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Latest Insurance Talent Perspectives

Building and Maintaining a Strong Employer Brand

In today’s competitive labor market, a strong employer brand is a key differentiator in recruiting top talent, reducing costs, enhancing the candidate pool, and retaining high performers by instilling pride in their roles and company. 

View our latest white paper for tips to ensure your company represents itself as an employer of choice.

Q3 2024 Insurance Labor Market Study Results

The Jacobson Group and Aon conduct a Semi-Annual Insurance Labor Market Study to examine industry hiring and revenue trends and projections. The findings of our Q3 2024 iteration reflect a relatively stable labor market, with modest job growth.

Download the results to explore 2024’s staffing forecasts and hiring plans for the insurance industry.

Combatting the Finance and Accounting Talent Shortage

Faced with a shallowing pool of emerging talent and a workforce nearing retirement, finding qualified accounting and finance professionals has been an intensifying challenge for the industry. A comprehensive multi-prong approach is necessary to cultivate a workforce that can meet evolving demands and ensure operational continuity.

Read our blog post for insights on staying ahead of the growing finance and accounting talent crisis.

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Polling Results: What Is Influencing Recruiting Today?

Insurers continue to adapt to an evolving labor market. From interview timelines and the most important candidate traits, to desirable leadership qualities, we’ve polled our LinkedIn audience for insights on their processes and priorities. Below is a glimpse into the industry’s current attitudes and areas of focus. As market conditions shift, so do talent priorities. Retention became the dominant focus for 40% of employers in the second half of 2024. Not far behind, 37% are prioritizing employee development and 22% are most focused on hiring. When we asked the same question in 2021, hiring and development were tied as top priorities (40%) and retention was ranked lowest (17%). The shift implies a growing emphasis on keeping high performers engaged and reducing turnover. Given the perceived easing of the labor market, some hiring managers have lost their sense of urgency with regard to hiring. However, these lengthened interview processes are causing some companies to lose out on top candidates. Moving quickly during the interview and hiring process remains essential. Thirty-eight percent of hiring managers shared they typically make offers within two weeks of initial contact with a candidate. Just 13% take longer than four weeks. Flexibility in work location has become a non-negotiable for many professionals. Nearly 7 out of 10 hiring managers reported that remote work has the greatest impact when crafting an offer that stands out, outranking tailored compensation packages (16%), company culture (12%) and generous PTO (4%). Today’s recruiting processes often require hiring managers to make informed choices with fewer candidate interactions. Our poll found that 51% of hiring managers prioritize culture fit in initial interviews —outweighing leadership potential (27%), technical skills (16%) and soft skills (6%). Asking the right questions and engaging in meaningful dialogue can help provide insight on these areas and more. Leadership demands are evolving amid shifting work environments and employee expectations. Half of professionals rate integrity as the top leadership quality, followed by empathy (35%) and strategic thinking (14%). Read more about the key traits of today's most successful leaders here. For more of our LinkedIn poll results, view our past post on professionals’ current expectations. To share your thoughts in our future polls, follow us on LinkedIn. 

