Ping An dangles insurance jobs to laid-off teachers and tutors from China’s edtech crackdown to replenish its shrinking sales force
- As many as 10 million teachers are set to lose their jobs after the latest crackdown by Beijing on private tutoring, analysts say
- New policy sale amount fell 12 per cent year on year in the first half while the number of its agents decreased 23 per cent, or almost 270,000, during the period
“Education is one target segment for our agency recruitment, as [teachers and tutors] generally have good academic qualifications and personal communication skills” that are essential for success in insurance, said Ping An’s co-chief executive Jessica Tan Sin-yin, during a phone interview with South China Morning Post. “We also want to create new employment opportunities to the teachers who need to develop a new career path due to the new regulatory environment.”
The plan underscores the realignment in China’s labour force amid the slowest economic growth pace in decades, after the government unexpectedly unleashed a wide-ranging slew of reforms last month that essentially turned edtech, online education platforms and tuition centres into non-profit organisations. As many as 10 million teachers stand to lose their jobs, Credit Suisse said in a report last week, adding that the layoffs could be a fount of talent for Ping An and other insurers with good training programmes, such as AIA.
“Insurance is viewed as a potential career alternative for tutors, as both professionals emphasise interpersonal skills, and play an inspiring and mentoring role,” Credit Suisse said in its note.
