Blog: Time to invest in existing and future talent

Over the past decade, the insurance industry has made significant strides in developing more inclusive and diverse workforces, while continuing to recognise that there is a lot still to do to better represent the communities we live and work in. We are “better when we are different”, and this means it is important to truly value the contribution and input of people from all walks of life and backgrounds within our business, with our clients, and with society as a whole.

We are “better when we are different”, and this means it is important to truly value the contribution and input of people from all walks of life and backgrounds within our business, with our clients, and with society as a whole

Key to our industry’s future success is attracting more young people into our ranks to create that difference if we are to keep gaining ground and create meaningful, long-term change.

Young people have been disproportionately affected by the Covid-19 pandemic. According to a report by The Prince’s Trust and the Learning and Work Institute, young people are bearing the brunt of Covid-19 in terms of employment prospects, with under 25s accounting for three in five jobs lost. Worse still, according to the report, longer-term structural changes in the labour market are likely to reduce future employment opportunities for young people without support to improve their skills for the jobs that are still available.

Once perceived perhaps as the ‘poor cousin’ of the financial services sector, insurance came to the fore during the pandemic, and risk management is now part of the common vernacular in society as a result. The sector should capitalise on this. While some organisations have paused their graduate recruitment and apprentice programmes in the battle for future talent, now is the time redouble our efforts and focus on attracting more young people into the insurance industry.

Marsh’s annual graduate programme will see the business continuing to take on higher numbers of graduates than ever before. We are also increasing our UK Apprentice Programme, which is key in developing the skills and experience needed across the UK office network. Given the rich variety of career paths and specialisms that insurance can offer, it’s no surprise that our graduate and apprentice programme retention rate is between 95% and 98%. Given the opportunity, graduates and apprentices will quickly realise the potential to rise through the ranks in forward-thinking organisations.

Covid-19 has irrevocably changed the working environment. Whereas working from home was previously the exception for the lucky few, in the post-pandemic world it is has become the part of hybrid approach to working for many, giving the flexibility and greater home/life balance that it can offer.

The change created by Covid-19 and the subsequent reshaping of the working environment, means there is now the opportunity to take stock, shake up the past norms and plan for brighter, more successful futures for ourselves and the next generation

As businesses return to their offices and other places of work, it’s important to be particularly mindful of the development needs of young people. While the majority may have survived well in the virtual world during the pandemic, insurance is fundamentally a people business, and face-to-face interaction is a vital part of ‘on-the-job’ learning, particularly for those who are embarking on their careers.

Our view is that graduate and apprentice programmes should offer a complimentary blend of virtual and in-person learning opportunities to support young people in achieving their full potential. Also, as leaders and experienced professionals, there is a moral obligation to pay back the support we received in our early careers by being there for the next generation.

Change is one of the few certainties in life, and with change comes opportunity. The change created by Covid-19 and the subsequent reshaping of the working environment, means there is now the opportunity to take stock, shake up the past norms and plan for brighter, more successful futures for ourselves and the next generation.