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November 2020

The Opportunity Cost of Ineffective Recruiting

Temperature Check - Be Honest

  • Have you reached your desired talent pool this recruiting cycle?

  • Has it been the experience you hoped for?

  • What would you change?

 

Usually the last question to be answered, when even asked...

  • How would those you engaged with rate their experience with you?

 

...is arguably the most important. It’s that experience that will ultimately dictate your outcome. It’s also that experience that we have the benefit of continually reevaluating and working to improve.

Uncertainty during the Pandemic

Companies need to be thinking about and maximizing virtual engagement in the Covid world, where on-campus events continue to be postponed, canceled, and rethought for the foreseeable future and many recent virtual events have been months in the planning. Temple University’s Department of Risk, Insurance, and Healthcare Management presented its Fall events through vFairs; Handshake has availed virtual events such as career fairs and meet & greets; HBCU I.M.P.A.C.T. presented a next-gen virtual career symposium on Hopin; AIG, Chubb, Guardian, The Hartford, Prudential, Aon, New York Life, and Gallagher collectively presented a Careers in the Insurance Industry forum on Way Up; and countless others are following suit to drive exposure and interest, with a host of companies rolling out individual events to engage students of all backgrounds.

Given inevitable virtual fatigue, curating your first impression is imperative. The need for talent persists and student interest in the industry remains strong, but because of saturation, differentiation will be key to combat lackluster turnout and engagement. Now more than ever there is a need to plan and understand exactly how to approach the 2021 talent season.

But it’s November... Right! And there’s no better time to reassess how and where you identify, connect with, and attract talent, and not just because the forthcoming engagement dynamic will be different. Position yourself for success in advance of spring career fairs. There is significant opportunity loss if those who have not yet begun do not start the process now. The hiring cycle for 2021 start dates is well underway and in normal years is generally wrapped up by the end of December.

We all know that students prefer face to face engagement, so how can you establish and grow relationships in a virtual void? Exposure is key, and YOU control the exposure narrative. How do you show up? Talent stakes are high and getting higher, and the insurance industry is by no means the only one striving for more diverse representation throughout its ranks. Don’t fall into a numbers game trap - engagement must be authentic, and candidates who feel they are brought on to check a box and not contribute meaningfully will (and should) move on.

Are you checking boxes or making an impact?

 

Build your Business Brand - most insurance companies are not household names. Does young talent know who you are?

  • Reach out to local schools.

  • Reach out to schools from which you hosted interns.

  • Reach out to the alma maters of your younger and newer employees.

  • What to think about now: engaging business leaders

 

Build your Culture Brand - give candidates a sense of the inclusion atmosphere and how well they would fit in.

  • Curate your content: consider that this is a vital and relatively easy area to reimagine.

  • What are your values, and is your social media presence and marketing footprint consistent with those?

  • How are you advancing and showcasing your DE&I efforts?

  • Are you promoting employees at all levels and their accomplishments?

  • Keep in mind that candidates - and current employees, for that matter - are only limited in awareness by how, when, and where you choose to represent your organization.

  • What to think about now: paving the way to access

 

Save Time and Money by Not Rushing at the End

  • If you wait too long to think about or start the process, not only will all of the best talent be spoken for, candidates will not know who you are.

  • Another loss: ACCESS. Your opportunities for access will be limited if you wait until you need to be there.

  • What to think about now: budgets, assessing needs

 

Plan in advance and show up deliberately and consistently. Now is also a good time to start planning your participation in February’s Insurance Careers Month (ICM), a global grassroots movement sharing what makes the industry great and inspiring young people to choose insurance as a career. This is an excellent juncture not only to bring cohesion to your external engagement but to take inventory of what your organization looks like, what you want it to look like, and what existing inroads you can leverage. Consider designating a diverse and multi-generational ICM ambassador cohort.

The opportunity of talent is limitless, and there are countless ways to connect and stand out. The industry is not short on appeal, and schools are not short on accomplished, diverse, and driven students looking to pursue careers in insurance. Piecing together the puzzle is not rocket science, but it does require forethought and diligence. Envision your end goal and weigh the effort you are willing to put in to produce those results.