iCAN Partnerships Lead Yasmin Carter-Esdale on the current 'hiring boom' in the insurance industry

Yasmin Carter-Esdale, iCAN Partnerships Lead and Development Underwriter at Hiscox, shares her thoughts on the main drivers for attrition and reflects on the opportunities for both firms and those moving within the profession. 

We have highlighted some of the key points in Yasmin’s article below. To read the article in full visit: https://thejournal.cii.co.uk/2022/08/26/pastures-new

“With more vacancies than high quality candidates to fill them, the competition for talent is likely to remain fierce for the remainder of 2022.”

33% of UK employees are at risk of attrition

Whilst the cost-of-living crisis has kept compensation high on the agenda, a global Mckinsey and Company survey revealed that the main driver for attrition is lack of career development and advancement. Other key drivers are workplace flexibility, support for health and wellbeing and lack of meaningful work.

There are several key themes that could be implemented across the insurance profession

Conducting regular temperature checks with employees can encourage open dialogue and help foster an environment where people feel comfortable discussing career aspirations. Yasmin also suggests discussing progression pathways and setting clean and actionable steps to get there.

Retaining staff

Cross-departmental solutions for retaining staff should be considered and, for smaller companies, development can look like training, learning or employees taking on more responsibility within their role.

Candidates leaving for pastures new

There is a wealth of career choice and healthy compensation packages currently available in the insurance job market. To ensure they address their original pain points, candidates should crystalise their key drivers for leaving and benchmark opportunities against them.