There is currently a sizable jobs gap in the insurance industry, with more jobs available than there are people to fill them. This is particularly true when it comes to younger workers, as, according to United States Bureau of Labor Statistics, the median age of insurance workers in 2013 was 44.7 years old, slightly older than the 42.4 median of all industries across the country.
Of the roughly 2.6 million insurance workers in the United States, only 5 percent are aged 20 to 24 years old. In contrast, nearly one quarter of those in this industry are 55 or older, meaning they are nearing the retirement age. This gap is about 30 percent larger than other sectors of the country's economy, which means the insurance industry could soon be facing a jobs crisis.
What can be done to turn these numbers around, particularly among Millennials? The biggest stigma this industry faces among younger people is that working in insurance is bland or boring, something that needs to be completely addressed by industry leaders. By talking about job flexibility and high earning potential, Millennials will be much more likely to look into this industry as a career path.
This is crucial for companies looking to bring their costs down. Bringing on and training a college graduate can take up to two years and cost around $100,000. Young students who prepare for this career by completing appropriate coursework would be much less expensive to hire and train.
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