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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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Jacobson: Survey Shows ‘Significant Pause’ in Industry Job Growth

Jacobson: Survey Shows ‘Significant Pause’ in Industry Job Growth

Published in Carrier Management Carrier Management examines the findings from our Q1 2024 Insurance Labor Market Study. While the results reveal industry-wide optimism for revenue growth, our co-CEO Greg Jacobson noted an interesting shift in hiring trends.

Embracing Multigenerational Dynamics in Today's Workplace

Embracing Multigenerational Dynamics in Today’s Workplace

How you can help employees of all generations best communicate and work together? With hybrid and remote environments limiting relationship-building opportunities, effective multigenerational communication and collaboration can be a challenge. In this white paper, Judy Busby and Rachel McCollister share tips for building strong working relationships with your co-workers across all generations.

PULSE of the U.S. Labor Market - February 2024

February 2024: Labor Market Pulse

The insurance labor market remained stable throughout the first month of 2024. Notably, January hit a record high of 3 million jobs in the insurance carriers and related activities sector. Revised numbers* from the Bureau of Labor Statistics reflect the 2023 average monthly employment for the industry was 2.96 million – 34,000 more positions than previously reported. Additionally, industry unemployment dropped 1.1 points from December, to 2.3%. Meanwhile, the overall U.S. economy’s unemployment rate is 3.7%, marking 24 consecutive months under 4%. AT-A-GLANCE NUMBERS INDUSTRY HIGHLIGHTS On a year-to-year basis, December** insurance industry employment saw job increases in claims (up 7%), reinsurance (up 3.3%), TPAs (up 2.6%), agents/brokers (up 2.6%), and life/health (up 1%). Meanwhile, jobs decreased in title (down 2.8%) and property and casualty (down 0.2%). On a year-to-year basis, December** saw weekly wage increases across all areas: (up 7.5%), TPAs (up 6.5%), title (up 6.5%), claims (up 5%), life/health (up 4.4%), property and casualty (up 4.2%), and reinsurance (up 2.4%).    BLS Reported Adjustments: Adjusted employment numbers for December show the industry saw an increase of 4,100 jobs, compared to the previously reported increase of 4,500 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 2, adjusting current employment statistics (CES) numbers for the past five years. **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.

Search Exec's Career Advice: Build a Personal Board of Advisers

Search Exec’s Career Advice: Build a Personal Board of Advisers

Featured on AM Best TV Creating a well-defined personal brand can fast-track career growth by opening doors to increased opportunities and visibility. In a recent AM Best TV interview, Judy Busby discusses this and stresses the importance of building a personal board of advisors for guidance when making career decisions.

ICM 2024: Why Choose a Career in Insurance

Each February, the insurance industry comes together to celebrate Insurance Careers Month and highlight the industry’s many facets, showcase a vast array of jobs and career paths, and share why we love working in insurance!  In the video below, our co-CEO, Greg Jacobson, shares just a few of the numerous benefits of working within the insurance industry. If you’re a young professional, student, or simply interested in learning how you can make an impact with a career in insurance, we hope you take this time to explore what the industry has to offer.  To learn more about the limitless opportunities within the industry, follow #ICM2024 and #InsuranceCareersMonth on social media. Insurance Careers Month is the hallmark event of the Insurance Careers Movement, which The Jacobson Group is proud to support as a co-founder and steering committee member.  To learn more about the Insurance Careers Movement, visit https://insurancecareersmovement.org/. 

Insurance Careers Month: How You Can Make an Impact

The Jacobson Group is proud to be a co-founder of the Insurance Careers Movement, a grassroots initiative committed to inspiring young people to choose a career in insurance, sharing what makes the industry a great place to work and retaining its emerging leaders. More than 1,000 global industry organizations have come together to support this movement. And, as you may know, February marks Insurance Careers Month, the hallmark event of the Insurance Careers Movement.   This month is about raising our collective voices to inspire young talent to choose a career in insurance. In the video below, our co-CEO, Greg Jacobson, invites insurance leaders to join us in supporting this important cause. To learn more about the Insurance Careers Movement, visit https://insurancecareersmovement.org/. 

Embracing Multigenerational Dynamics in Today's Workplace

Compass 17.1: Embracing Multigenerational Dynamics in Today’s Workplace

In the feature article of this issue, we share best practices to help your employees communicate, collaborate and work effectively with all generations in today’s workplace.

