The findings reflect the changing priorities of students amid the influence of COVID-19 across the corporate landscape.
“One of the most surprising things for our industry partners is that the top consideration students have when looking at compensation is health care,” said Grace Grant (pictured), executive director of GIS , a professional fraternity with 100 collegiate chapters throughout the United States.
“Health care has stayed at the top, even more than salary. We think that comes from the environment we’ve been living in for the last three years,” Grant said.
Gamma Iota Sigma has affiliations with approximately 150 universities, representing approximately 5,000 students of risk management, actuarial science, business, finance, and related fields of study.
The organization also boasts diverse representation, with a close to 50-50 breakdown in terms of gender, according to Grant. Additionally, approximately 30% of its students are members of minority groups, while approximately 10% are international students.
“We have a great representation of the pipeline entering the insurance industry and a broad reach across the university landscape, which positions us well to conduct this survey,” said Grant, who was named to Insurance Business America’s 2021 Elite Women list and the 2022 Hot 100.
What are students looking for in full-time insurance job opportunities?
The GIS survey found that students evaluate insurance organizations based on the following factors:
- Size (in terms of number of employees)
A key finding from the report was that the number of students willing to move from their home states for the right employer dropped to 55%, from 73% last year.
As remote opportunities grow, students are increasingly prioritizing flexible and hybrid work – another pandemic side effect.
“We find that students are looking for a good hybrid opportunity; even if they move, they’re not looking for a job in an office five days a week,” Grant said.
“Graduates are discovering that they can stay home or live where they want to because of far-reaching opportunities.”
Despite the decline, Grant emphasized that the relocation aspect has major implications for insurance companies’ recruiting strategies.
“It reinforces the idea that recruiters need to look outside their backyard,” he said. “They need to look across the country, especially in the remote virtual environment we’re in today.”
What do students look for from insurance internships?
Intense competition in the labor market means that insurance companies must start attracting potential young talent. One of the best ways to do this is to make internship opportunities as attractive as possible.
Opportunities for full-time work have risen to claim the top spot on students’ wish list for internships, according to the GIS survey. Young survey respondents wanted to make sure they were able to convert a successful internship into a full-time job offer.
“It speaks to students wanting to use their internship as a test drive for their employer as much as the employer sees it as a test drive for the potential candidate,” Grant said.
Rotational programs, which allow students to be exposed to different parts of an organization or the insurance process, have been a leading factor for several years, but fell to second place this year.
Finally, a major factor influencing whether students find an internship productive and enjoyable is significant work The Assignments. Other considerations include networking opportunities, compensation, and mentoring.
“Students aren’t looking to come in and file papers. They’re not looking for menial tasks; they’re looking to get involved, get plugged into a project that matters, and get a feel for the work and the culture,” Grant said.
What aspect of the insurance industry should employers highlight to students?
With all the students looking for, how can insurance differentiate itself from the crop of similarly high-paying, flexible industries?
“Recruiters and employers should really go home [the fact that] this industry is incredibly philanthropic,” Grant replied.
“This is very good at coming back and having a deeper purpose. Everything we do is ultimately about serving and supporting people. Outside of the insurance mechanism, there are many good community initiatives throughout the insurance industry.
“That’s a good thing that we can share with future candidates because this generation wants to know that they’re doing something meaningful, that their careers matter and have a bigger purpose.
“The combination of revenue potential, stability, and industry-wide philanthropy is how we can attract talent.”
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