Captives at critical point as ‘great resignation’ hits
Attracting and keeping employees is an increasingly important issue for captive insurance companies as the fallout from the ‘great resignation’ continues to hit the industry.
A panel at CICA 2023, titled ‘What do next gen professionals value most in a job?’ identified a wide range of priorities that were seen as being important to the younger generation coming up through the ranks.
The panel was made up of young professionals that included Karin Landry, managing partner at Spring Consulting Group, Natalie Lemery, senior captive administrator at NFP RISC, Brittany Nevins, captive insurance economic development director at the State of Vermont, and Kirsten Scheels, senior accounting manager at Pro Group Captive Management Services.
Employment related issues flagged up by the panel included health and happiness, childcare, paternity leave and having a long term career.
Long term career development was highlighted as the panel swapped anecdotes about training or certification requests being denied by employers after changes in management, with some then resigning and moving on to another job.
The panel discussed the results of a poll of 1,000 professional employees which asked them ‘what was important to them at work?’. Results showed that 20% said peer motivation, 14% ethical business practices and 15% encouragement from managers. Just 10% said good management, 13% growth potential, 12% transparency and 8% making a difference. Only 7% said money and benefits.
The panel agreed that when a company invests in an employee, such as putting them forward for training or qualifications, it was motivational.
The panel emphasised that the captive insurance industry is at a critical point, with the great resignation – and in some cases the great retirement – already affecting the market. They said solutions must be found now for this oncoming crisis.
Working from home and flexibility were also highlighted by the panel, which added that managing this in a transparent manner is important, as it helps employees to understand why decisions are made. This approach could encourage them to stay instead of leave if they feel undervalued.