PULSE of the U.S. Labor Market - January 2024

January 2024: Labor Market Pulse

Similar to December 2022 (which saw an unemployment rate of 3.5% that quickly fell in the following months), December 2023’s unemployment rate increased to 3.4% for insurance carriers and related activities. Despite this rise in unemployment, the industry added 4,500 jobs last month, contributing to a total gain of nearly 40,000 jobs in 2023. Open jobs in the larger finance and insurance sector also remain strong at 290,000. While the overall labor market may be slowing, there’s still a strong demand for insurance talent. Next month marks the 9th annual Insurance Careers Month, where the industry comes together to amplify why insurance is a career of choice: it’s stable, it’s rewarding and it offers limitless opportunities. Learn more and start planning your organization’s involvement: https://insurancecareersmovement.org/resources/. Additionally, the Q1 2024 Insurance Labor Market Study, conducted by Jacobson and Aon plc, is now open for participation. Share your plans for the next 12 months and gain access to the results: https://jcbsn.gr/2024q1-laborstudy.   AT-A-GLANCE NUMBERS   Unemployment for the insurance carriers and related activities sector increased to 3.4% in December.  The insurance carriers and related activities sector gained 4,500 jobs in December. At nearly 3 million jobs, industry employment increased by approximately 39,500 jobs compared to December 2022. The U.S. unemployment rate remained at 3.7% in December and the overall economy added 216,000 jobs. INDUSTRY HIGHLIGHTS On a year-to-year basis, November* insurance industry employment saw job increases in reinsurance (up 3%), TPAs (up 2%), agents/brokers (up 1.4%), life/health (up 1.1%), property and casualty (up 0.5%), and claims (up 0.2%). Meanwhile, jobs decreased in title (down 6.4%). On a year-to-year basis, November* saw weekly wage increases in title (up 11.1%), agents/brokers (up 8.1%), property and casualty (up 6%), life/health (up 5.3%), claims (up 4.6%), TPAs (up 4.2%), and reinsurance (up 1.3%).      *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.

Creating an Exceptional Employee Experience

Creating a Positive Employee Experience in Today’s Environment

In today’s environment, creating an engaging employee experience that transcends geographic boundaries and asynchronous schedules has become a priority for many insurance leaders. In our recent issue of Compass, Corey Pinkham, senior vice president, shares how to cultivate a work environment that positively impacts each individual. Below are just a few of the key takeaways from their feature article, "Creating an Exceptional Employee Experience." Recognize the employee experience may look different depending on where an individual is within their employment lifecycle. Providing an exceptional employee experience regardless of tenure, level and location should be an ongoing goal. This includes offering growth opportunities, fostering a sense of belonging, promoting ongoing communication and reflecting your culture in daily actions and decisions. However, this will look different depending on where each individual is within their lifecycle with your company. For example, it’s vital to help new hires feel a sense of connection to their role and team early on, while also helping them visualize their future with your organization. For more tenured individuals, focus on offering new challenges and increased exposure to keep them energized, and provide support as they adapt to changing work environments and new processes. Recreate or reaffirm your company culture in the context of today’s environment. It’s important to evaluate how culture is being outwardly reflected in remote and hybrid settings and ensure it’s aligned with your corporate values. A few areas to examine include how you’re nurturing relationships and building a sense of community, ways you’re prioritizing mental well-being, and whether growth and development opportunities are as robust as they were pre-COVID. Additionally, boundaries are often more ambiguous in hybrid environments, making it necessary to set clear expectations around productivity and performance, while leading by example and encouraging individuals to step away from work and recharge. Break down corporate silos and encourage collaboration. Even if day-to-day information sharing has slowed down within your organization, there are ways to proactively rekindle collaboration within your team and across departments. Identify potential silos and set clear expectations around communication. This may include implementing monthly meetings, initiating joint projects and/or exploring new tools. Help create a shared sense of purpose by ensuring individuals understand the company’s larger goals, as well as how their roles and their colleagues’ roles contribute to the organization’s success. By investing in an exceptional employee experience, you’ll be able to optimize your most valuable asset – your people! View the full article for additional best practices. For more talent insights delivered to your inbox each quarter, subscribe to our Compass newsletter.

