Saturday, April 30, 2022

Colleagues Leaving the Workforce in Droves


One of the most emotionally challenging facets of reaching the twilight of one’s career is the attrition of respected and beloved colleagues. Retirements are devastating my industry, as those in the know have anticipated for some time. I have worked in the I insurance industry for 40 years. Few young people are attracted to a career in insurance because most believe it is dull without the opportunities for achieving wealth.  

It is true that only senior executives rake in the dollars; however, I stumbled into life as a Casualty Claims professional and have been privileged to work with some amazing people and handle some fascinating claims. Eventually, I may share details of some more salacious claims (without divulging information that would violate confidentiality). 

One of my mentors retired rather prematurely last week. That was tough. I am thrilled for him, but selfishly sad that I will no longer have such a brilliant technician as a resource. People are leaving the insurance industry in droves. Most companies have been cognizant of the ‘big retirement’ for several years, but did not establish strategies to replace those of us aging out. Instead, many leaders believe people  can be replaced by artificial intelligence. But, the Bots are actually not so smart. The Bots create additional work for the people they are intended to replace.

So, it is difficult to replace those departing in the ‘great retirement’. The institutional knowledge loss is irreplaceable. But, COVID and the failure of many senior executives to acknowledge the altered employment landscape creates additional challenges recruiting new talent. 

In the meantime, we move forward…keeping on keeping on, until we can also pull the plug and move into the next phase of life.

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