Magazine article Risk Management

Attracting the Next Generation

Magazine article Risk Management

Attracting the Next Generation

Article excerpt

The insurance industry is facing a crisis. One-fifth of the insurance workforce is near retirement age, compared to only 15% of the broader financial services workforce. By 2018, the proportion of the insurance workforce at or near retirement age will climb to 25%. With baby boomers retiring in record numbers, it is more imperative than ever before to be proactive in attracting young talent. However, many companies are not doing enough.

This discrepancy represents a significant opportunity to improve the image of the industry and get a leg up on the competition for highly qualified college graduates. These four simple steps can keep your company competitive in the college-recruiting scene.

Identify Target Schools

To identify business programs in your area, first tap into your personal network. Find out if anyone you know has connections with or employs college students. You may also want to check university, business school or program rankings such as Bloomberg Businessweek's Best Undergraduate Business Schools.

After identifying your target schools, bypass the Career Center (for the time being) and go directly to the students. Use school websites to find student club contact information. Within a few clicks, you can be connected with student leaders and club presidents. Some keywords to search are "insurance," "risk management," "actuarial" and "Gamma Iota Sigma" (the insurance fraternity). Also consider the finance club or women in business organizations if your targeted school does not have a specific insurance program.

Participate in an On-Campus Event

Many professionals are under the mistaken impression that participating in club events is far too time-consuming. In fact, the student club typically handles all the details of the visit, and your obligation is simply to attend and share information. Types of events include employer presentations, university-sponsored golf outings, networking events and mentorship programs.

Hire an Intern

While your primary objective may be attracting top full-time talent, there are many immediate and lasting benefits of having an internship program alongside your new-hire program. Internships are a great way to test out potential new full-time hires. …

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