Jacobson Employee Spotlight – Q3 2024

We are excited to share that The Jacobson Group has once again been named one of Business Insurance's Best Places to Work in Insurance. At Jacobson, we are committed to fostering the growth and success of our team members at every stage of their careers, and we are proud to be recognized as a company where employees can truly thrive. In this quarter's spotlight, we’re featuring three exceptional individuals who help shape our positive workplace culture. Learn more about them below: Darlene Cramer Account Manager, 7 years 11 months at Jacobson Hometown: Louisville, Kentucky Alma Mater: Southern High School Describe Your Role: I am an account manager for the temporary staffing team. I have the pleasure of working not only with our internal employees but also the privilege of working with our consultants and clients. Random Fact: I have an identical twin (we are mirror images and even have rhyming names). Jacobson in Three Words: Integrity, Community, Excellence One Professional Skill You Are Actively Developing: Ongoing analytics You Are Happiest When You Are: At the beach with family, especially when the grandkids are playing in the waves Advice For Newcomers to the Industry: Learn, investigate and ask about everything Favorite Food: MEXICAN! If You Won the Lottery, What is the First Thing You Would Do? Buy an island and move my family and grandkids there What Inspires You to Excel in Your Role? The people I work with internally and their partnership inspires me to excel, along with the offerings and impact that Jacobson can contribute to the healthcare industry. Last Show You Binge Watched: "Dual Survival", series but I also love every documentary (excluding War) that is out there. Justine Haley Recruiter, 2 years 11 months at Jacobson Hometown: I was born and raised in El Paso, Texas, but now I’m getting lost in Dallas-Fort Worth! And trust me my lack of directional sense means I get lost A LOT! Alma Mater: I earned my bachelor's degree in business administration from DeVry University. Describe Your Role: As a recruiter in the contingent workforce solutions department, I love connecting skilled professionals with dynamic insurance companies. Random Fact: I love to crochet. Beanies are my go-to. One Professional Skill You Are Actively Learning: Right now, I’m working hard to expand my resume-writing skills. Favorite Food: I grew up on the border; of course, my favorite food is Mexican food! Last Book You Read: That is a LOADED question! I am that annoying reader who reads more than one book at once! I just finished "Malibu Rising" (the book chosen by our Jacobson Book Club) and I’m trying hard to finish "Fourth Wing". In Your Time at Jacobson, What Has Been Your Favorite Project? I love being a member of the activities committee and playing a small part in bringing everyone together. I also love to watch the competitiveness of my co-workers! If You Won the Lottery, What is the First Thing You Would Do? I would buy a yard for my dog. The house is just a bonus! You Are Happiest When You Are: In my pajamas, drinking a pumpkin cream cold brew and watching shark documentaries What Inspires You to Excel in Your Role? I’m a really big fan of being able to pay my bills! Cody Fincher Client Advisor, 1 year 7 months at Jacobson Hometown: Lakeside, California Alma Mater: Lindenwood University, B.A., MBA Describe Your Role: I am a client advisor for our life insurance team, I build and maintain relationships with clients to help them achieve their business goals by accessing the right talent at the right time. Last Book You Read: "The Busy Brain Cure" by Romie Mushtaq, M.D. Favorite Jacobson Project: Speaking at the IASA Xchange Conference, which included an interview with AM Best TV Favorite Food: El Potro Mexican food Advice For Newcomers to the Industry: Consistency is king. Random Fact: I represented the USA in an international lacrosse tournament. View previous editions of our Employee Spotlight. For monthly Employee Spotlights, follow our Facebook page. 

