From: Inside P&C
While expanding regulations and shareholder activism have received the lion’s share of attention in the ESG space, the principles under this umbrella are being used by insurers as a recruiting tool to attract younger talent, sources said.
Millennials, who started turning 40 in 2021, have long driven the growth of ESG investing – about one-third often or exclusively use investments that take ESG factors into account, according to a CNBC poll released earlier this year.
Their younger counterparts, dubbed “Generation Z”, are likewise taking their concerns about these issues into consideration not only as they invest, but also as they establish their careers.
“People are being very intentional in their hiring efforts because to younger generations, [ESG] really does matter, and they want to make sure they’re part of an organization with this focus,” said Kristin Downey, chief administrative officer at Amwins.
Nearly two in five respondents to Deloitte’s 2022 Gen Z and Millennial Survey said they had rejected a job or assignment because it did not align with their values, including 46% in senior positions.
Seeing values in action matters even more when it comes to staying with a company.
“While societal and environmental impact, along with a diverse and inclusive culture, are not always at the top of the priority list when choosing a job, these continue to be critical issues in terms of retention,” the study said.
“Those who are satisfied with their employers’ societal and environmental impact, and their efforts to create a diverse and inclusive environment, are more likely to want to stay with their employer for more than five years.”