Are insurance organisations having to work harder to retain staff in today’s preferred hybrid working world?

As brokers and insurers face a fight for talent, the ability to retain staff has become crucial.

It seems the insurance industry - alongside many others in the financial services sector - is making the same six mistakes to effectively drive their staff into the arms of their rivals.

Jon Guy

Jon Guy

This week (November 2022), employee wellbeing firm Loopin has highlighted the half a dozen workplace issues which are contributing to high staff turnover across the financial services sector.

Firstly, failure to provide any opportunities for employees to progress can cause them to feel stuck in their roles and as though their hard work and commitment are not recognised.

A lack of feedback can also leave staff looking for the exit.

Unsurprisingly, Loopin thirdly found that micromanagement can have huge implications when it comes to driving employees away. Not only can this limit creativity, but micromanagement additionally implies that companies don’t trust their employees to make the right decisions on their own.

The inability to offer flexible working is another issue. The biggest impact of the Covid-19 pandemic has been the demand from staff to split their working week between the office and home.

Brokers have told me that their employees have made it clear that if management seek to reimpose a five-day week in the office, they will leave – however hybrid working models must be well managed to truly get the best from staff.

Loopin further warned that managers must monitor the workload of all employees and find ways to protect them from burnout and stress caused by unavoidable workloads. Without doing so, staff are more likely to search for another role that offers a better work-life balance.

Lastly, Loopin found that employees increasingly want to feel valued and appreciated for what they bring to the business.

Free lunches and table football are great, but these rewards barely scratch the surface when it comes to creating a culture where employees feel appreciated, cared for and understood.

Return to the office?

Speak to insurance company directors and the biggest issue at present is the ongoing discussion around how a hybrid working system will work effectively in the long term.

Whether rising energy bills will make staff look at returning more frequently to heated offices as a more affordable option in the winter months has yet to be seen.

What is clear is that the cost of recruiting staff is rising as wage demands increase to a point where many firms have complained that they are being forced to break wage structures to fill vacancies.

Some organisations have gone as far as to say that they feel the balance has shifted so far towards the employee and their demands that it has left them questioning the future.