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Jacobson Employee Spotlight – Q1 2022

As a people-focused organization, The Jacobson Group believes every employee’s contributions matter and impact the success of our organization, clients and candidates. In honor of Employee Appreciation Day, we’re shining the spotlight on three featured employees.  Learn about more of our Jacobson colleagues by viewing past editions of our Employee Spotlight here. For monthly Employee Spotlights, follow our Facebook page. PHOKHAM O'CONNOR Talent Delivery Manager, 11 years at Jacobson Hometown: Elgin, Illinois Alma Mater: University of Illinois Describe Your Role: As a talent delivery manager, I manage a team of recruiters who recruit candidates for our clients in need of temporary support. Personal Mantra: Do better, be better. Jacobson in Three Words: Professional, Energetic, Caring When You Grew Up, You Hoped to Become: An archaeologist First Concert: Eminem Best Place You Ever Visited: Bocas Del Toro, Panama One Thing You Are Grateful For: My adorable daughter GILLIAN GRYZ Research Team Lead, 5 years at Jacobson Hometown: Glenview, Illinois Alma Mater: University of Illinois at Urbana-Champaign Describe Your Role: I am the research team lead for executive search and I do my best to find the best insurance leaders for our roles. Favorite Dessert: My favorite dessert is a deep dish cookie with ice cream. Favorite Thing About Working at Jacobson: My favorite thing about working at Jacobson is my team – I am so grateful to work with all of them! First Concert: Britney Spears Best Place You Ever Visited: Lake Atitlán in Guatemala When You Grew Up, You Hoped to Become: A museum curator Jacobson in Three Words: Collaborative, Warm, Hard-working JESSE DEVER Recruiter, 8 months at Jacobson Hometown: Lake Zurich, Illinois Alma Mater: Miami University in Oxford, Ohio  Describe Your Role: I am a recruiter for Jacobson’s temporary staffing team. My job involves working with qualified candidates who are seeking new opportunities throughout the insurance industry. Jacobson in Three Words: Supportive, Dependable, Ambitious Favorite Movie: Braveheart How You Stay Motivated while Working From Home: Daily communication and collaboration with my team First Concert: Tom Petty and the Heartbreakers Fun Fact About Yourself: I was a competitive D1 college cheerleader. Want to join our team? View our corporate careers page here.

Q1 2022 Labor Market Study Results Infographic

The results of the first quarter iteration of the 2022 U.S. Insurance Labor Outlook Study are now available. The study, led by The Jacobson Group and Aon, plc, examines insurance industry labor and hiring trends. View highlighted stats in our infographic.

2022 Actuarial Talent Trends Guide

As we move through 2022, we are seeing a number of significant talent trends within the actuarial space. This challenging environment is compounded by shifting business priorities, the emergence of new roles and technologies, and increasing employee expectations. Download our guide to learn about the actuarial trends we expect will have the most impact in 2022.

Generation Z: Attracting and Retaining the Youngest Members of the Workforce

As the insurance industry continues to face a tight labor market, attracting and retaining members of Generation Z is essential for a successful talent strategy. Explore these best practices to ensure you're well-positioned to recruit and retain tomorrow's insurance leaders.

Episode 5: Attracting and Retaining Young Talent – Insurance Careers Month

It’s Insurance Careers Month, the hallmark event of the Insurance Careers Movement, a grassroots effort with a goal of inspiring young people to choose a career in insurance. In celebration of this event, host Greg Jacobson sat down with Marguerite Tortorello, managing director of the Insurance Careers Movement; John Glomb, president and CEO of Philadelphia Insurance; and Al Crook, head of HR business partners and apprenticeship at Zurich, to discuss how they are engaging young talent in unique and innovative ways. These industry leaders explain how they are expanding the industry’s visibility among young professionals and successfully recruiting the next generation of insurance talent. Learn more at insurancecareerstrifecta.org.

Q1 2022 U.S. Insurance Labor Market Study Results

The Jacobson Group and Aon-Ward conducted a study to investigate hiring trends within the insurance industry. The following presents the findings of an insurance labor survey conducted in the first quarter of 2022...

