The LinkedIn Workforce Confidence Index came out last week with findings that 3 in 4 Americans are “Sheltering in Job“. The war for talent just got that much harder for insurance companies competing for skilled professionals. Passive talent is now hibernating. What can you do to attract people to your company? A Cultural Transformation.
Top talent is “Sheltering in Job” for varied reasons, such as steady pay-check, benefits package and competing demands for their time such as family or other commitments. The desire for remote work is hotter than it’s even been, with many companies converting previous in-office roles to 100% remote. This is effective at getting seats filled, but these companies’ cultures weren’t accepting of remote work before the pandemic, and unless intentionally transformed, this strategy could backfire in retaining the talent.
PWC surveyed over a hundred CEOs to understand how often they think employees should be in the office to maintain a distinctive culture. 2 in 5 think it has to at least 4 days. The mindset of these CEOs does not align with the new expectation of 100% remote culture and also tells us that companies are focusing on solving for the short term, not the long term.
In McKinsey’s Future of Work Study, they cite Finance and Insurance best suited for remote work, estimating that as much as 76% of time can be spent working from home without any loss in productivity. That’s only one day in the office a week, so companies should be thinking about how to create a long-term experience that incorporates work from home flexibility, access to tools employees need at home and — THIS IS IMPORTANT — build camaraderie in a digital or hybrid environment so that people feel they can advance in the company and stay long-term.
All this seems to align with what we are hearing from candidates. They want the flexibility and the benefits, as well as the ability to progress in their careers without the commute. And now that talent has had the taste of that freedom, their expectations for what they deserve and demand has changed.
We are at an inflection point. The time is now to transform your culture into one that can support remote workers or you will lose the war for talent.