The results reflect the changing priorities of students as COVID-19 impacts the entire corporate landscape.
“One of the most surprising things for our industry partners is that healthcare is the number one criterion for students when it comes to compensation,” said Grace Grant (pictured), executive director of GIS, a professional association with 100 college groups in the United States states states.
“Healthcare has stayed at the top, even above salary. We believe this is due to the environment we have lived in for the past three years,” Grant said.
Gamma Iota Sigma has partnerships with approximately 150 universities representing approximately 5,000 students in risk management, actuarial science, economics, finance and related fields.
The organization also boasts diverse representation, with a nearly 50-50 breakdown in terms of gender, according to Grant. In addition, about 30% of the students are from minority groups, while about 10% are international students.
“We have good representation of the pipeline entering the insurance industry and a wide reach in the university landscape, which puts us well positioned to conduct this survey,” said Grant, who is a member of Insurance Business America’s 2021 Elite Women list and the Hot 2022 was recorded 100.
What do students look for in full-time jobs in insurance?
The GIS survey found that students rated insurance organizations based on the following factors:
- Culture
- Call
- Location
- Size (in terms of number of employees)
A key finding of the report was that the number of students willing to relocate from their home states for the right employer fell to 55% from 73% a year earlier.
With increasing remote opportunities, students are increasingly prioritizing flexible and hybrid working – another side effect of the pandemic.
“We found that students are looking for good hybrid opportunities; Even if they move, they don’t want to work in an office five days a week,” Grant said.
“Graduates are finding that the remote opportunities allow them to stay at home or live where they choose to live.”
Despite the decline, Grant emphasized that the relocation aspect has a significant impact on insurance companies’ recruitment strategies.
“It reinforces the idea that recruiters need to look beyond their backyard,” she said. “You have to look around the country, especially in this remote virtual environment that we’re in today.”
What do students expect from insurance internships?
Fierce competition in the job market means insurance companies must start attracting potential talent early on. One of the best ways to do this is to make internship opportunities as attractive as possible.
Opportunities for full-time employment rose to the top spot on students’ wish lists for internships, according to the GIS survey. Young survey respondents wanted to make sure they could convert a successful internship into a full-time job offer.
“It appeals to students who want to use their internship as a test drive for their employer, just as the employer sees it as a test drive for that potential candidate,” Grant said.
Rotation programs, which allow students to experience different parts of an organization or the insurance process, was a top factor for a few years but fell to second place this year.
Finally, an important factor that influences whether students have found an internship productive and enjoyable is meaningful work assignments. Other considerations include networking opportunities, compensation and mentoring.
“Students don’t want to come in and hand in papers. They don’t look for these menial tasks; They want to get involved, get involved in an important project and get a feel for the work and the culture,” Grant said.
What aspect of the insurance industry should employers emphasize to students?
With everything students are looking for, how can insurance stand out from the crowd of similarly high-paying, flexible industries?
“Recruiters and employers should definitely pay attention to this [the fact that] This industry is incredibly people-friendly,” Grant replied.
“It is very good to give something back and to have a deeper meaning. Everything we do ultimately serves to serve and support people. Outside of insurance, there are many great community initiatives across the insurance industry.
“It’s a great thing to share with future candidates because this generation wants to know they’re doing something worthwhile, that their career matters and has a higher purpose.
“The combination of earning potential, stability and philanthropy across the industry is how we will attract talent.”
Do you have any thoughts about this story? Let us know in the comments below.
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2023-03-08 12:30:00
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