According to the latest stats regarding young professionals in the workforce, for ages 20-24, the average tenure is 16 months, with ages 25-34 at around three years. Disclaimer: I am not a Millennial but in fact I am a Gen Xer who has held multiple roles in many facets of the insurance industry, including: administration, sales and management, underwriting, and team leadership, on both the carrier and agency side.
I recently joined Ohio Lt. Governor Mary Taylor to discuss this topic on the Ron Ponder Radio Show. Taylor, who oversees the Ohio Insurance Department among her many responsibilities, and myself, dug into the meaningful topics facing our industry and our state.
Due to many factors, including pending retirements and generational gaps, our industry is facing a talent blight. As a whole, we need to take advantage of the talent out there and invite them into our industry aggressively, and often.
Can we take advantage of the stereotype that this generation tires easily and needs constant challenge? Think about it. Whether Broker, Carrier, Independent, Captive or TPA side of the house… each entity has many opportunities housed within its own culture, let alone opportunities between cultures.
We could easily come together as an industry and not only capture but retain this talent. We need to unite for talent just like we unite for PAC reasons or for statute or governance reasons.
If you are like me, you have had the opportunity to lead and manage and contribute for many years in a wonderful industry. There is no better feeling than to give that opportunity to another person and to also secure the strength of our industry talent base well into the future.
What can we do?
Fortunately there is a great number of groups and individuals helping to tackle this issue and get ahead of the looming needs. Please see resources below and contact me direct to continue this important conversation.
- Contact Insuring Ohio’s Futures http://insuringohiofutures.com/
- Contact the PIA of Ohio http://www.ohiopia.com/
- Visit Ohio Department of Insurance http://insurance.ohio.gov/ and reach out to the Insurance Companies to inquire about Management Trainee Programs.
- Visit Ohio Dominican University or Kent State University for online Insurance and Risk Management Courses
- Connect with me on Linkedin to continue the discussion!
About the Author
Darlyn McDermott has more than 22 years of experience in the insurance industry including extensive experience in all facets of the Property and Casualty Insurance Industry, including: Agency, Carrier Underwriting, Client Sales, Claims Litigation, Worker’s Compensation and Risk Management. Darlyn has been an Agency owner, as well as served in key Regional Leadership roles with both National and Regional Insurance sized Insurance Carriers. Her strategic focus lies in identifying, measuring, and managing new and existing complex property and casualty risk in a variety of sectors. Originally a native of Canton, Ohio, Darlyn has spent a third of her career in different states leading Regions across the country.
She is a Cum Laude graduate of Malone College with a Bachelor of Arts in Psychology. More recently, she is a graduate of Malone University with Masters in Business and Organizational Leadership. She is a Business Administration Doctoral candidate at Capella University whose Thesis work involves comparative retention practices of M/A associated organizations. Darlyn has received certification as a Green Belt in Six Sigma as well as is a Conferred Leadership Fellow. Darlyn holds an Associate’s degree in Insurance, is a Certified Work Comp Advisor and a Claims Legal Principles Specialist II. Darlyn has presented at the Regional RIMS conference for Ohio, Michigan and Pennsylvania as well as has spoken extensively in the energy sector as an industry expert in the field of risk management. Connect with Darlyn on Linkedin
The Oswald Women’s Leadership Council, developed in 2013 to inspire females at all levels to empower, develop and advance, has focused its 2016 education efforts around Professional Presence. Read earlier articles in this series by clicking below: