Insurers prepare for great resignation

Amid the cost-of-living crisis and the post-pandemic great resignation trend, insurance professionals have revealed what they are doing to attract and retain talent.

A recent social media poll of 623 insurance professionals revealed that 44% of respondents are mainly focussing on offering flexible working in a bid to attract and retain talent in the current climate.

Ensuring there are clear routes for career progression was identified by 23% of those surveyed as the main way they are working to appeal to and keep top quality employees, while 22% said they were mainly investing in training and development.

Given the Bank of England’s prediction that inflation could hit 11%, just 12%of the insurance professionals who took part in the poll stated they were looking to increasing the benefits available to grab and hold onto staff.

Jonathan Clark, interim CEO of the Chartered Insurance Institute (CII), said: “As we emerge from the pandemic and pivot to remote working, businesses must continue to evolve and invest in a way that attracts and retains their top talent.”

“We are amid the great resignation and with remote working limiting learning through osmosis, businesses need to ensure they are continuing to train and develop their staff if they want to keep them engaged and equipped to meet the needs of the public.

“While it is great to see flexible working being offered, top performance can’t be achieved without wellbeing so it will also be key for firms to develop a culture where employees feel supported and equipped with the knowledge, skills and behaviour they need to do their best wherever they choose to work from.”

This summer the CII will unveil the Professional Map, a new competency framework for the insurance profession – covering not just technical knowledge but skills and behaviours expected of a professional now and in the future.

The CII claimed that Professional Map will benefit advisers by giving them a sector-wide standard of professional competence, informed by the market and aligned with regulatory and ethical standards, so everyone can see what good looks like and how to get there.