The number of insurance-related job openings between 2016 – 2024, as estimated by the Bureau of Labor Statistics, will be roughly 584,000.
Our industry is currently 2.5 million strong and growing steadily—but there is simply not enough incoming new talent in the pipeline to meet this demand. As much as 25% of the industry could be ready to retire by 2018, and there are not enough graduates to replace retiring employees.
Unfortunately the message highlighting the benefits of working within our industry has not yet reached young talent. This provides us with a challenge requiring industry representatives to begin raising awareness of insurance careers.
In part, if you want to attract recent college graduates to your company, new data shows that the message isn’t about selling them so much on the job itself, but where that job can take them.
Research shows that young talent want their first job to be a stepping-stone in their career, not just something that pays the bills.
College students and recent college graduates care a great deal more about how the job would advance their career and the development opportunities it offers than compensation.
Compensation was cited by 61% of students and recent college graduates as a key factor to taking a job, but that was 6% lower than those already in the work force for a period of time.
Meanwhile, students and recent graduates cited career path 11% more often and development 9% more often as a key factor to taking a new job, when compared to those same currently employed professionals.
Generally, the lowest-paid position a person will have in their career is their first one out of college. What’s more valuable in the long run to them is learning skills in that first job that will lead to a higher-paying, higher-prestige position.
Of course people will always care about what they are paid, their work-life balance, and the culture of your organization, but if you don’t want to compete on salary (and you shouldn’t), a winning recruiting strategy is to show off the skills a young hire can learn at your organization. You don’t want your main selling point in recruiting to be compensation. Instead, you want to sell the job itself, with the compensation being an additional bonus.
To execute that strategy you need to understand what the person is looking for. In the case of recent college graduates, it’s really a position that will advance their career.
So when you are building your college recruiting strategy be sure there’s a clear story around how your company will help them in the years down the line.