Global Talent Trends
By 2036, it is estimated that 50% of the insurance workforce will have retired, according to the United States Bureau of Labor Statistics.
Banks and financial institutions are facing a perfect storm right now. With economic uncertainty, rising interest rates, and changing customer expectations, they need to be nimble and efficient more than ever. The pandemic has also shifted the way we work, and banks are no exception. We're seeing a rise in hybrid work, which brings its own set of challenges.
On top of that, geopolitical tensions and stricter regulations are adding to the pressure. It's clear that innovation and digital transformation are key to surviving and thriving in this environment. We've seen how important it is to have flexible systems that can withstand unexpected shocks.
To stay ahead, banks need to adapt quickly, embrace technology, and prioritize customer needs. It's a tough time, but with the right strategies, we can navigate these challenges and emerge stronger.
BLS US Workforce Statistics
June 2024
July 2024
Aug 2024
Sept 2024
Employment (in thousands)
6,751.3
6,747.8
6,751.1
6,756.8
Unemployment
2.5%
3.1%
3.2%
2.9%
Job Openings (in thousands)
306
352
252
367
To keep up, organizations need to create a workplace that's not just a job, but a place where people feel inspired and valued.
By fostering a collaborative, innovative, and productive environment, companies can be more attractive to younger generations. It's about giving employees the tools and opportunities they need to succeed and grow their careers. This means being flexible, adapting to change, and always striving for improvement.
Creating workspaces that draw employees back must provide a meaningful experience for them beyond management’s desire to be more office centric. Establishing exciting career paths and connecting an employee’s purpose to the company’s mission will increase engagement and appeal to the next generation worker.
Insurance and financial services companies are prioritizing technology investments to increase speed, resiliency and drive cost efficiency. Many already incorporate AI tech into their daily business operations, employing tools like AI-powered virtual assistants to help customers and using predictive analytics to assign claims. AI can also play a role in boosting productivity by simplifying tasks like analyzing complex data sets and report writing.
To attract and keep the best talent, insurance companies need to embrace innovation and technology. We're seeing a huge demand for skills like cloud computing, AI, and machine learning. To stand out, we need to offer flexible work arrangements and create a culture that encourages creativity and diversity.
Regularly assessing one’s portfolio presents an opportunity for insurance firms to decrease their carbon footprint, and ESG and other sustainability considerations are critical when assessing location strategy. In an industry that is all about risk, climate risk implications are an important meter to influence location strategy. Sustainability practices also play an important role in managing risk.
“The distinct pressures confronting the insurance industry underscore the impact of physical climate risk on location decisions and talent strategy,” “By adopting a real estate strategy rooted in sustainability, organizations can effectively mitigate operational risks while seizing the opportunity to drive substantial progress in achieving their decarbonization goals across their portfolios.”
JLL’s Future of Work Survey detailed that 78% of financial services organizations say their employees will increasingly expect the workplace to have a positive impact on the environment.