FORECAST 2025: Talent Challenges
FORECAST 2025: Talent Challenges
Author
January 2025
Attracting younger workers has often been a challenge for our industry. We asked FORECAST 2025 participants what their company is doing differently in today’s job market to recruit and develop new talent at the home office and in the field.
Providing a flexible work environment, having a robust internship program and partnering with universities are among the top strategies that our panel of executives are using to attract younger workers. Several executives also highlighted the importance of leveraging social media, cultivating an inclusive culture and prioritizing employees' mental health as integral components of their strategic approach.
A flexible work environment is part of F&G’s strategy, according to Chris Blunt, Chief Executive Officer, F&G. “One of the things F&G prides ourself on is our ability to recruit to culture,” says Blunt. “It’s also about embracing a flexible work environment to attract the best talent from in-person to hybrid to remote.”
“Our strategy includes offering greater flexibility for hybrid and fully remote jobs in some areas, robust internship programs to help engage young talent early, college and university partnerships to create a two-way value stream in support of the universities while also creating talent connections with younger audiences,” says Virgil Miller, President, Aflac U.S., Aflac
“For our sales force, we have launched national recruiting events leveraging known talent like Deion Sanders and Daymond John to help attract and recruit talent to our field.”
“We’ve had an increased focus on our recruiting over the past few years to support our growth,” says Jasmine Jirele, President & Chief Executive Officer, Allianz Life Insurance Company of North America. “We’ve done quite a bit of research to understand what it is that people at all stages of their careers are looking for when it comes to a job. We know that flexibility in work arrangements is critical, and also having really strong benefits, like our 7.5 percent 401(k) match, are key ways to attract and retain talent.”
Talent Development
Creating strong internship programs is another key aspect companies report using to attract younger workers. According to Blunt, F&G has a robust and established intern program to introduce young workers to F&G and build its talent pipeline. “Students can take advantage of our unique program offering development opportunities, social events and networking as part of an intern cohort,” says Blunt.
According to Caroline Feeney, EVP & Chief Executive Officer, U.S. Businesses, Prudential Financial, her company is taking innovative steps to attract and develop new talent, particularly within the Gen Z demographic. “Our best-in-class summer internship program features robust programming and comprehensive training, with a strong emphasis on offering full-time eligible conversion opportunities,” says Feeney. “This approach not only provides valuable experience to interns but also helps us identify and retain top talent.”
Mike James, EVP & Chief Sales Officer, NFP, an Aon company, says his organization has found success by forming external partnerships and expanding its internship program. “In terms of partnerships, we are focused on enhancing diversity within our company. Our alignment with organizations that can help us access more diverse talent pools, including the Financial Alliance for Racial Equity, is key to our success. With outreach to historically Black colleges and universities (HBCU) students, we’re introducing our profession to talented young people and showing them an attractive career path. This is also helping us expand our ability to serve a diversity of clients.”
Northwestern Mutual also credits a strong internship program with helping recruit top talent. “One way we connect with rising talent and support their growth is through our industry-leading and award-winning internship program, which provides the training, tools and mentorship that young professionals need to become successful financial representatives,” says Kamilah Williams-Kemp, EVP & Chief Product Officer, Northwestern Mutual. “Since its inception, more than 65,000 students have participated, representing hundreds of different colleges and universities. In fact, many of our current office leaders began their career at Northwestern Mutual as a college financial representative.”
NFP, an Aon company, also is growing its internship program, both in terms of the number of students it welcomes each summer and the variety of departments of which they can choose to be a part. “Sales is always an option,” says James, but we’re also looking for people who want to learn more about our business and are interested in other areas such as marketing, human resources (HR), technology or client service. We want to do our part to enhance awareness of all the opportunities in the industry and connect with young talent as early as possible in their career journey.”
Focusing on continued education and the development of talent are also important according to our executives. “We have fostered a culture of development, which includes offerings such as our cohort-based Leadership Academy for emerging leaders and company-paid access to LIMRA and LOMA coursework,” says Blunt. “We have everything from early career professionals taking courses to executives participating in the LIMRA and LOMA Strategic Leadership Experience.”
