May 8, 2023
How the Insurance Industry Uses Upskilling to Hire & Retain Employees
by Amy Stuntz
According to a survey by FlexJob, “37% of workers cite limited advancement opportunities and career progression as a reason for leaving a position.” I find this to be true when I speak with insurance professionals who tell me on a daily basis that they feel stuck in their current position and don’t believe their employer offers growth potential. Insurance organizations understand how problematic this is to hire and retain talent, which is where upskilling and reskilling come in.
What Is Upskilling?
To put it simply, upskilling advances your career on a linear path through employee development and training opportunities. Reskilling involves learning new skills for something outside of your current skillset. All of us here at Capstone are a prime example of reskilling. We were either trained to recruit after starting our careers in the insurance industry, or we were trained in insurance after having previous recruiting roles.
Am I Someone That Can Be Upskilled/Reskilled at an Insurance Organization?
Insurance is an industry fully aware of its need to teach people the business. Skills-first hiring is a new term you might hear. It focuses on an individual’s skills rather than prioritizing years of experience, college degrees, or previous employment. Here are a couple of examples I’ve seen:
- Public service workers. In the past few years, a lot of teachers, social workers, and other service-related professionals have been reskilled in the insurance industry because they have desirable soft skills that insurance roles require such as strong communication skills, patience and persistence, ability to work in a fast-paced environment, and being strong under pressure and tight deadlines.
- Analytical backgrounds. I’ve also seen plenty of resumes from professionals with a analytical background looking to be reskilled into risk management roles. The key is to find an insurance organization that has a strong training program that invests in homegrown talent.
How Do I Find an Insurance Organization That Upskills/Reskills?
According to LinkedIn’s The Future of Recruiting 2023, employees at companies with high internal mobility stay 60% longer than employees at companies with low internal mobility, so it only makes sense for companies to continue to invest in and expand their Learning & Development departments.
There are a few things you can look for in job descriptions, on company websites, or questions to ask during an interview that can help predict how much an insurance company or agency values developing current employees and retention.
- Look for keywords like “on-the-job training” in job descriptions.
- Does the company support continuing education? Do they pay for licensure or designations?
- Look for broad compensation ranges listed on job descriptions. This means they are open to experienced professionals already doing similar work along with applications who could be reskilled for the role.
- Ask this question during an interview: “Do you have any current employees working for you that come from a similar professional background like mine?”
- What is the company’s Diversity, Equity, and Inclusion program? A company with advanced diversity and inclusivity will have more professional development and advancement opportunities than those with low diversity numbers.