The Talent Drought
Why I chose work from home for my next employee
When recruiting for the next position, I decided that I would take the route of a work from home position, rather than an employee in our Brisbane CBD office. Being in the industry for so long, I have noticed that there is definitely a talent drought. The good Brokers have either started their own businesses, or they have the perfect working environment (good salary, work life balance, career advancement opportunities, friends, mentors etc) at their current role, that you couldn’t convince them to jump ship even if you offered them a million dollars. It seemed rare to find great talent.
I was nervous at the thought on how long it would take to fill the role, or the level of quality of candidates that would apply.
Fortunately, offering a work from home role was exactly what was needed. Skilled, well known and reputable candidates were interested, from all different states of Australia. Now, I had an abundance of choice. Is this the key to finding great talent during a drought?
The Talent Drought
I can only speculate why the insurance broking sector is facing a lack of skilled candidates for new roles and positions. The industry is lacking younger professionals entering the field to replace the senior Brokers of this generation.
It also could be that industry is not well known of? I know that I’ve spoken to many potential clients before, and they hadn’t realised that insurance brokers existed, or what services they provide.
For the purpose of this, an Insurance Broker is your biggest advocate for your financial security. Lacking sufficient insurance protection can put your business, personal assets, and financial stability in jeopardy. Our role is to provide you with a shield against these risks by providing tailored insurance policies and ongoing support.
The rise of insuretech
Insurtech is a rapidly growing sector that aims to modernise and simplify the insurance experience through technological advancements. The use of AI, automated software, online quote and bind platforms surely will have a major impact on the industry talent.
Other industries/the Gig Economy, and ECommerce
E-commerce and side hussles can offer attractive and flexible work life balance, the potential to earn more income quicker (if successful), and be more rewarding creating something of your own, drawing potential candidates away from traditional fields like insurance broking.
Skills
The job requires a unique combination of sales skills, compliance understanding, and detailed knowledge of a range of insurance products. This can really rule out a lot of potential candidates given it’s complexity.
Offshore help
Offshoring can be more cost-effective for insurance brokerages. Lower labour costs mean that they can get the same work done for less money. However, this has a negative impact on the local insurance talent. Instead of hiring younger entry level juniors to do basic admin and assistant roles, allowing for more talent to start a career in insurance broking, these jobs are going to offshores. I can see this having a negative effect on the pool of candidates in the coming years.
To mitigate this talent drought, the industry needs to enhance its image and invest in targeted recruitment to the younger generation and school leavers. I also believe that a more flexible working environment is needed, such as the opportunity to work from home.
What are your thoughts?
