While many sectors feel the impact of the ‘Great Resignation’ of U.S. employees over the last two years, the insurance industry seems to be avoiding the greatest hits.
According to a recent study by CapRelo, insurance has some of the highest median employee tenure across all sectors analyzed.
The researchers used U.S. Bureau of Labor Statistics data to track employee tenure from 2010-2020, analyzing trends across age groups and gender. According to the report, the manufacturing, insurance and health care industries showed the highest median years of tenure for the private sector jobs researched.
Longest Employee Tenure in Insurance Sector
The study showed that employment in insurance stretched to 5.5 years, on average. Tenure was slightly higher in manufacturing, at 5.6 years. While the industry’s average tenure is among the highest in both private and public sector occupations, CapRelo found the average did decline in the last decade by 0.5 years.
While no definitive conclusion can be made about why people leave or stay certain roles, the relocation company observed that higher pay, better benefits, and better work/life balance are contributing factors.
“It’s also possible that with advanced degrees, individuals stay with an employer to grow their practical skills,” says CapRelo. “Per the data, occupations like Architecture and Engineering have higher median years of tenure, which is understandable as these careers require extensive education and dedication which typically increases the financial gain.”