Jacobson Employee Spotlight - Q4 2023

Jacobson Employee Spotlight – Q4 2023

At Jacobson, we know our team members are the driving force behind our company’s ongoing success year after year. As 2023 comes to a close, we’re taking a moment to appreciate the dedicated individuals committed to helping our clients reach their talent goals. Below, we highlight just a few of our Jacobson team members and their roles. PAM IRVING Marketing Communications Assistant, 29 years at Jacobson Hometown: Chicago, Illinois Alma Mater: Robert Morris University Describe Your Role: I work with the marketing team as the marketing communications assistant. I'm responsible for assisting with conference coordination, mass email prep and various other duties.  Favorite Dessert: Apple pie and vanilla ice cream Jacobson in Three Words: Professional, Loving, Dedicated Random Fact: I have four sons, two of whom are identical twins.  One Thing That Recently Made You Smile: Making someone else smile Last Song You Listened To: "In da Club" by 50 Cent SUSAN CALLOZZO Senior Vice President, Director of Finance, 5 years 10 months at Jacobson Hometown: Herscher, Illinois Alma Mater: DePaul University - Go Blue Demons! Describe Your Role: I am in charge of the accounting department and all that entails. I am also a member of the executive leadership Team. Jacobson in Three Words: People, people, people Career Advice You Would Give to Your Younger Self: I would not. I received excellent career advice from others and learned so much from just living the experience, I wouldn’t trade that for anything. Last Song You Listened To: "Roll with the Changes" by REO Speedwagon Favorite Thing About Working at Jacobson: I love working with Rick and Greg and all the Jacobson employees.  What a great bunch of smart people who are a pleasure to collaborate with. Favorite Movie: "Iron Giant" How You Balance Your Career and Family: I have a very supportive husband and we are a team. What You are Most Proud of in Your Career: I am most proud of the relationships I have made during my career with colleagues and employees. One of my most enduring friendships is with a former co-worker. Weirdest Job You Have Ever Had: In the 1980’s I was a gas jockey. I pumped gas, washed windshields, and checked fluids and tire pressure at a full-service gas station. MIKE ABATE Client Advisor, 1 year 7 months at Jacobson Hometown: Cleveland, Ohio AKA "The Land" Alma Mater: I am a Cincinnati Bearcat and a lifetime fan of The Ohio State Buckeyes! Describe Your Role: I am a managing director within our Executive Search practice. My area of focus is the property and casualty industry and I'm responsible for business development and sales production for C-suite level searches.  Favorite Sports Team: All Cleveland sports: Browns, Indians and Cavs, and of course The Ohio State Buckeyes! Jacobson in Three Words: Respected Insurance Organization What You Are Most Proud of in Your Career: Running distribution for a top 15 insurance carrier was pretty good for a kid that couldn’t spell insurance straight out of college. Along with that, paying it forward, I’ve been blessed to have many incredibly talented mentors in my career. I hope I was able to play the same role for some along the way. Favorite Thing About Working at Jacobson: The incredible and genuinely supportive executive search team Random Fact: I was a pretty decent singer growing up. I got that from my dad.  Weirdest Job You Have Ever Had: I’m not sure it would fall under the weirdest job category; however, I grew up in a family-owned Italian restaurant. I started washing dishes at the age of 7 and moved up to waiting tables at 11. We lived in a two-bedroom apartment above the restaurant. Last Song You Listened to: "Light My Love" by Greta Van Fleet One Thing That Recently Made You Smile: Friends golf trip, always a great time filled with legendary stories and jokes Career Advice You Would Give to Your Younger Self: I would be much more balanced with my career and focus on family. Early on, I missed too many events when the kids were younger. If I had to do it all over again, I would have been much more balanced AND committed to making both a priority.   View previous editions of our Employee Spotlight here. For monthly Employee Spotlights, follow our Facebook page.

December 2023: Labor Market Pulse

The overall U.S. labor market remains strong as we close out 2023, exceeding some economists’ expectations. November saw a 0.2-point drop in the U.S. unemployment rate and the addition of nearly 200,000 total jobs. Within the insurance carriers and related activities sector, unemployment increased slightly, yet remains low at 2.1%. Of note, the larger finance and insurance sector experienced a drop in open jobs following three months of growth; yet this number continues to fluctuate, with a high 2023 annual average of 355,000 open roles.  Heading into the new year, leaders are planning for successful futures in an evolving business climate. See what is on our team’s radar in our 2024 Talent Trends Guide.   AT-A-GLANCE NUMBERS   Unemployment for the insurance carriers and related activities sector increased to 2.1% in November.  The insurance carriers and related activities sector gained 1,500 jobs in November. At nearly 3 million jobs, industry employment increased by approximately 33,600 jobs compared to November 2022. The U.S. unemployment rate slightly decreased to 3.7% in November and the overall economy added 199,000 jobs.   INDUSTRY HIGHLIGHTS On a year-to-year basis, October* insurance industry employment saw job increases in reinsurance (up 3.6%), TPAs (up 2.3%),  life/health (up 1.5%), agents/brokers (up 1.1%), and property and casualty (up 0.4%). Meanwhile, jobs decreased in title (down 7.9%) and claims (down 1.7%). On a year-to-year basis, October* saw weekly wage increases in title (up 10.3%), property and casualty (up 7.7%), life/health (up 5.8%), agents/brokers (up 5.4%), TPAs (up 3.9%), and claims (up 3.8%). Meanwhile, wages decreased in reinsurance (down 4.5%).      BLS Reported Adjustments: Adjusted employment numbers for October show the industry saw a decrease of 1,400 jobs, compared to the previously reported increase of 1,100 jobs. The BLS continues to revise numbers to be most accurate, which may contribute to inconsistencies, depending on when reports were pulled. *The BLS 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.

2024 Insurance Talent Trends

It's hard to believe 2023 is coming to a close. We're anticipating a number of interesting talent trends to shape the insurance industry next year, including a focus on boosting the employee experience, establishing effective collaboration strategies, and reaching a balance between employee demands and business needs.