Here are the facts, and here’s what you can do about them. The insurance industry is amidst a turbulent time. Tons of people are retiring, and companies are having a hard time filling the gap with quality employees. We’ll give you the hard truth and some solutions for this industry-wide problem.
- By 2020, all Baby Boomers will be 65 or older.
- Baby Boomers account for 31% of the workforce.
- Millennials will make up 50% of workforce by 2020.
- The average age in the insurance industry is in the late 50’s.
- Full retirement age, as determined by the SSA, is 66 for this entire generation.
- Nearly 50% of the industry’s workforce will retire in the next 15 years.
What you can do about it:
- Replenish your company with new talent to fill the gap
- Millennials have more diverse talents and are tech savvy.
- Students require new techniques to be recruited and retained.
- Market to students through career fairs, networking events, and classroom workshops.
- The *QGrads team at QuestPro, the official recruiting service for IAT members, recruits the best young professionals and conducts detailed screenings, consisting of video interviews and skills-based assessments, which will leave you knowing that all your requirements are met.
- Hire retired executives to smooth out the transition
- Executives are highly-qualified, experienced, and able to produce as soon as they arrive on the scene.
- They can mentor and pass on valuable industry knowledge, providing a “Brain Drain” to help educate and train new employees.
- Temporary executives embrace the challenges of different and difficult assignments, leaving when the project ends.
- When a high-level executive leaves a big hole that can’t be filled immediately, our **QExecs team can provide someone highly qualified to temporarily fill the gap.
These next few years are going to be very instrumental to the insurance industry. Do you want your company to continue excelling? Then you must stay ahead of the curve and have a game plan when these transitions begin to occur. QGrads and QExecs are two amazing ways Questpro can help facilitate your company and dodge the impending talent gap. Just because the industry will experience a setback doesn’t mean your company has to. Keep your business moving forward and contact one of Questpro’s recruiters today!
*QGrads is here as the liaison between industry professionals and students nationwide. Use QGrads to hire, train, and retain the next generation of insurance professionals.
**QExecs provides you with highly-qualified contract executives to provide your business with the knowledge and skills necessary to move forward. Use QExecs to ensure your business doesn’t miss a beat, while guiding & training the next wave of skilled workers.
IIAT has partnered with insurance recruiting specialist Questpro to help IIAT members hire, train and retain the next generation of insurance professionals.