P&C Carriers Wage 'War for Talent' Amid Increasing Industry Turnover, Tightening Job Market
The P&C Specialist article, "P&C Carriers Wage 'War for Talent' Amid Increasing Industry Turnover, Tightening Job Market," quotes Russell Reynolds Associates Consultant Dave Seeley on the current transformation and turnover in the P&C insurance industry. The article is excerpted below.
As the P&C insurance industry faces a massive wave of Baby Boomer retirements, companies are scrambling to fill both executive and lower-level positions.
“We’re starting to see boards and the C-suite take a more proactive approach to succession planning,” says Dave Seeley , a member of the insurance, financial services and digital transformation practices at the executive search consultancy
Russell Reynolds Associates, headquartered in New York City.
For certain areas, such as technology, HR, finance, data analytics and marketing, it may be possible to fill leadership positions by bringing in those whose industries have already undergone transformation, Seeley says. That can create “a cross-pollination of talent.”
Overall, P&C companies “need to sell the opportunity to come into an industry that is in the process of going through a transformation,” Seeley says. “Individuals from the outside have the opportunity to be at the forefront of driving change in the organization.”
As employees shift, organizations need to ensure that they are building diverse teams, Seeley says. While diversity is increasing on corporate boards and among junior-level employees, it still is lacking at the middle-management level.
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