Talent in Insurance Fiona Kenefick Human Capital, Deloitte 1
Talent in Insurance Survey 2014 A Global Focus Scope and Methodology Markets surveyed for Deloitte Talent in Insurance Survey 2014 2014 Survey Sample Questions How popular is insurance and what impact did the financial crisis have? Which sector(s) are doing well, and why? A look at Google. How does the popularity of insurance vary across the world? Which attributes most appeal to students considering applying for insurance jobs? To what extent are these desirable attributes associated with insurers? 4 2
Industry Popularity Insurance continues to trail in the popularity stakes, languishing at 18 th out of 30 sectors, while software and FMCG power ahead Our graph indicates how Insurance compares against the eight most popular industries for business students globally, 2008-14 5 The Google Effect Google is the single most popular employer by far, being chosen most often as an ideal employer in 15 out of 28 markets surveyed Google s popularity is undoubtedly helped by its powerful consumer & employer brand 6 3
Survey Findings: Insurance Students and Future Focus Our graph lists the top ten aspirations for insurance-inclined students globally, versus corresponding expectations Insurance-inclined students are future-focused, prioritising Professional training and development and Leaders who will support my development 7 Survey Findings: Insurance Students and Financial Strength Aspirations more important to insurance-inclined students vs. Aspirations more important to all business students 8 4
Survey Findings: Insurance Students and Work Life Balance Our graph highlights the Career goals of insurance-inclined students globally, 2008-14 Work-life balance remains the top career goal, while job security has risen in importance since the financial crisis Interestingly, students associate work-life balance and job security more strongly with insurers than with employers from other sectors 9 Survey Findings: Insurance Students and Gender Diversity 6.6 % drop off The industry has made progress in appealing to women, but women are still deterred from applying for insurance jobs 10 5
Talent in Insurance Survey 2014 UK in Focus Talent in Insurance UK Report UK in Focus: Key Findings Insurance is not popular in the UK in the UK, students are less interested in working in insurance than any other EMEA market in the survey with the exception of the UAE. Banks reign supreme Among UK business students, Banks remain well ahead of other business sectors in popularity receiving double the votes for ideal employer then the second placed FMCG sector. Google Takes Over the World Google is the most popular employer with one in every five UK business students placing it as their ideal employer. Gender Imbalance Among business students in the UK, although 62.7% of the respondents were women with only 41.8% showing an interest in pursuing a career in insurance. The largest gender imbalance towards men among insurance inclined students in all of the markets surveyed. Work Life Balance is once again the top career goal of UK insurance inclined students. The Insurance Premium The attribute that UK insurance-inclined students want most in a job is Professional training and development. 12 6
Talent in Insurance UK Report What/For whom do UK students want to work? Industry Sectors In the UK, banks top the popularity poll followed by the FMCG sector and Software and computer services in a trend observed across most of the EMEA geographies surveyed Employers While Google is overall ideal employer of choice in nine EMEA countries for business inclined students, UK insurance inclined students rank Goldman Sachs, JP Morgan, Big 4 Professional Services firms, Morgan Stanley and HSBC as their most popular employers. 13 Talent in Insurance UK Report What motivates UK Insurance-Inclined Students? 14 7
Talent in Insurance Survey 2014 Ireland in Focus Talent in Insurance Irish Report Ireland in Focus: Key Findings Insurance is less popular in Ireland - the popularity of insurance in Ireland is the 5th lowest among the 17 EMEA markets surveyed and the 2nd lowest in Western Europe. Software and FMCG are the most popular sectors Software and fast-moving consumer goods top the polls as the most popular industries among Irish business students. The Google Factor Google is the most popular employer with almost two-fifths of Irish business students placing it in their top five ideal employers. Gender Imbalance Female Irish business students are much less likely than their male counterparts to express an interest in working in insurance. Creative Challenge Creativity is what Irish insurance-inclined students want in a job more than insurance-inclined students in all other markets surveyed. Leaders must support development The attribute that Irish insurance-inclined students want most in a job is supportive leadership. 16 8
Talent in Insurance Irish Report Where/For whom do Irish students want to work? Industry Sectors In Ireland, the software sector tops the popularity poll while in other EMEA markets it is typically in 3 rd,4 th or 5 th place, behind banking and FMCG companies. Employers While Google is top choice in eight other EMEA countries, Ireland has the highest number of tech companies featured in the ideal employer list with Google, Apple and Facebook being ranked in the top 3. 17 Talent in Insurance Irish Report What motivates Irish Insurance-Inclined Students? 18 9
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