A New Headache for P&C Recruiters: Gen Z Is Driving ‘The Great Resignation’

InsuranceExecutive SearchC-Suite SuccessionDevelopment and Transition
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2月 16, 2022
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InsuranceExecutive SearchC-Suite SuccessionDevelopment and Transition
EXECUTIVE SUMMARY
The insurance industry must begin to attract Gen Z talent or face talent pipeline issues.
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Excerpt from article originally published in P&C Specialist by Varada Bhat and Alexandra Garfinkle

Russell Reynolds Associates Consultant Limore Zilberman was quoted in P&C Specialist.

 

The “Great Resignation” isn’t just about experienced employees leaving their jobs. New data suggests that younger workers are more likely to quit and look for greener pastures than their older co-workers — a trend that could make hiring more difficult for P&C carriers that are already facing a talent crunch.

A study conducted by talent acquisition platform Lever found that 65% of Generation Z employees plan to quit their jobs this year, compared with 40% of employees overall. Additionally, only 38% of Gen Zers said they would prefer to be at a company that pays more rather than gives them a sense of purpose, compared with 49% of millennials and 56% of Gen Xers.

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With nearly 50% of the U.S. insurance workforce expected to retire by 2034, it is crucial for insurers to lure Gen Z with new ideas and to tell a better story about the industry.

“We have a real problem in that we don’t know how to position and market the industry to highlight the value proposition of insurance,” said Limore Zilberman, who leads the global insurance practice at Russell Reynolds.

Covid-19 has changed the paradigm for insurance because talent is looking at things differently and prioritizing different facets of the job, she adds. “People want to feel like they are working for a mission and balancing profit and purpose, prioritizing joining an organization that has a purpose bigger than them and bigger than a paycheck. So, insurance is really primed right now to go and tell its story to attract talent.”

To read the full article, click here.