The talent gap within the insurance industry has become legend, as insurers have struggled to recruit and retain the next generation of talent. A decade ago, we faced the impending reality of the baby boomer generation retiring from insurance and our businesses not having sufficient resources to replace these specialized and skilled professionals. Where do we stand now?
The pandemic temporarily changed the outlook of the insurance industry. Remote work and a challenging business climate led to many baby boomers coming out of or delaying their retirement. Today, we find ourselves in old-yet-familiar territory facing the same challenge, with fewer than one in four insurance professionals under the age of 25 and the U.S. Bureau of Labor Statistics estimating that over the next 15 years, approximately 50% of the current insurance workforce will retire.
Our industry is more involved and competitive in the talent landscape now, as our businesses have become more conscious of recruiting shortcomings. However, we still have significant work to do if we are to fill vital roles that all-too-soon may be vacant. What steps can we take as an industry to better our talent recruitment and retention efforts? It starts with improving and broadening our recruiting practices and opening up your agency to a wider range of talent.