With baby boomers retiring and a stubborn national labor shortage in full force, recruiting and retaining the next generation of insurance professionals may have never been more crucial than it is now.

In recent decades, industry leaders have opined on what might happen when the baby boomers, whose numbers make up much of the workforce, retire. Now, with those individuals expected to retire within the next decade, combined with an already tight labor market, the insurance industry is faced with a potential talent shortage. The U.S. Bureau of Labor Statistics forecasts that nearly 400,000 insurance industry employees will retire in the coming years.

To contrast, millennials and Gen Z now make up more than half of the U.S. population, according to data from Statista. They have grown up in a world of rapidly changing technology, diverse perspectives, increased global awareness and value experiences that are efficient, convenient and user-friendly. Millennials and Gen Z also have different career and workplace expectations than previous generations and expect a different hiring and employment experience that is tailored to their needs and expectations.

Read the full article, written by Julie Braley, Chief People Officer of SIAA, published March 3, 2023 in The Standard. Reprinted with permission from The Standard, Copyright 2023, Standard Publishing Corporation, Boston, MA. All rights reserved.