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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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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.

More Carriers Plan to Cut Staff Compared to a Year Ago: Survey

The Claims and Litigation Management Magazine covered Jacobson's Q3 2024 Insurance Labor Market Study, highlighting that small-sized companies are most in need of claims professionals. 

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

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.

Is Your Employer Brand Working for You or Against You?

Whether actively managed or not, every company has an employer brand that shapes how it’s perceived as a place to work. This influences everything from its ability to attract and retain talent to its overall reputation in the marketplace. In our most recent issue of Compass, Jeff Blair, senior vice president of executive search and business development, offers ways to build a strong employer brand and incorporate it within your broader talent strategy. Below are five essential considerations from Jeff's feature article to help better understand how your employer brand is currently conveyed and assess where there may be room for growth.  What is your employee value proposition? Does it clearly define what makes your company unique, and is it aligned with your mission and values? Is your online presence—from your website to social media—effectively reflecting your corporate culture and employee experience? Does your recruiting process leave a lasting and positive impression, regardless of the outcome for candidates? How do your current employees feel about your culture and work environment? Are they engaged as natural brand ambassadors? How are you continuing to foster positive relationships with former employees, inclusive of your offboarding process, alumni networks or other initiatives to keep them connected to your company? Even if your employer brand hasn’t been a focus, reflecting on these questions will leave you better positioned to attract and retain top talent in today’s competitive labor market. View the full article, “Building and Maintaining a Strong Employer Brand,” for additional insight on these areas and more. For more talent insights, delivered to your inbox each quarter, subscribe to our Compass newsletter.

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

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.

Experiencing Summer Burnout? Here are 4 Tips for Staying Motivated at Work

With summer comes warmer weather, sunnier days and often more packed schedules. Vacation plans, family activities, childcare needs and the allure of summertime leisure often compete with work priorities and deadlines, leading to increased stress and pressure (sometimes further fueled by decreased motivation). Below, a few of our colleagues at The Jacobson Group share how they’re managing a healthy work-life balance and staying focused when summertime distractions are at their peak. We hope these insights provide inspiration and ideas for avoiding burnout, while also making the most of your summer! Set clear boundaries. Nikki St.Martin, Vice President of Marketing and Sales Enablement Since Jacobson offers flex hours, I set a specific summer work schedule and commit to it. I communicate this with my colleagues and family in advance, so everyone is aware of my availability and helps me stay accountable. This ensures my work does not encroach on family time and that my daughter knows when I am available to be her summertime chauffeur! Take regular breaks and refresh your environment. Judy Busby, Senior Vice President and Managing Director I like to step outside for a few minutes several times a day to enjoy the sun, flowers and dog walkers. These short breaks provide clarity and time to think in between meetings, ultimately enhancing my performance. Sometimes, I even take calls outdoors to break the monotony of sitting at my desk. Janet Foor, Assistant Vice President and Client Relationship Manager Starting my day earlier allows me to get a jump on work, leaving more time to enjoy the outdoors later. I also incorporate quick walks into my routine, handling some calls on the go. Working outside when possible is a great way to take advantage of the summer days. Plan and take vacation time. Joanna Kruzel, Client Development Manager It's important to take time off during the summer to recharge and prevent burnout. I always plan at least one week-long vacation to ensure I balance work and play. I love traveling, so even if it’s a trip to a state park nearby or back home to Chicago, it’s always beneficial to disconnect and spend quality time with loved ones! Kellan McCormick, Communications Coordinator I plan my personal activities in advance and spread them out over the summer. This way, I have something to look forward to, which keeps me motivated during the workweek. I also make sure not to overload myself, prioritizing time to relax and enjoy the summer. Celebrate small wins. Judy Busby, Senior Vice President and Managing Director Staying motivated is about the small things. Find those wins that make you feel proud of yourself and others and state them loudly! Remember, having fun and working hard can go hand in hand. The right mindset, clear boundaries and advance planning are essential for avoiding burnout and maintaining productivity – not just during the summer, but year-round. No matter what your summer plans may bring, we hope you are able to recharge and enjoy! Have a vacation coming up? Check out our post on making the most of your time off.

July 2024: Labor Market PULSE

Unemployment for insurance carriers and related activities continues to trend downward, while the overall U.S. unemployment rate rises. In June, the U.S. unemployment rate hit a two-and-a-half year high of 4.1%, while the insurance industry experienced its lowest unemployment rate this year at just 1.4%. Insurance employment is also on the rise, with the industry adding nearly 24,000 jobs since the start of the year. In our Q1 2024 Insurance Labor Market Study, 52% of carriers shared they expected to add staff this year. What will the next 12 months bring? Share your organization’s plans in our Q3 2024 survey, which is open through July 28, and gain complimentary access to the results. We invite carriers across all verticals to participate: https://jcbsn.gr/2024q3-laborstudy. AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector decreased to 1.4% in June. The insurance carriers and related activities sector gained 8,600 jobs in June. At more than 3 million jobs, industry employment increased by approximately 46,800 jobs compared to June 2023. The U.S. unemployment rate slightly increased to 4.1% in June and the overall economy added 206,000 jobs. INDUSTRY HIGHLIGHTS On a year-to-year basis, May* insurance industry employment saw job increases in reinsurance (up 2.9%), agents/brokers (up 2.4%), life/health (up 1.1%), TPAs (up 0.6%), and property and casualty (up 0.4%).  Meanwhile, jobs decreased in title (down 3.8%) and claims (down 1.2%). On a year-to-year basis, May* saw weekly wage increases across all areas: agents/brokers (up 11.9%), title (up 11.2%), TPAs (up 7.7%), reinsurance (up 7.6%), life/health (up 3.6%), claims (up 2.3%), and property and casualty (up 1.4%). BLS Reported Adjustments: Adjusted employment numbers for May show the industry saw an increase of 4,600 jobs, compared to the previously reported increase of 4,800 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.