While the hiring landscape may be less active than it was a few years ago, we’re still in the midst of a competitive labor market. However, in our conversations with hiring managers, we’re noticing there’s a frequent misconception about the availability of talent, leading to a lack of urgency throughout the employment process. This can result in insurers losing out on top candidates at the point of an offer – if not before.
As the market continues to evolve, standing out against the competition should remain a priority. In this edition of Recruiter Report, we’re exploring the question, "How can insurers secure top talent in the current climate?"
Recognize the job market is tighter than some may think.
The finance and insurance sector is experiencing its lowest rate of voluntary quits since 2020 (coined “the Big Stay” across the broader economy). There are a limited number of candidates on the market; and those who are open to making a move are often speaking with several different companies at once. Organizations that require hybrid or in-person work face additional challenges, as many professionals are unwilling to consider in-office positions or relocation. At the same time, fully remote companies across the country are competing for candidates within your local market.
Make every interaction count.
The recruiting process starts with a professional’s first contact with your organization. Consider how your culture, people and values are outwardly reflected on your website and social media profiles. Keep your recruiting and hiring process minimal yet impactful, with the goal of extending an offer in under two weeks. Remember, candidates are likely taking time off and rearranging their schedules to meet with you. Respect their time by knowing what you want to achieve in each interview and ensuring the right individuals are in the room, enabling you to move forward quickly.
Be proactive and efficient with scheduling.
Especially in the summer, scheduling conflicts on both sides can further complicate timelines. Stay mindful of decision makers' PTO schedules and have backup plans ready to prevent unnecessary delays. This could mean prepping additional recruiters to screen for a role or asking another team member to step in to interview and influence the hiring decision. It’s likely candidates also have their own vacations planned; be flexible and creative with scheduling to ensure you don’t lose momentum.
Know what makes a compelling offer.
Throughout the interview process, ask the candidate about what they personally value in a role, as well as what would incentivize them to make a move. Your initial offer should be your strongest and take this information into account. In today’s market, strictly lateral offers are not likely to be accepted. Match a candidate’s desired compensation when possible and ensure your benefits are competitive. Highlight any additional areas that are important to them as well, be it growth opportunities, remote work, flexible schedules or other perks.
Have reasonable expectations.
Holding out for the “perfect” candidate can lead to a perpetually open role. Be open to professionals who may not meet all your criteria. No matter the position, finding a candidate who ticks every box is rare, making it essential to identify and prioritize your non-negotiables. Stay flexible in areas where compromises can be made and skills can be taught.
To secure the best talent in today’s environment, insurers must maintain momentum throughout the hiring process, while being intentional and strategic with their offers. For more recruiting best practices, view our past editions of Recruiter Report.
As a hiring manager, what offerings have been effective in securing candidates recently? View our LinkedIn poll to share your thoughts.