In a corporate profession like insurance broking, the middle of a career can be a challenging stage to remain engaged and optimistic. Drew Schnehage (pictured above) is managing director of Innovation Group in Australia and has three decades of experience in the insurance industry. In a soon-to-be published IB Talk podcast, Schnehage discussed some of her career challenges. She also flagged obstacles that insurance professionals should be mindful of that can strike mid-career.
“I think as you go through your career there is probably a stage where you plateau and you feel like there’s no longer any growth or advancing opportunities,” said Queensland based Schnehage. “That can lead to frustration and potential lack of motivation.”
She encouraged insurance professionals who feel they are plateauing to persevere.
“I would say don’t give up because it’s just a stage that you go through and you’ve got to find out what is the next thing that you need to go for,” said Schnehage.
Some of the exploration you go through to re-engage with your career, she said, involves having realistic expectations.
“There are probably more limited opportunities because as you climb up in your career, you very quickly go through roles like supervisor, senior supervisory team, manager, customer manager and leader,” she said. “Then you get to the next level and then what?”
Schnehage suggested that simply progressing up a career ladder may not be possible for other reasons.
“There are also a lot of industries that have, or are looking to have, a flat hierarchy,” she said. “So that can also limit you a little bit when you get to a certain point.”
The Innovation Group MD also warned of age discrimination – another mid to late career challenge.
“I think there is also age discrimination,” she said. “I’m 52 and if I needed to go and look for a job, if somebody competing for same job was 10 years younger than me, the company is usually going to go for that person that’s 10 years younger because they know they’re going to get more years from that person.”
While it can be tough to keep your spirits up, persistence, she suggested, will help industry veterans find a good fit, whatever that may be.
“I think there’s also burnout and you’ve got to be very careful,” said Schnehage. “When you’re working really hard and striving for success, in the middle of all of this, you can get burnout.”
She suggested, literally, taking a breath and stepping back. “Sometimes, you need to just take a break from work,” said Schnehage.
Schnehage regards having a healthy work-life balance as essential.
“I think that is key because if you feel very stressed then you can actually feel very dissatisfied,” she said. “So you can be working so hard and doing so much and trying to get to the top but you don’t feel satisfied within yourself.”
In a recent interview with Insurance Business TV, Andrew Fluitsma, CEO of Honan Insurance Group, also discussed how work pressures build up and can impact mental health.
“There are sleepless nights when you’re dealing with something, for example, mergers and acquisitions, and the stress can impact on your own family,” said Fluitsma.
Work pressures and a desire to take better care of the mental health of both his employees and himself, encouraged Fluitsma to partner with Melbourne-based suicide prevention non-profit PukaUp.
Honan partnered with PukaUp to launch the Foundations of Wellbeing program which is designed to equip businesses and their employees with the tools and strategies to proactively manage their individual health and wellbeing.
Drew Schnehage is moderating a career focused panel at the upcoming Women in Insurance Summit in Sydney on August 23: “Getting ahead – accelerating career and skill development”. The session will discuss strategies to develop capabilities and skill sets for career advancement. Innovation Group is a Gold Sponsor of the event.
Other Summit panels and discussions will cover market trends and the future of insurance, negotiating during pay discussions, overcoming adversity to achieve goals and how to remain on top of your game
What do you see as mid-career challenges? Please tell us below
