RSA discusses how it and the wider industry can ensure that the pitch to talented sector joiners hits the right notes
1. How can the insurance industry think outside the box to encourage talent attraction, particularly in terms of younger talent?
As a sector, there is a need to collaborate to showcase the breadth and diversity of careers available within financial services.
We know there is an array of transferable skills required to futureproof the sector that this next generation must deliver on. At RSA, we’ve completed research into Gen Z and Gen Alpha to understand what drives them and what they want from employers and how we align to their social consciousness.
We are deliberately tapping into Gen Alpha with our school’s outreach programme, called Inspire. The programme supports development of employability skills whilst highlighting how interesting the sector is. The resources and workshops within Inspire start from year seven as we appreciate the need to influence and support young people even earlier that we would have historically done before.
2. Why are more potential candidates attracted to firms that focus on environmental, social and governance (ESG) metrics and mission statements?
Research shows that many people want to work for an organisation with values that resonate and align on a personal level. Salary is, of course, a key consideration, but we’ve found that there’s broad interest around how we play our part in the fabric of society and how we support our people to contribute in the same way.
Purpose-driven businesses embed ESG in their core strategy. At RSA, our purpose is squarely focused on helping – to help people, businesses and society prosper in good times and be resilient in bad times – and you see ESG across our strategic roadmap. We know talent actively seeks out employers who go beyond risk management and support the wider resilience of communities.
It’s important that tone is set from the top and brought to life through delivering on strategy.
3. How can insurance firms communicate their ESG activities to resonate with a younger talent pool and avoid accusations of greenwashing or paying lip service?
Being purpose and values led can be seen as a latest trend and lack meaning, which is why, for RSA, it needs to go beyond communications and be backed up by clear objectives and measures.
We’ve set bold and measurable aspirations around our strategic areas of focus. An example of that is our resilience barometer. We’ve set a goal that three out of four stakeholders see us as a leader in building resilient communities – and we’ve worked with Ipsos to develop a bespoke methodology to measure how we’re doing amongst different stakeholder groups – colleagues, brokers, NGOs and report on progress.
4. How can businesses embed an ESG focus into their recruitment practices?
It’s important that hiring managers are fully aware and engaged in business commitments. Potential candidates often look at websites, reports and social media as part of their interview preparation and due diligence on a company, so colleagues need to be informed and able to answer questions about how this comes to life in the organisation.
Businesses can embed a DEI focus into their recruitment practices by implementing strategies that extend the reach of their inclusivity, which could involve ensuring job adverts or descriptions demonstrate inclusive language and clearly state the company’s commitment to diversity and inclusion.
Partnering with diverse organisations to utilise and extend sourcing channels that specifically reach underrepresented groups is another approach.
5. How can insurers support broker partners to also tap into and hire ESG focused, younger talent?
Insurers have an opportunity to help support brokers understand the societal issues relevant to our industry and stakeholders, why they should care and the steps they can take to demonstrate commitment. We launched our new partnership with UK Youth focused on employability skills and social mobility at Biba and had a very positive reception from brokers.
By highlighting opportunities across the wider industry to the young people we’re working with we’re opening new doors to careers they might not have considered before. Sharing resources and thinking, collaborating across the sector and supporting upcoming talent is key to this.
