Towergate’s Richard Tuplin on how to tackle the recruitment deficit
Richard Tuplin, CEO of Towergate, looks at how the insurance industry might tackle both its talent hiring troubles, and at how to entice back and retain its existing employees.
Insurance has had a recruitment problem for years. Then the Covid-19 pandemic came along and suddenly people had choices – and now the issue the industry has been failing to address for many years has come back to bite us.
It was no surprise to learn from Aviva that 53% of firms have vacancies active for more than four months. Right now, the committed and hardworking people within our industry are working even harder to avoid impacting clients, but that’s clearly not sustainable.
So what are the options? Unfortunately, there is no one silver bullet, and creating change and maintaining momentum across multiple fronts is going to be tough. Business as usual will get in the way because none of the answers feel like they’re mission-critical. But the truth is, they are. We need to be changing with times, with client demand, and with the labour market.
Here are five ways we can start.
Cast the net wider
We need to be more diverse on where we’re looking for candidates. That means recruiting on character, skill sets, transferable experiences and our own gaps – from entry level to board positions. We need to be making links with different communities and institutions, bringing in great people and training them up when they get here. We also need to think about bringing people back. We’re losing talent to things like childcare and retirement – when flexible options could secure us that ongoing energy and experience.
We also need to think about bringing people back. We’re losing talent to things like childcare and retirement – when flexible options could secure us that ongoing energy and experience.”
Embrace modern working
Insurance is about relationships, and the intimacy you get being in a room with other people is important. But insurance can – and should – embrace post-Covid modern working practices, including hybrid options, flexible hours and part-time working. Clearly, that depends on tasks, roles and experience, but we must adapt to attract and support great employees. We’re incredibly resilient as an industry, and incredibly innovative. Let’s demonstrate that.
Create better pathways
Better career pathways must be created that can be tailored towards individuals, so people have a clear progression route. The sector must demonstrate that insurance is a profession, a career – and ultimately a good living.
Great stand-alone programmes need to be replicated, amplified and embedded.
Insurance doesn’t just have a recruitment problem, it also has a reputational one. It’s seen as being boring. But the truth is it’s fascinating and varied and, while we’re not in healthcare or charity work, we are making a difference.”
Become a workplace that gives more
People are looking to work for organisations that care about them in terms of benefits and support – and about the wider community. They want a great package, and great wellbeing support. They also want to see their values reflected.
Sell insurance better
Insurance doesn’t just have a recruitment problem, it also has a reputational one. It’s seen as being boring. But the truth is it’s fascinating and varied and, while we’re not in healthcare or charity work, we are making a difference.
As an industry, insurance is there for people when the worst happens. We’re there to give businesses the freedom to grow. We don’t sell, we advise – and we help make some really good things happen.
I also fell into insurance – as so many others do – but then I fell in love with it. It’s been incredibly kind to me. If we could bottle insurance and start selling that to people, our talent troubles may get a sight easier.
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