Insurance sector sees rise in graduate hires despite skill gap concerns

The insurance and finance sector has seen an increase in graduate hires despite talent gap concerns, according to money.co.uk business loan figures.

According to the data, there was a 13.5% rise from the 2020/2021 to the 2021/2022 academic year, with such hires jumping from 9,950 to 11,295.

As a result, the insurance and finance sector is among the top three industries for graduate intake.

The data also revealed that the sector’s appeal extends to graduates from diverse academic backgrounds, including economics, mathematics and engineering.

Skills gap

This comes after Aviva’s 2022 Broker Barometer, based on a survey of 220 brokers across the UK, showed that 53% of respondents had a vacancy open for four months or more.

Kyle Eaton, a small business expert at money.co.uk business loans, explained that companies should invest in recruitment and staff training to close skills gaps and remain competitive.

He also felt establishing apprenticeship and internship programmes in partnership with educational institutions can help build a pipeline of talent.

Eaton said: “Investing in additional recruitment or staff training to address and prevent skills gaps may require businesses to explore financing options, such as responsible lending through a business loan.

“For example, these funds could be directed towards developing tailored training programs or enhancing recruitment processes. 

“While a loan does not guarantee success in these areas, it offers the financial flexibility needed to invest in initiatives that could give a competitive edge in the marketplace.”