has become a top priority for insurance firms across the globe. However, despite the industry’s stability and potential for growth, attracting the next generation of talent remains a significant challenge. In an era where tech, finance, and other dynamic sectors vie for young professionals’ attention, executive search firms play a crucial role in helping insurance companies bridge the talent gap.
Gen Z currently makes up 30% of the world’s population and is expected to account for 27% of the workforce by 2025. Understanding what appeals to the rising workforce in their career choices is fundamental to building a sustainable candidate pipeline.
In this article, we delve into six key considerations that young professionals prioritize when considering career moves.
- Purposeful Work: Young professionals are drawn to roles that offer a sense of purpose and impact. According to a recent study, 80% of Gen Z employees were more fulfilled in their jobs when they felt a direct impact on societal issues.
- Mentorship and Feedback: 73% of the youngest generation in the workforce say they will resign if they don’t get regular feedback from their managers. Outlining a structured mentorship and feedback program can be a great way to highlight how you will support rising talent and stand out from other companies.
- Work-Life Balance: Achieving a healthy work-life balance is a priority for young professionals. According to a LinkedIn survey, 72% of Gen Z is the most likely generation to have either left or considered leaving a job because their employer did not offer a feasible flexible work policy. Highlighting flexible work arrangements, remote work options, and initiatives that support employee well-being can also be a way to stand out.
- Diversity and Inclusion: Diversity and inclusion are non-negotiables for Gen Z. According to a study by Monster 83% of Gen Z job seekers say they prioritize the company’s stance on diversity, equity, and inclusion. This is a core value to highlight during the interview process to be more appealing to the younger generations.
- Competitive Compensation and Benefits: While not the sole motivator, competitive compensation and comprehensive benefits packages are important considerations for young talent. The Forage reports that 70% of Gen Zers prioritize pay/salary as a top aspect they want from their next job. Ensure that your salary packages are fair and align with industry standards. By doing so you set your firm up for a yes when you present an offer to a new candidate.
- Digital Branding and Recruitment Marketing: In a digital age, executive search firms must leverage online platforms and social media channels to amplify their clients’ employer brand. Engaging content, employee testimonials, and targeted recruitment campaigns can help insurance companies stand out in the competitive talent market.
At The Rogan Group, we specialize in helping insurance firms identify and attract top talent from all generations. By understanding the priorities and preferences of the rising generation, we assist our clients in crafting compelling recruitment strategies that resonate with the next generation of insurance professionals.