Rethink your talent pipeline
Relying on traditional recruitment to provide a just-in-time specialist is a sure-fire recipe for failure. Instead, organisations must focus on building a consistent talent pipeline that can provide a steady stream of skilled professionals to fill in-demand positions.
The ‘4 Bs’ method of talent pipeline development is a valuable framework for building and maintaining a pool of skilled candidates:
- Build: Actively sourcing and attracting candidates through various channels, including job fairs, career events, social media, and employee referrals.
- Borrow: Utilising temporary or contract workers to fill in-demand positions while seeking permanent hires.
- Buy: Acquiring talent through mergers, acquisitions, or partnerships with other organisations.
- Bridge: Developing and training current employees to take on new roles within the organisation.
By implementing a continuous talent pipeline strategy, organisations can proactively address skills gaps and fill vacancies more efficiently.
Embrace diversity and inclusion
Diversity brings a multitude of benefits to an organisation, including increased innovation, creativity, and improved problem-solving. Inclusive teams are over 35% more productive, while diverse teams make better decisions 87% of the time. Those stats speak for themselves.
As the insurance industry continues to struggle with a lack of diversity, organisations must prioritise creating an inclusive workplace that welcomes and supports people from all backgrounds.
Offer a more flexible work environment
As mentioned earlier, the modern workforce values flexibility and work-life balance more than ever before. Organisations that offer flexible work arrangements, such as remote work options and flexible schedules, have a significant advantage in attracting and retaining top talent.
In addition to keeping employees happier and more engaged, offering a flexible work environment can also save organisations money on office space and other related expenses.
Understand the importance of wellbeing benefits
Once considered a nice-to-have perk, well-being benefits have become a crucial factor for potential employees when considering job opportunities. The younger generation of workers places a high value on health and wellness, and organisations must acknowledge this when designing their benefits packages.
From mental health support to fitness incentives and work-life balance programs, organisations must tailor their well-being benefits to meet employee needs and expectations.
Adapting and Evolving
The sharp truth is that there are fewer skilled insurance professionals in the UK than there were 15 years ago, and the average age in the sector continues to rise. As the current workforce ages out, the industry struggles to use outdated recruitment methods to attract the next generation of workers, facing a talent crisis as a result.
Companies with the ability and drive to adapt their recruitment strategies, embrace diversity and inclusion, and offer flexible work environments and well-being benefits will be best positioned to attract top talent and overcome these challenges.
To find out how Burton Recruitment can help your organisation navigate the changing recruitment landscape and secure top talent in the insurance industry, contact us today.