Is a talent crisis occurring in our industry? Regardless of your opinion, it is hard to deny that human resources and professional development have changed from a decade ago and are key to attracting and retaining a knowledgeable workforce.
Those who question the existence of a talent crisis do so for several reasons:
- There are 72,000 fewer insurance jobs since November 2007
- Baby boomers stay in the workforce longer
- The insurance industry outsources to India and China.
Read Anita Bourke's previous column, "Invest in professional development."
However, as the economy improves, the talent crisis is likely to become more evident. Risk management and insurance professionals over age 55 have increased 74 percent in the past 10 years, compared with 45 percent of the overall workforce over the age of 55. By 2018, one in four risk management and insurance professionals will be nearing retirement, according to McKinsey & Co.
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