(512) 943-6800

Request A Demo
TalentGuardTalentGuard
TalentGuard
  • Products
    • Career Pathing
    • Certification Tracking
    • Competency Management
    • Compensation Planning
    • Development Planning
    • Learning Management
    • Performance Management
    • Succession Planning
    • 360 Degree Feedback
    • Skills Assessment
  • Services
    • Consulting
    • Competency Frameworks
    • Career Resources
  • Resource Center
    • Learning Center
    • Blog
    • HR Definitions
  • Partners
    • Our Partners
    • Become a TalentGuard Partner
    • Referral Lead Registration
    • Partner Learning Center
  • Company
    • About Us
    • Leadership
    • Board of Directors
    • Events
    • Clients
    • Case Studies
    • Press Releases
    • Media
    • Careers
    • Worldwide Office Locations
  • What is Your Challenge?
Menu back  
Career Pathing

How to Address the Insurance Industry’s Talent Crisis

The US insurance industry is facing a talent crisis.

Research suggests:

  • A quarter of workers in the sector are expected to retire in the next few years, leaving a projected 400,000 vacancies unfilled by 2020.
  • The industry is hiring at record levels but the biggest challenge companies are facing is to secure new talent, according to the 2018 Insurance Industry Employment and Hiring Outlook Survey.
  • Employee retention among millennials is a problem for the sector. It is estimated that they remain in their jobs for just 12-18 months on average.

A new approach to talent acquisition and retention strategies is a must for insurance companies to remain competitive. And to succeed in the long-term, career pathing must form an integral part of that approach.

Career pathing offers an innovative strategy that meets the demands of today’s talent, while helping to address the issues of engagement and retention. In doing so, it also makes your company more appealing to external talent looking for their next career move.

Here are just three ways where effective career pathing addresses some of the specific issues facing the insurance sector:

 

Promoting upskilling in your organization

The 2018 Insurance Industry Employment and Hiring Outlook Survey notes that talent is required in five key areas, ie, sales, underwriting, customer services/admin, technology and claims. The lack of available talent is also the key obstacle to hiring in these disciplines but internal mobility and upskilling opportunities are often overlooked by employers.

Career pathing enables your employees to identify areas for upskilling that are preventing them from achieving their potential with your company – and fill some of those vital skills gaps.

 

Addressing the technology skill shift

The insurance sector is facing a significant workforce transition as the demand for professionals with advanced technological skills grows. McKinsey’s 2018 report Skill Shift – Automation and the Future of the Workforce highlights the impact that the tech skills shortage will have on the workforce of the future. In particular, the impact of automation and technology on the insurance sector is accelerating the skill shift.

But it also highlights the need for new strategies and ‘a new emphasis on continuous learning for workers’. Career pathing enables your employees to highlight their personal areas for continuous learning which align with your organizational goals.

 

Engaging millennials

Millennials seek a position with purpose which also offers a strong career path and clear employee development opportunities. The freedom to map out their own career path is central to that. Repeated studies consistently show that without that option they will look for an employer who can meet their expectations.

Career pathing is the first step towards achieving this and is becoming increasingly critical in an industry that is failing to offer what millennials see as a viable or fulfilling career.

 

Implementing a career pathing strategy

Career pathing is a straightforward concept and is not difficult to implement within your business. Clear career development paths enable your company to create a more engaged and motivated workforce. By charting out an employee’s future career, performance objectives and training needs can be incorporated that meet your company’s aims. An effective career pathing strategy could also prove to be the key to your long-term talent management success in an industry facing a talent crisis.

For more information on what career pathing is and how to get started with career pathing, read our blog here.

Support your talent management strategy in 2019 with award winning software from TalentGuard. Our dedicated career pathing software empowers your employees to map multiple career path scenarios, review job competencies and evaluate skills gaps in order to achieve their career goals.

 

To learn more about career pathing, visit our Learning Center to view webinars and other content or visit our career pathing page. 

Download the white paper: Career Pathing as a Talent Imperative

Career PathingInsurance IndustryTalent CrisisTalent Shortage
Related posts
Ten Ways to Boost Internal Talent Mobility
Ten Ways to Boost Internal Talent Mobility
June 8, 2020
How to Upskill Team Members (and Why Your LMS Isn’t Delivering)
April 27, 2020
internal recruitment
Internal Recruitment: What is it and how do you enable it in your organization?
April 6, 2020
COVID
COVID-19: How Can HR Face the Challenge?
March 24, 2020
career path for employees
Why Every Employee Needs a Career Path
March 2, 2020
How to Make the Future of Work Human-Centered
November 18, 2019
Recent Posts
  • How to Design a Succession Planning Template January 11, 2021
  • What’s the Difference Between Skills and Competencies? December 8, 2020
  • AI in Talent Management November 17, 2020
  • The Key Takeaways from HR Tech 2020 November 2, 2020
  • Transforming Verified Skills into Verified Success October 7, 2020
PRODUCTS

CAREER PATHING
CERTIFICATION TRACKING
COMPETENCY MANAGEMENT
COMPENSATION PLANNING
DEVELOPMENT PLANNING
LEARNING MANAGEMENT
PERFORMANCE MANAGEMENT
SUCCESSION PLANNING
SERVICES

CONSULTING
COMPETENCIES
CAREER RESOURCES

PARTNERS

OUR PARTNERS
BECOME A TALENT GUARD PARTNER
REFERRAL LEAD REGISTRATION
PARTNER LEARNING CENTER
RESOURCES CENTER

LEARNING CENTER
BLOG
HR DEFINITIONS
UPCOMING WEBINARS
COMPANY

ABOUT US
LEADERSHIP
CLIENTS
CASE STUDIES
PRESS RELEASES
MEDIA
CAREERS
WORLD WIDE OFFICE LOCATION

 TALENTGUARD
1120 S Capital of Texas Hwy Suite 105
Austin, Tx 78746

512-943-6800

   
© Copyright 2017 | Privacy Policy | Sitemap | Google+

Request A Demo

Please complete the form to request a demo.
  • This field is for validation purposes and should be left unchanged.