Recruiter Report: Your Interview Timeline’s Influence on Hiring Outcomes

A perceived slowing of the job market has led some companies to become disillusioned about the availability of candidates. As a result, they’re adjusting their approach to hiring, often elongating the interview process, missing out on qualified individuals and ultimately being unable to effectively fill their open roles. Candidates who were initially enthusiastic about an opportunity are losing interest, becoming disengaged and often accepting other opportunities. We frequently emphasize the importance of streamlining the interview process in our discussions with hiring managers – both to better meet their candidates’ expectations and to achieve better hiring outcomes. In this edition of Recruiter Report, we’re exploring the question, "Why does your interview timeline matter?" Your candidates will receive other offers. Strong candidates often speak with multiple companies and are unlikely to wait around if another desirable opportunity arises. Even individuals who were initially passive candidates often start considering their options when they realize there’s a market for their skills or the potential to make more money. There’s a frequent misconception that fewer companies hiring will lead to an influx of eager and available candidates. However, for most positions, there’s still a limited candidate pool – especially for roles that require highly specific skillsets or in-office work. This presents a challenge not just for full-time roles, but also for temporary positions. Specialized subject matter experts and positions driven by seasonality (such as claims adjusters during CAT season or customer service representatives during open enrollment) have a high demand, further limiting available talent. Today's professionals lose interest. The best hiring experiences are organized and maintain momentum, ideally spanning two weeks or less from initial contact to offer. In fact, 55% of professionals still expect an interview to be arranged within a week or less of applying for a job and 43% of candidates are abandoning the process if it takes too long to schedule interviews. Professionals want to feel like they’re your top choice and that there’s a mutual level of enthusiasm. Telling them you need to see other candidates or dragging things out will often result in them losing interest. The interview process is a reflection of what it’s like to work at your company. The overall employee experience starts with recruiting and reflects on your team and organization as a whole. Put your best foot forward with consistent communication, a clear process and efficient interviews. Minimize paperwork, avoid unnecessary assessments and tests, and aim for a streamlined experience – both during the interview process, as well as throughout offer negotiations and onboarding. How you use your current and potential team members’ time and energy throughout the hiring process is a strong indicator for how you will operate as their manager. Candidates are more likely to accept when the opportunity is top of mind. The few days immediately following an interview are when candidates are most likely to accept your offer, as the opportunity is still fresh and exciting. As time passes between the interview and the offer, they are less likely to remember specific conversations and what is attracting them to the role and company. Even if they left the interview ready to accept on the spot, their enthusiasm will likely wane as other options are presented. Unfilled positions affect your existing team. In addition to the hours spent interviewing candidates and reading resumes, open roles often result in other team members stepping in to fill the gaps. While shifting work around during a vacancy can be expected, it’s not sustainable long term and often leads to burnout among existing employees. Consider the holistic impact of your open role and adjust your expectations and requirements accordingly. Here are a few ways to speed up your interview process: Define your criteria – what skills and traits are non-negotiable and which would be nice to have? Use this information to streamline the initial screening process and align everyone involved. Have a back-up plan in place for potential conflicts or PTO, ensuring you’re able to move forward if certain decision-makers are unavailable. Be efficient and intentional with scheduling, focusing on who candidates will meet with and why, while also communicating this information to others involved in the process. Rather than looking for reasons to disqualify candidates, focus on their potential fit and success within the organization. Stop looking for “the perfect candidate.” If you find someone you like and who is qualified, avoid waiting to explore other possibilities. Be prepared to be decisive. The pace of hiring has a greater impact than many realize. Moving quickly in today’s market better engages top talent, positively influences your employer brand and ultimately improves the likelihood of offer acceptance. For more on this topic, view our recent post on securing top talent. For additional recruiting best practices, check out our Recruiter Report archive. As a hiring manager, what is your average timeline for making an offer? View our LinkedIn poll to share your thoughts.

September 2024: Labor Market PULSE

While the insurance carriers and related activities sector saw an uptick in unemployment for August, the next few months will reveal whether this is a notable trend. The industry experienced two similar spikes last year, in December (to 3.4%) and in June (to 3.2%). However, in both instances the unemployment rate quickly lowered back to its more typical 1.5-2% range. Industry employment is continuing to grow, and hit a new peak in August, with July* numbers showing agents and brokers are experiencing the highest percentage of both month-to-month and year-to-year job growth. For the larger finance and insurance industry, July* saw an increase in both retirements and layoffs, as well as hires. For insight on what you can expect for the remainder of the year and into 2025, view our Q3 2024 Insurance Labor Market Study Results.   AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector increased to 3.1% in August. The insurance carriers and related activities sector gained 3,300 jobs in August. At more than 3 million jobs, industry employment increased by approximately 42,500 jobs compared to August 2023. The U.S. unemployment rate slightly decreased to 4.2% in August and the overall economy added 142,000 jobs. INDUSTRY HIGHLIGHTS On a year-to-year basis, July* insurance industry employment saw job increases in agents/brokers (up 3.4%), reinsurance (up 1.3%), claims (up 0.6%), life/health (up 0.5%), TPAs (up 0.5%), and property and casualty (up 0.5%).  Meanwhile, jobs decreased in title (down 2.3%). On a year-to-year basis, July* saw weekly wage increases in reinsurance (up 11.4%), title (up 9.8%), TPAs (up 8.6%), agents/brokers (up 8%), claims (up 6.5%), life/health (up 3.1%) and property and casualty (up 0.3%).  BLS Reported Adjustments: Adjusted employment numbers for July show the industry saw an increase of 3,300 jobs, compared to the previously reported increase of 2,700 jobs. The BLS continues to revise numbers to be most accurate, which may contribute to inconsistencies, depending on when reports were pulled. *The BLS Job Openings and Labor Turnover Survey report and reports on wages and employment for the industry category are only available for two months prior. The source for the data represented in PULSE is the U.S. Bureau of Labor Statistics. Insurance data is derived from the insurance carriers and related activities sector.

