3 Practical Ways to Help Insurance Employees Progress

Over the past decade, very little consideration has been made for the progression plans into the insurance industry. 

Instead, the preexisting talent has been thought over and they have now progressed their careers to senior positions with nobody to backfill. It's now no secret the insurance industry is facing a talent shortage with top employees leaving (most retiring) from the profession - creating stress and failure points in the market.

While efforts have been made to attract new talent through university schemes, apprenticeships, and employer branding initiatives, the problem still stands. Once the talent is attracted, insurance companies aren’t doing enough to progress them. As a result, many entry to mid-level insurance professionals stay stagnant, leading to disengagement and turnover.

The question then arises: How can insurance employers ensure that their employees are equipped to fill the talent shortage and progress within the industry?

1. Set Clear Expectations

Your employees may not be at the level to progress because you're simply not communicating with them about what they need to be achieving or working towards. 

Regular 1-1 meetings between managers and employees provide an opportunity to discuss career goals, performance metrics, and development plans. By setting clear expectations and providing actionable feedback, employers empower their employees to take ownership of their career progression.

2. Provide Mentoring and Shadowing

If you want your employees to progress and fill the gaps that are about to be made in senior positions, allow them to learn from those senior employees through mentoring programmes and shadowing.

Pairing junior employees with experienced insurance professionals allows them to gain insights, skills, and perspectives that are crucial for career growth. Additionally, offering shadowing opportunities enables employees to observe and learn from senior colleagues in real-world scenarios. 

3. Establish Clear Progression Plans

Employees may find it hard to see themselves progressing if they don't know where they're progressing. 

Invest time to develop comprehensive progression plans that outline various career tracks, skill requirements, and advancement opportunities within the organisation. This not only gives direction, but it instils a sense of purpose and direction, motivating them to strive for excellence and achieve their professional goals.

It also gives them an idea of:

• The hierarchical structure

• Job titles

• Salaries

• Benefits

You are making them more inclined to want to progress within the company, leading to higher retention.

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