Driving a Talent Advantage
It’s undeniable that insurance is a people-driven, relationship-driven business. As such, the competition for talent is both fierce and challenging.
Leader’s Edge caught up with Davies to discuss how to attract the world’s top talent and think differently about recruiting and retaining best-in-class employees.
People often focus on the competition within the insurance industry, but I think part of the solution is for the industry as a whole to better tell our story—explain why insurance is an exciting business to work in, and the diverse career opportunities that exist.
When attracting employees, it does help to have a strong company culture demonstrating a commitment to community. And I think that’s increasingly important for all of our leaders. It’s also smart to recruit from a broader pool of talent, looking for more non-traditional candidates, and utilizing new and diverse sources of talent. And relative to retention, we certainly invest a lot in career development and make sure that we also think carefully about workplace flexibility. That’s obviously become a much bigger issue over the last couple of years.
Diversity and inclusion are critical to us. For the last seven years, Markel has been a global sponsor of the Dive In Festival. We also support the diversity-focused events of the Insurance Industry Charitable Foundation, and have been a signature sponsor for a number of their conferences.
We’ve also done a great deal within the company itself. Our global D&I steering committee ensures that senior executives are directly engaged with our D&I strategy. We’ve engaged employees through Employee Resource Groups (ERGs) and an international inclusion network. We work to embed D&I in all of our talent and business practices, including talent sourcing and leadership development. We’ve definitely seen some success over the last few years in terms of expanding our recruiting pools. Our hiring of individuals who identify as an ethnic minority is currently running at about 34%, up from 26% back in 2020. So we’re seeing some encouraging results, and we’ll continue to build on those with additional initiatives.