Executive Relocation in the Post-Pandemic Era

Remote and hybrid work have become standard in the past few years, and many executives have valued these work arrangements. They have found it can significantly improve work/life balance while still allowing them to be very effective in the workplace. Some insurers are beginning to bring employees back into the office, and this can be particularly challenging when recruiting executives from the external market. If you’re considering requiring executives to come into the office even once a week, here are some areas to explore to ensure you’re best prepared when recruiting external executive talent. Are you prepared to pay extra to have an executive come to the office? Having the option to live where you want and work remotely is now seen as an employee perk that delivers great value to executives. In many cases, you need to be prepared to offer a 10%-20% higher base salary to entice an executive to give up this valuable benefit.  What is the state of your local candidate pool? Americans are moving at the lowest rate since the Bureau of Labor Statistics began keeping track nearly 60 years ago. According to Challenger, Gray & Christmas, Q1 2024 saw a 2.4% relocation rate, compared to 10.6% for pre-pandemic Q1 2018, and in 2023, 3.7% of job seekers making more than $200,000 relocated for a job. Requiring in-office work at the executive level could essentially limit your talent pool to local candidates. If you’re located in a larger city, this may be less of an obstacle; however, it can have a noticeable impact on companies based in less populated areas. Remember that your local candidate pool is likely not the same as before the pandemic. Many executives work remotely for companies based elsewhere, even if they reside locally, so additional compensation may still be required to bring them into the office. Does this position need to be in the office frequently? If so, why? Our Q3 2024 Insurance Labor Market Study found that just 4% of companies are requiring most of their employees to be in the office full-time throughout the next six months, down 2 points from Q1 2024. Nearly three-quarters of respondents shared the majority of their employees will be working hybrid schedules. However, even if you’re asking more junior-level employees to come to the office on a regular or hybrid basis, determine if this is necessary for members of your executive team. Would coming in less frequently – even once a month – provide the same face-time and collaboration opportunities as once a week (primarily if teams work staggered schedules)? Consider alternative ways your executives can remain present and influential regardless of location. Have your relocation packages evolved with the current market? Relocations were essentially paused during the pandemic, providing cost savings for many companies. In the post-pandemic climate, relocation packages that may have been desirable before 2020 will likely need to be reexamined and re-budgeted. While tangible costs have increased, they are further inflated by the opportunity cost of foregoing fully remote work. Executives have become more discerning regarding relocation, even at the vice president level. Currently, homeowner relocation costs start around $97,000, and full-service options are optimal, especially for those more hesitant to move. One way to offset some of the increased compensation demands for in-office relocation is to provide a more costly one-time white glove executive relocation package. Are there ways you can be creative? We’ve seen individuals turn away opportunities simply because of the in-office requirements. Is there a way you can be creative in your working arrangements to gain the desired benefits of in-person work without requiring relocation or limiting your candidate pool? Perhaps this means an executive primarily works remotely and travels one week a month – negating the need for relocation. Additionally, determine if you’re open to promoting an individual into the role. There’s little incentive for a senior vice president from one carrier to accept a similar senior vice president position at another. However, a vice president or senior director has additional reasons to consider the role – taking a step in their career, an increased salary and a higher title. This often serves as an opportunity to extend your candidate pool to individuals more likely to consider relocation or in-office work, given the longer-term impact on their careers. Requiring executives to be in the office may come at a cost—monetarily and in terms of available talent. By considering creative options, being realistic and competitive with your offer and relocation packages, and ensuring you’re intentional with in-office requirements, you’ll attract the best candidate to your leadership seat.