Insurance: The MVP of the Big Game

This year, the Cincinnati Bengals and the Los Angeles Rams will meet at the SoFi Stadium in Inglewood, California to compete for the ultimate football victory. While the players on the field and a love of the game are what attracts the crowds, insurance is one of the many moving parts that keep the game running smoothly - both in the stadium and on TV. Here are some insurance facts about the Big Game you might not have known: Insuring the Big Game is a multi-layered process costing hundreds of millions of dollars overall, but without it the game could not go on. Are you planning to host your own celebration for the Big Game this year? Share your game day plans with us in the comments below.

February 2022: Labor Market Pulse

While employment for insurance carriers and related activities has been on the rise for the past six months, revised BLS numbers* show average employment for 2021 was roughly 2.8 million, about 57,000 fewer jobs than originally reported. However, the tight labor market persists, and industry hiring is not keeping pace with its number of quits. This is evidenced by lower annual industry averages for both unemployment and jobs in 2021, compared to 2020. At the same time, wage increases were extremely high year-over-year. Overall, industry wages increased by 7% from December 2020 to December 2021. Life/health experienced a 6.5% increase and property/casualty experienced an 8.7% increase in that timeframe. As salaries rise and the war for talent continues, insurers must focus on ways to expand both their total rewards packages and their talent pools. To learn more about the industry’s hiring outlook, join us February 10 for a complimentary webinar analyzing the results of our Q1 2022 Insurance Labor Market Study. AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector decreased to 1.7% in January.  The insurance carriers and related activities sector gained 4,800 jobs in January. At roughly 2.8 million jobs, industry employment decreased by approximately 2,200 jobs compared to January 2021. The U.S. unemployment rate increased to 4% in January and the overall economy added 467,000 jobs.   INDUSTRY HIGHLIGHTS On a year-to-year basis, December** insurance industry employment saw job increases in claims (up 16.1%), title (up 7.5%), agents/brokers (up 4.9%) and TPAs (up 1.4%). Meanwhile, job decreases were seen for life/health (down 4.6%), property and casualty (down 5.5%) and reinsurance (down 7.1%).  On a year-to-year basis, December** saw weekly wage increases in reinsurance (up 24.8%), TPAs (up 9%), property and casualty (up 8.7%), agents/brokers (up 6.6%), life/health (up 6.5%) claims (up 4.4%), and title (up 3.8%).      BLS Reported Adjustments: Adjusted employment numbers for December show the industry saw an increase of 4,500 jobs, compared to the previously reported increase of 3,100 jobs. The BLS continues to revise numbers to be most accurate, which may contribute to inconsistencies, depending on when reports were pulled. *The BLS made its annual revisions on February 4, adjusting employment numbers for the past five years.* **The BLS 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.

Talent Strategies for a Successful 2023 Open Enrollment Season

Throughout the past few years, planning ahead for open enrollment and annual enrollment periods has become increasingly critical. Now, with the industry facing an incredibly tight labor market and organizations fighting an ongoing war for talent, securing the right sales agents early on is more important than ever to overall success. Last year, health plans shared a few of their lessons learned with us. As we enter 2023 OEP/AEP, this advice continues to ring true. The below checklist provides these and other best practices to help ensure your team is prepared to meet and exceed your members’ expectations this fall.Review past years’ talent strategies and potential scenarios. A consistent theme in recent years is the need to prepare for the unpredictable. Be thorough in your enrollment talent strategy, focusing on considerations and challenges that arose in past years, as well scenarios that could play out this year. Illness (of staff or their family members), isolation periods, school closures, lack of childcare and attrition are a few potential hurdles that can be mitigated with smart planning.Consider your current resources and areas where you may need additional help. Some managers may see an influx of work as a reason to increase current employees’ workloads. However, we’re currently in a candidate’s market; professionals have options and are not afraid to make career moves. Keeping employees satisfied, engaged and productive is key during busy periods. As you plan your strategy, be aware of your current employees’ individual needs and how you can help them perform at their highest standards. If you risk spreading your internal staff too thin, consider ways interim talent can help ease their workloads and help avoid burnout.Partner with a knowledgeable staffing partner in advance. Even if your needs are not solidified, begin talking with your staffing partner well ahead of enrollment season. When choosing a firm, consider their breadth and depth of experience, as well as their industry networks. Staffing firms that understand your business and unique challenges will be well-equipped to find the right talent to meet your needs, allowing you to remain focused on your larger business goals. Create a streamlined onboarding process. In the current environment, there are often many logistics involved in successfully onboarding a new employee. To avoid delays, make sure your larger team (staffing agency, legal, human resources, etc.), is prepared to quickly process onboarding forms. Gain an understanding of employees’ past and current licensures, and be prepared to secure and ship computers and other equipment. Keep in mind longer shipping lead times and any other potential barriers to getting employees up and running on time. Build strong connections within your team.Especially during heavy workloads, a sense of camaraderie is essential for maintaining positive morale and engagement. Consider ways you can create a sense of connection among team members who may be physically distanced from one another. This may be through healthy competitions, recognition programs and enhanced communications tools. Additionally, ensure you’re concluding temporary employees’ projects on a positive note, making it more likely high performers will return the following year.Continue to grow and learn. At the conclusion of 2023 OEP/AEP, schedule time to reflect on the success of your talent strategy. What worked well? What would you have changed? How can you better plan for 2024? By taking the time to review your performance, you’ll be prepared to fine tune your approach and continue achieving greater success each year.As the shortage of skilled and experienced workers continues to be felt across the industry, planning ahead can help mitigate stress on your core team, while providing optimal service to your members. To talk more about talent considerations for OEP/AEP, reach out to our team.

