Talent: In Discussion
21 March 2022
3 minute read
Our Head of People, Sarah Pickerill, recently spoke to Modern Insurance Magazine about how only 4% of millennials are interested in working in the insurance industry, which indicates a huge talent crisis for the future. Sarah spoke about how the industry might adapt to these potentially disruptive changes to maintain a consistent influx of talent in the future.
"Our industry needs to start changing how we do things, not just with millennials, some of whom are now in their 40s, but with Gen Z and beyond. We must adapt a more creative and modern approach to attraction and retention, with the utilisation of new technology at every possible point to help drive new perceptions around the fantastic opportunities we have as a sector.
Children of the 80s grew up with landlines, millennials grew up in the mobile phone era, Gen Z and beyond (Gen Alpha 2010 – 2025) grew up with instant messaging on every platform and rarely make phone calls! Every sector knows that it is far from easy to attract and retain Millennials and Gen Z and we are no different. Each generation has very specific characteristics, needs and expectations and to ensure we continue to evolve we need to be far more creative with recruitment, engagement and retention. Millennials and Gen Z want instant access, instant feedback, instant results – they want to feel their efforts are rewarded instantaneously. At Carpenters Group our people strategy is very much tailored to support our multigenerational workforce but we are acutely aware that Millennials and Gen Z operate differently. They work hard and are ambitious, but the reality is that they are likely to change jobs more often than previous generations. We also know that they are more sceptical of businesses, more questioning of their leaders and they are attracted to employer brands they admire because of aligned values.
Digitalisation is key, giving people the right tools not only to do their jobs well, but utilise technology to keep them informed, tailor benefits to ones which they value, have effective and ongoing conversations that are personal to their needs even within large organisations or a sector as big as ours. Communication needs to be continuous and immediate, employee engagement platforms need to be invested in and they need to work just as well remotely as they do when we are in the office. Technology is critical in ensuring businesses are engaging seamlessly with both potential future talent and current employees.
Employer brand and workplace culture are probably the most important things to get right to be attractive to Millennials and Gen Z. A competitive salary and a high level of benefits are often taken as a given; ethical decision making, a high-trust, high tech and an innovative and collaborative culture is what sets organisations apart from their competitors.
Flexibility, development, empowerment and giving employees a voice, being seen to listen and act are crucial. Supporting diversity unquestionably a given too with these generations. A clear and deliverable diversity and inclusion plan should be delivered naturally in a strong, values driven organisation where difference is embraced."
Head of People, Carpenters Group
Credit: Modern Insurance Magazine