The global insurance industry faces a remarkable talent crisis in the immediate future. With millions of baby boomers retiring annually over the next few years and less than 5 percent of millennials interested in working in insurance, the industry currently anticipates 400,000 open positions by 2020.
Executive SummaryCannonDesign's Mark Hiron describes the interior office redesign projects his firm worked on with Zurich North America, Lockton and the University of Utah, sharing details about engaging employees in the design process and about design aspects that promote excitement, team interaction, idea-sharing and innovation. Photo above: Lockton's café, including beer on tap and a bar to host clients and to support a collegial office culture. (Photo by Christopher Barrett)
This talent gap will create major challenges for companies in the form of knowledge transfer, customer satisfaction and productivity. It will also result in intense competition for talent across all staffing levels. In such a highly competitive market for talent recruitment and retention, it’s imperative that insurance companies ensure they design their workspaces to best help their people be efficient and successfully balance the work/life continuum.
Business leaders seeking to thrive amid this talent crisis need to leverage their workplaces as catalysts to attract the brightest talent and as tools to improve their organizations. While there is no singular solution for creating a successful workplace, the following are key strategies insurance companies should consider to drive success moving forward.