The insurance industry has long been a job-seekers market with companies competing to recruit the best talent. While we cannot yet say how the insurance job market will be impacted by the economic strains imposed by the coronavirus, it is undoubtedly an industry where talent from all backgrounds can thrive. As new talent enters the industry, insurance workplaces are increasingly becoming multi-generational, which has created a challenge for companies as they adapt programs to recruit and retain employees of all ages. To give employers insights on how to improve their talent strategy, Vertafore surveyed insurance professionals of all roles, ages and levels of experience to gauge their needs and wants. In the report, "The Insurance Industry Workforce: A new generation of opportunity," Vertafore highlights some positive news for employers concerned about retention: 42% of millennials and 63% of Gen Xers see themselves staying in their current role for more than 10 years. According to the report, the secret behind insurance careers' "staying power" is the key benefits that come from a stable industry, such as job security, consistency, and compensation. "These no doubt contribute to very strong job satisfaction," says the report, "across the board, respondents of all ages rated their satisfaction with their role and pay 7 out of 10." Furthermore, 44% of millennials, 37% of Gen Xers and 29% of baby boomers are still in their first industry role. However, there remain factors that contribute to professionals choosing to leave their roles or companies. The slideshow above highlights the top reasons based on Vertafore's survey.

What employees want

The results of Vertafore's survey spotlights several benefits that are at the top of employees' must-have lists. These benefits also highlight where employees would be more incentivized to pursue new opportunities and leave their current employer. One of the top incentives of the industry noted by survey respondents of all ages was the opportunity to help their neighbors in times of need. Additionally, insurance professionals appreciate the creativity and autonomy afforded in their insurance roles. However, the industry can still improve in diversity, some respondents said. "Gender and age gaps are a significant obstacle for millennial respondents who feel the industry is dominated by older males," the report states. But as more employees enter the industry — especially in family-run businesses — the number of women in leadership positions will begin to increase: "Over the last five years, the number of women-owned family businesses has increased by nearly 40%," asserts the report. "Even better, over 30% of family businesses indicate that the next successor to the role of president or CEO is a woman. If these trends hold true for the insurance industry, it will mean great opportunities for young women!" To read the full report, click here. Related:

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