There’s a talent crisis looming. Your best assets walk out the door every night, and you need leaders to help steer and guide the company through these unprecedented times.
Executive SummaryErin Hamrick, an executive recruiting specialist for the insurance industry, discusses the "succession waiting game" and how it prompts potential leaders to jump ship in an aging industry. Some will move to the newest startup offering an opportunity to thrive in their existing discipline instead of testing the uncertain waters of new areas within their current organizations for potential advancement. Those that stay the course are bound to their existing firms by great cultures and great leaders, who are magnets for talent, she says.
Unless you’ve been asleep at the wheel, you know that the insurance industry is going through massive change and facing unprecedented, profound challenges from capital requirements, technology, investments, expense pressure and underwriting profits. The pressure for expedited results and change has never been greater.
What can help guide you through these unchartered waters?
Great leaders who can stand up to these challenges and not be afraid—leaders who can propose creative solutions and be innovative, all while gaining the respect of those around them. This is the insurance industry, where enthusiasm, innovation and creativity flourish.
Oh, right, this is the insurance industry. Not to be too harsh, but insurance, being a risk mitigation business, has historically attracted those who personally are risk averse. This has been an inherently great risk management model.