Q3 2024 Insurance Labor Market Study Results Infographic

The results of the third quarter iteration of the 2024 U.S. Insurance Labor Outlook Study are now available. The study, led by The Jacobson Group and Aon.

Building and Maintaining a Strong Employer Brand

In today’s competitive labor market, a strong employer brand is a key differentiator in recruiting top talent, reducing costs, enhancing the candidate pool, and retaining high performers by instilling pride in their roles and company. Download the white paper to explore tips to ensure your company represents itself as an employer of choice.

Q3 2024 U.S. Insurance Labor Market Study Results

The Jacobson Group and Aon - STG Performance Benchmarking conducted a study to investigate hiring trends within the insurance industry.

Labor Market Study: 14% of Carriers Plan to Reduce Headcount

Published in Carrier Management Carrier Management examines the findings from our Q3 2024 Insurance Labor Market Study. While the results reveal an increase in insurers planning to reduce employee headcount in the next year, our co-CEO Greg Jacobson noted that specific sectors within the industry are driving many of these reductions.

Compass 17.3: Building and Maintaining a Strong Employer Brand

This quarter’s Compass feature article offers strategies for building a brand that positions your company as an employer of choice. The newsletter also includes an overview of the industry's current labor market and recent executive-level job changes.

August 2024: Labor Market PULSE

The BLS data reflects a relatively stable insurance workforce as we move through August. The unemployment rate for insurance carriers and related activities rose slightly in July, yet remains low at 1.9%, while employment continues to increase. Within the larger finance and insurance sector, voluntary quits in June* were at their highest level since December 2022; however, job openings decreased compared to May. Meanwhile, the larger U.S. economy is experiencing its highest overall unemployment rate since 2021. As you recruit and retain talent in the current environment, view our recent blog post for ways to stand out against the competition. AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector slightly increased to 1.9% in July. The insurance carriers and related activities sector gained 2,700 jobs in July. At more than 3 million jobs, industry employment increased by approximately 41,900 jobs compared to July 2023. The U.S. unemployment rate slightly increased to 4.3% in July and the overall economy added 114,000 jobs. INDUSTRY HIGHLIGHTS On a year-to-year basis, June* insurance industry employment saw job increases in agents/brokers (up 3.3%), reinsurance (up 1.9%), claims (up 1.2%), life/health (up 1.1%), TPAs (up 1%), and property and casualty (up 0.6%).  Meanwhile, jobs decreased in title (down 2.6%). On a year-to-year basis, June* saw weekly wage increases in title (up 11.1%), agents/brokers (up 9.9%), TPAs (up 8.1%), reinsurance (up 6%), life/health (up 3.1%) and claims (up 2%). Meanwhile, wages within property and casualty were unchanged. BLS Reported Adjustments: Adjusted employment numbers for June show the industry saw an increase of 8,900 jobs, compared to the previously reported increase of 8,600 jobs. The BLS continues to revise numbers to be most accurate, which may contribute to inconsistencies, depending on when reports were pulled. *The BLS Job Openings and Labor Turnover Survey report and reports on wages and employment for the industry category are only available for two months prior. The source for the data represented in PULSE is the U.S. Bureau of Labor Statistics. Insurance data is derived from the insurance carriers and related activities sector.

5-Year Report Card: How the Insurance Industry Is Doing at Attracting New Talent

Featured on Risk & Insurance News In today's dynamic recruiting landscape, the insurance industry needs evolving strategies for attracting and retaining talent. A recent Risk & Insurance article cites The Jacobson Group’s insights on the talent gap to discuss how the industry's approach has changed over the years.