Risk industry becoming a destination of choice for millennials

Posted on: 24th February 2020

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New prospects and frontiers are attracting talent to the risk sector

New prospects and frontiers are attracting talent to the risk sector

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New prospects and frontiers are attracting talent to the risk sector

How the risk sector is proving to be a big draw for the workforce of the future.

It may sound ironic, but one of the things about the risk-management sector is that, when it comes to job satisfaction and security, there’s nothing risky about it.

Insurance is a massive global industry that underpins virtually every facet of our lives, from the money we borrow to the cars we drive; the tech we use to communicate; and the industrial devices that put food on our tables. So it’s no surprise that this thriving sector is proving such a draw for millennials who want to get their foot on the ladder of a career that’s really going places, with secure and well-paid jobs that are dynamic and constantly evolving.  

From the industry’s point of view, the need for new recruits is urgent. A third of professionals in the sector are aged 55 to 64 and set to retire in the next decade or so – a situation so serious it has been dubbed a global talent crisis. And in addition to filling existing roles, it also needs to fill brand-new ones. The risk sector is undergoing a tech revolution, and traditional facets of the sector such as shipping and cars are being joined by more diverse fields like drones, cyber warfare and robotics. 

The tech used in the insurance sector itself, to make risk judgements such as machine-learning and artificial intelligence, also requires a new breed of tech-savvy employees able to get to grips with cutting-edge concepts. 

To try and fill these gaps, the insurance industry will be hiring for 400,000 positions over the next three years according to risk- and insurance-professional development group The Institutes. But the competition for these young professionals will be intense, with the sector having to adapt its recruitment methods in order to tempt the best graduates away from more traditional tech. 

It’s a challenge that has even given rise to an American college fraternity: Gamma Iota Sigma was organised to promote and encourage student interest in the insurance and risk sector. Founded in 1966 in Columbus, Ohio, it works with professionals to provide routes for young people to enter the industry. And it’s clear to see why there’s been such interest from so many generations of young people. 

One of the appeals of the sector is the potential rewards on offer – both financial and ethical. Once newcomers to the sector have learned the ropes on the ground floor, the sky is the limit for progression, with many in the sector making salaries in the six-figure bracket – and sometimes more. In fact, the average wage of a new insurance underwriter is anywhere from $48,000 to $72,000, according to figures compiled in one survey

In addition to good pay and the option to work flexibly, valuing the work they do is also important to millennials. This desire to do good is borne out by the statistics: a study revealed that 94% of millennials wanted to utilise their skills for non-material gain. The insurance and risk sector can help them feel that sense of purpose, underwriting vital sectors such as health, homes and disaster response.

It’s clear that, with a looming exodus of staff requiring an urgent response from employers, enticing that next generation away from rival industries can be helped by investing in different ways of working. As well as providing flexible-workspace solutions, Regus also offers an added, related bonus: disaster recovery solutions. When the worst happens, Regus offices are ever-ready should operations cease at an existing site – so a company’s daily operations don’t skip a beat.

 

For more information on workplace recovery, check out the options with Regus

Topics in this article

  • Work Trends

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