Almost half of insurance professionals mulling career change post-pandemic - KMPG

Almost half (45%) of insurance professionals are considering a career change, with 11% looking to change roles imminently and 32% wanting to move on within the year, according to research by professional services firm KPMG and independent body the Financial Services Skills Commission.

The research, which surveyed 1,510 members of the UK workforce, including 632 employees working within financial services, also found that around 16% of employees that work in the insurance sector said they want a better culture from their employers after the pandemic.

Only 9% of insurance staff looking to swap job roles would avoid the financial services sector for future opportunities – this compared to 17% for banking professionals and 12% for asset managers.

Of those that do wish to move to a career outside of the financial services industry, the primary reason cited for this is that the sector doesn’t benefit society or that it has not taken enough steps to address environmental and cultural issues – with 16% wanting a better culture at their workplace post-Covid.

Among respondents aged between 18 and 30, 16% said they did not want to work in financial services for their next job role. This is because of long hours (15%), long commutes (13%) and heavy regulation (9%).

Karim Haji, head of financial services at KPMG UK, said with so many individuals considering a career change, it’s time for the financial services sector to make some positive changes.

He continued: “As we spend more time at home away from our colleagues and offices, it makes sense that many will be questioning their current roles and choices - and what the future might hold.

“With so many considering a career change, financial services must take this time to promote itself positively and wipe the slate clean when it comes to the associations people make with it, if it is to be genuinely competitive for talent.

“Positively, some of the work on this is already underway. The pandemic has spurred many financial services firms to make positive changes and ditch some of their more conservative employee policies in line with other sectors.

“This will go far in tackling misperceptions of the industry and help it attract more diverse employees, as well as retain current talent.”

Benefits

For staff currently employed in insurance, the main motivators were high salaries (56%), employee benefits (36%) and liking their colleagues (34%).

Among those aged under 30, a third (31%) said that progression opportunities were a key attribute attracting them to the financial services sector – however just 15% of those working in the industry listed good training as a motivator to remain. This rises to 18% for insurance professionals.

Speaking to this, Claire Tunley, chief executive of the Financial Services Skills Commission, said: “Financial services has a skilled and committed workforce who have responded rapidly and effectively to different ways of working.

“Growing skills gaps still pose a threat to future competitiveness and there is more to do to increase training and development for existing staff and improve perceptions among potential employees.

“The sector has a real opportunity to learn from the experience of the pandemic to create a strengthened employee offering, building on its existing reputation for good pay and progression.

“This will be key to securing talent over the coming months and years. If they want their talent to have the skills they need to deliver the best outcomes for businesses, employers will need to match new digital ways of working with increased investment in training.”