A report by the International Co-operative and Mutual Insurance Federation (Icmif) highlights ways the sector can attract, develop and retain young colleagues.
The sector’s unique business model makes them an attractive option for millennial and generation Z employees, says the Strategic InSights: The next generation of mutual talent report.
Written by a group of young professionals from Icmif’s Young Leaders Forum (YLF), it includes a summary of responses from 23 Icmif member organisations around the world. It features a range of initiatives and programmes which help to position the mutual and co-operative model as unique and as “employers of choice” for the younger generation.
Icmif CEO Shaun Tarbuck said: “Talent attraction and retention are inherently linked, with many of the various examples from our members featured in this report, acting as a tool for both. The better the culture for employee engagement and development, the more likely potential talent will be attracted to join an organisation.”
The report also explores the emerging challenges for co-operative/mutual employers and some suggested approaches for managers wishing to attract and retain the best talent and help it flourish within their organisations.
Icmif vice-president for business intelligence, Ben Telfer, who coordinated the report, said: “We are delighted to publish the first research report from the YLF.
“Not only is it great to share some of the unique intelligence on best-practice strategies with our members, but also to conclude the first piece of collaborative research by this group of young leaders. We hope the practical examples and insights presented in the report will help senior leaders within the Icmif membership with the global challenge of millennial employee attraction and retention and provide a source of inspiration for other young professionals.
“Many of the initiatives in the report were created and led by young professionals to proactively aid their own engagement and development and that of their peers within their respective organisations.”
The publication features 23 organisations from 17 countries across Icmif’s global network. The mutual sector holds 26.7% of global insurance market share by premium.