Polling Results: How are Organizations Navigating the Current Talent Marketplace?

Posted by The Jacobson Group

Organizations are continuing to navigate new challenges and enter uncharted territory as we move toward 2023. To help leaders gain a better understanding of the current talent marketplace, we’ve polled our LinkedIn audience on a number of timely talent topics. Below is a compilation of the results and a snapshot into the industry’s take on a variety of issues.

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57-04As insurers aim to expand their talent pools, focusing on a candidate’s skills over experience is becoming more common. 57% of organizations have placed more emphasis on recruiting for skills in the last year than they previously did.

Polling Results Navigating the Current Talent Marketplace 26-06In the candidate’s market, recruiters and hiring managers have had to re-evaluate how they approach recruitment in order to remain competitive. While job hopping may have previously been seen as a red flag, 26% of respondents noted it does not impact their hiring decisions. 68% said they would ask the candidate to explain and 6% shared they would immediately pass on the individual.

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With a competitive labor market and high demand for top talent, many insurers are experiencing a rise in counteroffers. 45% of respondents noted they have been successful in countering a counteroffer from an individual’s current employer while 41% shared they have not.

65 polling stat blog-07Counteroffers have become more common as organization’s aim to retain their talent. However, while preventing incumbent employees from leaving often seems like a win, their success in terms of long-term loyalty is debatable. 65% of respondents feel counteroffers are only successful in retaining employees short-term. 

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The industry is experiencing continued movement across all professional levels; however, just 12% of individuals feel their organization is prioritizing succession planning and 70% say their organization is not.
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Despite a challenging labor market, 76% of professionals shared their organizations do not have formal retention plans in place.

To read more on these topics, view our Recruiter Report blog series. Follow The Jacobson Group on LinkedIn for more insurance industry insights and to share your thoughts in our future polls.