Evolution in Employment
Benefits and company culture are winning weapons in the war for talent.
Competition for talent in the insurance industry is fiercer than ever, especially as companies struggle to “sell” the industry to younger generations that often view the business as behind the times. For Amanda Vander Ley, vice president of human resources at Holmes Murphy, one piece of the recruitment and retention puzzle lies in learning how employee expectations have changed since COVID-19—and how employers can meet them.
Vander Ley points to results from the agency’s recent Recruitment and Retention Survey as a starting point. “The key is that while employees and potential talent want fair compensation, they now also want to feel that their overall well-being is important to their employer as well—to include their social/emotional, financial, physical, community, and, of course, mental well-being,” she says.
Chris Henrichs, co-founder and head of partnerships at personalized employee coaching and growth platform provider Boon, concurs. “Retaining employees requires creating a supportive environment…. When employees feel heard and see a clear path to progress, they are more engaged and loyal,” he says. “Employees today truly want a path to advance and thrive.”
As firms look at what benefits they can add to meet well-being needs, Vander Ley emphasizes knowing your employee pool. “What a 25-year-old is looking to experience at Holmes Murphy can be drastically different than that of a 50-year-old,” she explains.
That same personalization is key for Henrichs when it comes to employee support programs. “In addition to resources like therapy and counseling, offering diverse resources like one-on-one coaching, workshops, and manager development ensures employees have a variety of support systems to work through daily stressors, challenges and goals.”
But companies should be cautious that these programs don’t become just a check-the-box exercise—ensuring buy-in from leadership and that these resources are integrated into workplace culture and accessible for all employees are essential to making the programs both effective and sustainable, Henrichs says. “Without these elements, even the best-intentioned initiatives can fail.”
Culture Is King
Benefits are crucial, but they aren’t everything when it comes to employee retention, Vander Ley cautions. Also important is making sure that employees—of every age—have a robust personal connection to their colleagues and to the business as a whole, Henrichs says: “Fostering connection in hybrid work environments is increasingly vital. Building a sense of community through regular team engagement, coaching groups, and peer networks can significantly enhance employee satisfaction and commitment.”
Another example is programs to provide professional training for students in high school and college as well as early career professionals, Vander Ley says. “While ultimately these programs help us develop technically sound professionals for our organization, there is a huge impact on engagement and retention when we create avenues for individuals to create cohorts and relationships early on in their career. Insurance can sometimes be an intimidating industry for individuals to enter when they don’t have any exposure or experience, and through these programs, we are giving them a place to belong, connect, and learn on day one of their career.”
Vander Ley also believes firms can foster that personal connection by investing in diversity, equity, and inclusion initiatives. One example is forming employee resource groups, aligned with specific communities within the organization, such as for employees in a caregiving position as new parents or for aging parents. “The value in helping individuals feel cared for, understood, and connected in community is invaluable,” says Vander Ley.
Finally, culture isn’t just about the employees—it’s about those who lead those staffers.
“We believe that our leaders are one of the greatest influences in an employee’s day-to-day experience,” Vander Ley says. Holmes Murphy approaches this, she notes, by focusing on developing leaders to feel enabled to navigate the modern work environment, and by helping them create safe, inclusive environments that promote honest conversations for collaborative employee development.
As Vander Ley puts it, “While we often leverage our well-being benefits solutions, there is incredible power in strong leader-employee relationships.” Adds Henrichs: “A culture where employees feel safe, informed, and empowered by upskilling managers will attract top talent and reduce turnover.”