Many of the executives that we spoke with note the continued importance of partnering with universities to recruit talent. “We’ve built robust academic partnerships with universities across North America, and thankfully, the purpose and mission of the life insurance industry appeal to value-driven young people,” says Marc Giguère, President & Chief Executive Officer, Munich Re, U.S. Life and Health. “We are also very focused on modernization — both through the development of industry-leading digital products and our ultra-modern workspaces, which are sustainably designed. Our policies promote work-life balance, such as a hybrid schedule designed to allow the next generation of talent the flexibility they’re accustomed to.”
“At Protective, we are intentional about our external outreach and campus recruitment strategies to focus on long-term engagement and brand/industry awareness,” says Wade Harrison, EVP & Chief Retail Officer, Protective Life. “We offer summer internships that provide students with valuable industry exposure. Typically, we see a 30-to-40 percent conversion rate for interns transitioning into part-time or full-time roles. We also partner with colleges to understand and support students’ needs. For example, we mentor math students interested in actuarial science and offer a Professionalism course taught by our Talent Acquisition team. Additionally, members of our team serve in various roles such as adjunct professors, on advisory councils and deliver presentations to rising talent at various universities.”
“We’re building stronger relationships with universities and colleges and taking part in more career fairs,” says Bob Jurgensmeier, Chief Executive Officer, Ameritas Life Insurance Group. “We’re also expanding our internship rotation programs in multiple disciplines and supporting associates with expanded opportunities for continuing education and career development.”
Of course, companies are also using social media to try and reach new talent. “To further enhance our outreach, we have created dynamic social media content that centers around interviewing current interns about their experiences and the culture at Prudential,” says Feeney. “These authentic testimonials offer prospective candidates a genuine glimpse into what makes our company a great place to work.”
Finding ways to support employees’ mental health and well-being is also a priority for some of the companies we spoke with. “Employee well-being is a top priority, and our efforts aim to ensure all employees feel understood and supported when they need help caring for their own, or a family member's, mental health,” says Feeney. “Specific support offerings include mobile app-based coaching and virtual professional counseling to help manage a broad range of mental health conditions including stress, anxiety and depression (as well as other programs like nutrition, fitness and sleep); up to 10 free sessions per year with a therapist/psychiatrist for employees and eligible family members; and wellness offerings include our BeWell Reimbursement Program, which offers up to $1,600 per year for well-being expenses like travel, fitness classes, life coaching and tax preparation services.”
Internal Moves
One of Pacific Life’s strategies is to grow talent within the organization. “There is commitment from senior leadership to grow talent from within the organization, which allows Pacific Life to build our early career recruiting programs for the long term,” says Adrian Griggs, EVP & Chief Operating Officer, Pacific Life. “We have established early career rotation programs that attract and retain talent. Both technical and soft skills training are provided throughout the rotation programs, as well as on-the-job experience.”
According to Jirele, one strategy Allianz uses is providing a defined career path for employees. “Once we have hired employees, helping them see they have a career path here, with opportunities to try new things, grow and develop, which are particularly important for younger workers,” says Jirele. “We also offer our Student Loan Retirement program, which lets employees pay down student loans while also saving for retirement. We also offer a tuition reimbursement program for employees who want to continue their education journey.”
A company’s culture can go a long way in attracting and retaining talent. Our panel of executives knows the importance of creating a great company culture. “Our focus is on providing an engaging culture that aligns with our mission, as well as interesting work that makes a difference in the lives of our members and the communities they live in as well as investing in talent development,” says Denise McCauley, President & Chief Executive Officer, WoodmenLife.
“Generation Z and Millennial workers value diversity, inclusion, and social impact and want to work for organizations that make a positive difference in the world,” says Sarah Mineau, SVP, Life/Health & Investment Planning Services, State Farm Insurance. “At the same time, my observations are that they value organizations and industries that offer a chance to build a career.”
“New York Life’s deep commitment to service very much resonates with the talent available today,” says Aaron Ball, EVP & Co-Head of the Foundational Business, New York Life. “This is a group that is interested in doing good while doing well, and this remains a focus at New York Life as well. This includes the philanthropic work of the New York Life Foundation, the company’s many volunteer and giving opportunities, and the company’s commitment to impact investing.”
