What the P&C industry is facing in the war for talent

The ongoing war for talent in the P&C industry could become more pressing, since the majority of working Canadians are considering alternative job opportunities, a recent survey finds.  

The survey, commissioned by Allstate Canada and conducted by Leger, finds that 55% out of 1,554 working respondents have thought about looking for a new job in the last six months.  

Among those respondents who are thinking about a new job, 27% said they thought about it a couple times per week. Eleven per cent said they thought about it every day.  

This follows a recent finding by Statistics Canada that the country’s unemployment rate (5.9%) is nearing a record low, and employment rates have been steadily rising.  

Of those surveyed by Leger, 68% of employees between the ages of 18 to 34 have thought about looking for a new job in the last six months, significantly more than any other age category. 

Outside of salary, working respondents listed work-life balance (49%), flexible work hours (37%) and working from home (22%) as the most important qualities when seeking a new job. 

Respondents were also surveyed on the most important qualities they seek from executive leaders at a potential employer, and found that they were: 

• Open communications with employees (54%), 
• Fair, impartial attitude with employees (40%), 
• Employee performance recognition (37%),  
• Being supportive (36%).  

“What the survey results show is that attracting and retaining qualified and talented employees is one of the biggest challenges organizations face nowadays. People’s outlook on life has shifted due to COVID-19, and employers must adapt to this new reality,” Ryan Michel, president and CEO of Allstate Canada, commented in a press release. 

Michel mentions that Allstate Canada has, among other programs, implemented flexibility in the workplace and work-from-home capacities — two of the most sought-after qualities in an employer.