Diversity, equality, and inclusion (DEI) have become central topics in recruitment across industries, and the actuarial profession is no exception. But while many companies discuss DEI, the real question is whether it is being actively implemented or just treated as a tick-box exercise.
For actuarial firms, creating diverse teams is not about filling quotas but about ensuring equal opportunity for all candidates, regardless of gender, ethnicity, or background, while maintaining a strong focus on merit. The challenge lies in how to hire based on ability and potential while addressing unconscious bias and removing barriers that have historically excluded underrepresented groups.
Merit-Based Hiring: Focusing on Skills, Not Familiarity
Hiring based on merit should always be the priority. However, it is important to recognise that merit is not just about qualifications or previous experience. It is about potential, skills, and the ability to contribute effectively to a team.
Unconscious bias can influence hiring decisions in ways we may not realise. Employers may lean towards candidates who feel familiar, whether because of shared backgrounds, universities, or career paths. These biases, even when unintended, can result in diverse talent being overlooked.
At Vocara, we help organisations take a skills-based approach to hiring, ensuring that candidates are assessed on their actual abilities rather than assumptions. We also work with candidates to help them present their strengths in a way that aligns with industry expectations, giving them the best chance of success.
Reducing Bias in Actuarial Recruitment
Unconscious bias is one of the biggest obstacles to improving DEI. It can affect every stage of recruitment, from screening CVs to making final hiring decisions. While bias cannot always be eliminated, it can be reduced with the right approach.
One effective method is structured interviews, where all candidates are asked the same set of questions and assessed against the same criteria. This removes the influence of personal bias and ensures fairer decision-making.
Another approach is blind recruitment, where identifying information such as names, schools, and addresses is removed from applications. This helps employers focus purely on skills and experience, preventing bias from creeping into early hiring decisions.
At Vocara, we guide both employers and candidates through fair and structured hiring processes, ensuring companies can confidently select the best candidates based on ability and potential.
Attracting Diverse Talent Without Compromising on Quality
Many actuarial firms, particularly smaller ones, struggle to attract diverse applicants. Larger firms often dominate the recruitment space, making it harder for smaller companies to reach a wide talent pool. The key is to ensure recruitment efforts are accessible and inclusive.
One of the biggest barriers for underrepresented groups is awareness and access. Many talented candidates may not even consider actuarial careers because they are unfamiliar with the industry or lack the networks to navigate the recruitment process.
At Vocara, we actively work to bridge this gap. We engage with universities, offer career workshops, and provide guidance to candidates from all backgrounds, helping them develop both technical and soft skills. This ensures that employers have access to a broader range of talented candidates while maintaining high standards in recruitment.
How Smaller Firms Can Lead the Way in DEI
While large firms often have the resources to invest in DEI initiatives, smaller firms have a unique advantage in fostering inclusive workplaces. They can offer mentorship, tailored development opportunities, and flexible career pathways, creating an environment where diverse talent can thrive.
Smaller firms can also build strong relationships with universities and industry groups to attract a wider range of applicants. By making small but meaningful changes, such as improving outreach, offering more inclusive job descriptions, and investing in skills development, they can have a significant impact on DEI in the profession.
At Vocara, we support firms of all sizes in building diverse and inclusive hiring strategies. We connect employers with high-quality actuarial talent and provide the necessary guidance to ensure fair and effective recruitment.
What Needs to Change?
If DEI is to become more than just a talking point in actuarial hiring, the industry must take proactive steps to reduce bias, attract diverse candidates, and create a level playing field. This does not mean lowering standards but rather ensuring that every talented individual has a fair opportunity to succeed.
At Vocara, we believe in a merit-based, skills-focused approach to hiring. We work with both employers and candidates to remove barriers, improve recruitment processes, and connect talented individuals with the right opportunities.
If your team is struggling to create a diverse and inclusive talent pipeline for actuarial roles, or if you want to ensure you are hiring based on true ability rather than unconscious bias, reach out to us at ask@vocaracareers.com to discuss how we can help.
