Attracting and Connecting Young Talent
In almost every conversation I have regarding the surety industry the need for talent is at the top of the subjects mentioned. Like the larger insurance industry, the surety industry needs to attract and to retain the next generation of workers, especially given the current aging demographics of the industry. A recent article published in the Insurance Journal, titled “That Insurance Talent Crisis? It’s a Global Knowledge Opportunity,” starts by stating that “50% of the current insurance workforce will retire” in the next 15 years. What does that mean for surety? Plenty, I believe.
A steady stream of retirements presents nice opportunities for younger professionals to rise, but those opportunities go unrealized if young professionals do not enter the industry. Talent shortages also shortchange the opportunities of surety companies to pursue their short- and long-term objectives. I do know that many surety agencies and companies are doing what they can to find and attract young talent with varied levels of success. Nonetheless, the aging demographics present formidable challenges to surmount, and concerted action is warranted.
We all know that surety, a specialized realm within the insurance industry, is not well known. In fact, I am sure you will agree that those not associated with the surety industry likely have little to no conception of the surety world—the members of my family will attest to that! I can also say that I have met countless surety professionals who relish their careers and count themselves exceedingly fortunate to have stumbled onto surety. But “stumbling” onto something cannot be said to be intentional, much less a strategy. Given the workforce needs of the industry, surety careers need to be deliberative choices of young professionals. Moreover, given the substantial opportunities present and the evident levels of career satisfaction, surety careers deserve to be deliberative choices.
My mother, when giving me advice, was fond of saying “never underestimate the power of making a small change” (or something to that effect). You, no doubt, have heard similar advice at some point in your life. Beneficial small changes build momentum for larger, more impactful changes. With that in mind, NASBP recently relaunched its career center, now called NASBP SuretyJobs.org, to include more information about surety careers. Among the information are videos that provide personal attestations of surety professionals relating what they find interesting or like best about their careers. There are many more resources for those considering a surety career. And the site will not be static; we plan to continue to expand and to enhance the site over time.
NASBP, through its charitable foundation, also is exploring the possibility of creating an online program for college students interested in learning more about the surety industry and the opportunities it presents. Additionally, The NASBP officers have reached out to several university schools of business to assess interest in the creation of a short curriculum for classroom instruction at the university level to acquaint students in business and insurance programs with suretyship. These are two prongs of a three-part program to make surety known to college students. The third prong would be the creation of an internship matching program that would cater to those students who express interest in surety to the professors teaching the short surety curriculum and decide to complete the online orientation course created by NASBP’s foundation, the Surety Industry Research Foundation.
We are at the beginning of our ambitions to promote surety careers. And, these might be initial, small steps, but, if we all conscientiously take small steps to promote surety careers, think how a tide of many ripples can form a considerable wave of interest! Let’s make surety known to the next generation!