Graduates are essential for the future success of any organisation, and the insurance sector is no different. Graduates bring with them a wealth of knowledge and skills that can be put to good use within a company and often have fresh ideas and perspectives that can help to drive innovation. However, the insurance sector alone needs to do more if it wants these upcoming generations of workers on board with their career paths early on - and so far, the insurance world needs to do more to attract young graduates to the industry.
Here are four ways that the insurance sector can attract young talent...
Implement a Graduate Program
Implementing a graduate program is a great way to attract young talent. By doing so, you can set clear goals and milestones for the program and facilitate and pay for educational requirements like tier 1 and tier 2, as most employers look for experienced candidates with certifications such as Tier 1 & 2.
Creating clear goals & milestones for the graduate program will give young graduates the security and direction they need to commit to a company. It also shows that the company is willing to invest in its employees and provide them with growth opportunities. This is an attractive quality for many young people starting in their careers. Ultimately, by offering a path to certification and experience, employers can entice more young graduates to enter the workforce and build a pipeline of talent for the future.
Academic Contacts
When it comes to attracting young graduates to the insurance industry, using academic contacts within one’s department can be a very effective way to target specific students. For example, academics can sometimes refer students who have already expressed an interest in the industry, or they can send emails with information on the opportunities that you are offering to students studying the right subject and graduating in the right year, giving you a real advantage when it comes to recruiting top talent.
Introduce a buddy system
The buddy system involves pairing up employees of different levels within an organisation. This system can be used in a variety of settings, including the workplace. The benefits of a buddy system are that it helps to foster communication and teamwork, builds relationships, and provides support.
For example, an experienced account manager could take a young graduate to client meetings. This would give the graduate the opportunity to see firsthand what the job entails and learn how to build relationships with clients as Insurance is a client-focused role. It would also give the employer a chance to assess the graduate's skills and potential. Implementing a buddy system is a win-win for both employees and employers, and it is an effective way to attract young talent.
Participate in Career Day
To get in front of graduates, insurers can participate in career days at universities and colleges. While there, employers should focus on the positive aspects of the industry, give clear expectations of what progression looks like, and what opportunities are available. The goal is to make graduates feel valued and create awareness that they actually have a career path in front of them.
Too often, students graduate without a clear understanding of the different career options available to them in the insurance sector. By providing greater clarity on the various roles within the industry, graduates will be able to make more informed decisions about whether a career in insurance is right for them. By doing this, insurers can help to raise awareness of the industry and make it more attractive to potential employees.
So, what can employers do to keep attracting the best and brightest young talent into our industry? Insurers need to focus on the benefits of a career in the industry. It’s an engaging, client-focused field that is actually a great career path for graduates. And employers need to be prepared to train new people and invest in their development. There are many progression opportunities available in insurance, so it can be an attractive career choice for young professionals. Are you doing everything possible to attract top talent to your organisation? If not, maybe it’s time to reconsider your recruitment strategy.