Companies can combat turnover by improving workplace culture
Allianz HR pro Brenda Leadley explains how insurance companies can not just attract new employees, but keep the talent they already have.
The 2022 Risk Barometer from Allianz Global Corporate & Specialty (AGCS), which identifies the top ten corporate risks each year, saw the shortage of a skilled workforce make the list for the first time in the barometer’s 11-year run; coming in at number 9.
While companies in the U.S. have struggled to attract and keep talent, Regional Head of HR, North America and Bermuda for AGCS, Brenda Leadley, said that’s not the case worldwide.
“If we look at the rest of the world, in 2019, the Asia Pac region was a little more volatile in terms of attrition,” Leadley told PropertyCasualty360.com. “It was about 13% for us, but then it drastically dropped for them in 2020 and 2021. Whereas, the U.S. went up, and it’s the only region for AGCS in the world that went up in 2020 and again significantly in 2021. So, we were around 10%, then went to 14%, then a little over 18%.”
The Great Resignation, she explained, has accelerated those trends.
Leadley said one thing that may contribute to this difference in statistics may be the fact that Americans are likely to move more often than people in other nations. She referenced data from Gallop which stated Americans move an average of at least 11 times in their lives, while the average European will only move four times. Americans, she said, are more driven by the labor market and are willing to move where jobs are available.
In times like these, companies would be well-served to focus on not only attracting new talent, but hanging on to the employees they already have.
“One of the most important things in terms of keeping people is the culture and the manager that you have. So, yes, compensation is part of the picture, but that’s not what will get people to stay… and we see in our exit interviews, the number one reason why people are leaving is they didn’t feel there was good upward mobility, in terms of development,” Leadley said.
She also cited employee recognition, mental health support, diversity and transparency from management as keys to creating a company culture employees want to be part of. Leadley said AGCS has even updated the way managers check in with employees; now having quarterly meetings where managers discuss each employee’s succession plan, and how that employee can get on track if they don’t currently have a plan, with them.
They’ve also been conscious of their COVID return-to-office plan when it comes to creating an employee-friendly culture, Leadley said. While the appearance of COVID variants has caused them to change plans a few times, they plan a mandatory return to the office March 1 with a COVID policy in place to protect employees.
When it comes to drawing new talent to the insurance industry, Leadley emphasized the variety of jobs available.
“I think people’s idea of an insurance career is selling homeowners or auto insurance, and while that’s fine, and also can be interesting and good, there’s just such a broad array of jobs in the insurance industry; fraud investigators, risk engineers, people who are math whizzes can become actuaries. People who are crazy about the weather can become a natural catastrophe claims adjuster,” she said. “I just think that people have a very narrow view of insurance, and there’s actually many, many fascinating areas.”