Episode 4: Sharing Key Talent Trends for 2022 – Insights from Jacobson Leaders

Host Greg Jacobson is joined by Jacobson colleagues to discuss the trends impacting insurers as they fine tune their talent strategies for 2022. From adapting management styles for long-term hybrid workforces to adjusting hiring processes to meet changing candidate expectations, there are several areas of consideration to remain competitive in today’s tight labor market. Download the full 2022 Insurance Talent Trends Guide at this link: https://content.jacobsononline.com/2022-insurance-talent-trends.

Compass 15.1 Generation Z: Attracting and Retaining the Youngest Members of the Workforce

This quarter’s Compass feature article explores the importance of engaging young talent and the different ways your organization can help them grow into future leaders. The newsletter also includes an overview of the industry's current labor market and recent executive-level job changes.

January 2022: Labor Market Pulse

While industry unemployment rose slightly at the end of 2021, the insurance carriers and related activities sector experienced six consecutive months of gradual job growth and reached a record high for annual average employment. Recent growth appears to be primarily driven by title, claims and agent/broker roles. The BLS also reported 407,000 job openings within the larger finance and insurance industry for November*. This is the industry’s highest level of open jobs in the report’s 20-year history, with the most recent decade reflected in the graph below. While we’re seeing a steady increase in employment and a high number of open roles, the level of quits within finance and insurance is also at a 10-year high. The Great Reshuffle persists, making it essential for insurers to continue evaluating their approach to recruitment, retention and engagement in 2022. AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector increased to 1.9% in December.  The insurance carriers and related activities sector gained 3,100 jobs in December. At roughly 2.9 million jobs, industry employment decreased by approximately 800 jobs compared to December 2020. The U.S. unemployment rate decreased to 3.9% in December and the overall economy added 199,000 jobs.   INDUSTRY HIGHLIGHTS On a year-to-year basis, November** insurance industry employment saw job increases in title (up 8.6%),  agents/brokers (up 1.5%) and claims (up 1%). Meanwhile, job decreases were seen for reinsurance (down 4.1%), property and casualty (down 2.8%), TPAs (down 1%) and life/health (down 0.5%).  On a year-to-year basis, November** saw weekly wage increases in TPAs (up 6.1%), claims (up 3%), life/health (up 2.9%), agents/brokers (up 1.1%) and reinsurance (up 0.5%). Meanwhile, wage decreases were seen for title (down 4.1%) and property and casualty (down 0.7%).      BLS Reported Adjustments: Adjusted employment numbers for November show the industry saw an increase of 2,800 jobs, compared to the previously reported increase of 2,500 jobs. The BLS continues to revise numbers to be most accurate, which may contribute to inconsistencies, depending on when reports were pulled. *November is the most recently available JOLTS information from the BLS. **The BLS 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.