At a time when the insurance industry is often lambasted for failing to attract young talent, several Canadian insurers have bucked the trend and been named as among ‘Canada’s Top Employers for Young People’.
Toronto-based
Manulife is investing in its people: the firm was one of the insurers to be recognised on the list of top employers this week, and on Wednesday it announced that it has increased its mental health support benefit for employees to up to $10,000 per person, per year – up by 10 times the previous amount offered.
Learn more about employer insurance here.
When it comes to fresh talent in the workplace, Manulife’s stats add up – 41% of its global workforce is under 35 years old, the company says.
So what is the insurer doing to bring young people into an industry with a reputation for an ageing workforce?
“We understand the value in fresh, diverse perspectives and we have made a commitment to continue to hire more young people into the organization,” Kristin Ezekiel, director of campus recruitment & strategic sourcing, Manulife in North America, told
Insurance Business.
The insurer maintains an extensive co-op program, providing students with opportunities to participate in a variety of activities including job-shadowing in different departments, events with the company’s executive team, and a practical co-op project which involves the creation of a real business tool or analysis of a current business problem.
A Canada-wide internship program also offers students a broad range of opportunities in actuarial, finance, risk and accounting as well as in human resources, information systems, operations, marketing and communications and legal disciplines.
“Much of what we do for this population has been informed through their own feedback and ensuring we continue to monitor and improve,” Ezekiel said.
That includes not just the program content, but also the overarching employee experience and the firm’s commitment to it.
To both and attract and also retain young talent, insurers need to “really understand what they are looking for and ensure we continue to evolve,” she explained.
A recent two-day hackathon event, which aimed to encourage innovation throughout the organization, saw 140 participants take part, with the winning team receiving $10,000 for their innovative idea.
Ezekiel says the company works hard to showcase the diversity of its people and the opportunities available, “as well as things like workplace flexibility that we know is valued by our employees.”
“Manulife will continue to offer these types of opportunities to young people to ensure they know they can build a career, their way,” she said.
Related stories:
Insurers recognized as top employers for young people
Manulife ups employee mental health benefit tenfold
