In consideration of the COVID-19 pandemic scuppering young people’s chances to serve internships, Zurich UK is overhauling its graduate hiring process.
According to the insurer, the lack of internships and work placements during the pandemic left graduates with less real-world experience than previous generations. Citing a study from Careerpass, Zurich UK said that about a quarter of these young people feel that they are unable to gain the right employability skills during their studies.
Starting September 12, Zurich UK will adapt its new hiring process, wherein it will scrap competency-based interviews in favour of strength-based assessments. This ensures that candidates from diverse backgrounds are not at a disadvantage, the insurer explained. Zurich UK will also help identify candidates who may not match criteria for one role but may be better suited for another area of the company. The applications for the new graduate scheme close on October 30.
The new graduate hiring process will also involve a new online assessment portion, which was developed by Zurich UK in partnership with HR tech company Cappfinity. The online assessment process offers candidates a “realistic insight” into what it is like to work within Zurich and the greater insurance industry, a release said.
Zurich will also ensure that each applicant, whether successful or not, receives detailed feedback to help them on their career journey. The company is also doing away with group interviews from its recruitment process to support neurodiverse applicants.
“We really want to create a level-playing field for all graduates to ensure we genuinely attract the best person for every role,” said Zurich head of talent acquisition Michelle Ransome. “Candidates from disadvantaged backgrounds, as well as recent graduates hit by lockdown, may not have had the same opportunities and life experiences as others.”
Zurich also announced that its actuarial team is also launching an industrial placement programme for 2023. In the programme, five graduates will complete a year at Zurich in pricing and reserving. The insurer noted that the conversion rate from internship to the graduate scheme is at an impressive 82%.
Thirty-one (31) graduate roles and 21 internships are available at Zurich, across six areas: business management, change and technology management, actuarial, finance, data and analytics and sustainability. Roles are available across the UK, such as London, Fareham, Glasgow, Birmingham and Swindon. Starting salaries for the graduate programme have increased from 2021 to £29,400, reaching £32,550 for actuarial and data and analytics streams.
