Expanding the talent pipeline: Recruiting and retaining candidates for STEM roles
Human resources professionals have a mission to establish workplace environments that promote diversity, equity, inclusion, and belonging (DEIB). In the insurance industry, the recruitment and retention of diverse candidates has been an ongoing initiative, bolstered by the predicted retirement of nearly 400,000 insurance workers by 2026.
With the insurance talent gap and increasing digitalization efforts underway, it is more imperative than ever for insurance companies to invest in recruitment efforts that highlight diverse candidates, especially in STEM (science, technology, engineering and mathematics) roles. HR and recruitment professionals alike can work to build a strong network of diverse candidates, reinforcing a talent pipeline that meets and exceeds expectations for future STEM opportunities.
How to improve recruitment and retention of diverse candidates in STEM roles
To build a more diverse network of candidates, HR departments at insurance organizations should invest in the following areas:
1. Educational outreach programs
A major area of opportunity for the insurance industry is to develop relationships with students through educational outreach programs. From Career Day at your child’s middle school to career fairs at a local college, speaking to students and young people early helps to raise awareness of our industry’s possibilities.
Many middle schools, high schools and college programs specialize in developing STEM talent; outreach at these institutions allows HR professionals to advocate for insurance as a STEM career option. Many young adults may not be aware of our industry’s STEM opportunities, so some organizations, like the Women in Insurance initiative, are calling upon industry professionals to bridge the gap. Their Day of Action program asks individuals to share their experience in the insurance industry with students in their local communities. The work that Women in Insurance is doing is just one example of how you can show a diverse pool of candidates that insurance is an attractive and opportunity-rich industry.
2. Inclusive workplace culture practices
HR professionals must build an inclusive culture at their organizations to make insurance as a career choice more appealing. To do this, HR departments need to educate their teams through training programs and leadership modeling. By exemplifying a more inclusive workplace culture, you can promote this behavior amongst all colleagues, ensuring fair and equal treatment within their organization.
An organization’s benefit programs are an integral part of its workplace culture. Perks like flexible work hours, virtual or hybrid set-ups, and programs that support employees’ family structures should be highlighted as options for all colleagues. “Work-life balance” cannot just be a phrase; encouraging your organization’s people to value their time off as well as their normal day-to-day should be an active practice.
3. Individualized retention strategies
A thoughtful strategy of implementing employee retention allows your organization to build a strong network of people, so how can you invest in your existing talent? Early in each employee’s tenure with the company, take the time to discuss their career goals. Follow up on this by creating an individualized professional development plan.
By providing cross-functional training, organizations can allow their employees to understand the broader company structure, opening new opportunities in STEM fields and beyond. When employees are given the chance to explore new areas of interest, you can build greater investment within the organization, in turn assisting with future recruitment efforts. Employees who feel supported will help HR departments expand their talent pool, increasing the diversity of candidates and strengthening retention.
Invest in your organization’s future with thoughtful recruitment and retention
Capturing the attention of a diverse set of candidates requires organizations to invest in individualized, inclusive and informative internal programs. As insurance companies find themselves in the unique position of a rapidly changing industry, there is an opportunity to attract talent with a wide range of perspectives and experiences, especially for STEM roles. By investing in diverse candidates through these recruitment and retention strategies, your organization can thrive as we enter the future of insurance.
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