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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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Recruiter Report: Planning for a Long-Term Hybrid Workforce

Recruiter Report: Planning for a Long-Term Hybrid Workforce

In our conversations with insurance leaders, an increasing number of companies are sharing their plans to remain hybrid for the long term. In fact, our Q3 2023 Insurance Labor Market Study found 92% of insurers currently offer hybrid work, with about two-thirds expecting employees to be in the office at least one day per week through the end of the year. If your organization is aiming to maintain or implement a hybrid work model moving forward, there are several factors to consider. This includes the potential impact on recruiting efforts and expectations, especially now that many of today’s professionals are accustomed to fully remote work. In this edition of Recruiter Report we address the question, "How can you prepare to recruit for long-term hybrid environments?" Understand the impact on your candidate pool. Hybrid work may sound like an effective compromise between fully in-person and fully remote environments. However, know that requiring employees to come into the office even once per week limits your candidate pool to your local market. At the same time, local candidates may have been abundant pre-pandemic, yet many professionals have since taken on fully remote positions with companies in other parts of the country. Outside of these blurred geographic boundaries, we’re also seeing candidates push back on positions that require going into the office at all, even when they live close by. As you’re recruiting for open positions, ensure you are transparent with candidates – regardless of where they currently reside – about your organization’s longer-term plans. If you are marketing an open role as remote, but there are talks of returning to the office in a hybrid or full-time capacity, tell candidates that information up front to avoid surprises on either side. Consider how you can provide flexibility while achieving your goals. Candidates are still largely seeking remote work and often requiring larger salaries if they’re being asked to come into the office on a regular basis. However, regardless of how much money you can offer, flexibility remains a high priority and common deal breaker for top candidates. In many organizations, it’s common for positions to be vacant due to individuals seeking more flexibility and fewer in-office requirements. This not only impacts your current workforce, but also may leave holes in your succession planning efforts. Determine how you might be able to meet the needs of a broader array of professionals while still satisfying your in-office goals. For instance, perhaps you ask employees to come in for a few consecutive days a month and dedicate this time to in-person meetings and team building, rather than requiring everyone to come into the office once or twice each week. This achieves the same objectives, while also expanding your talent pool to different geographic locations. Additionally, consider letting local employees come into the office for in-person meetings when needed, with the option to return home to finish their workday. Focus on what you are trying to achieve and then develop your in-office requirements with those goals in mind. The more flexibility you provide employees, the more receptive they will be to coming into the office when necessary. Focus on young professionals and growing talent from within. If you are intent on requiring at least one day in the office per week, consider revisiting your approach to recruiting and developing recent graduates and entry-level talent. Many insurers have sunset their once robust internship and trainee programs. However, reinstating these opportunities can cultivate a strong bench of local talent that can be grown into more senior-level roles. Young professionals are also more likely to appreciate the opportunity to be in the office, valuing the exposure, networking and hands-on learning experiences these in-person interactions provide. Candidates’ mindsets have evolved in the post-COVID world; personal time is valued over commute time, and employers’ expectations may need to be reevaluated and reset. No matter how often you plan to require employees in the office, recognize the potential impact on your candidate pool and be as flexible and creative as possible in accommodating individual needs. What has your experience been with recruiting hybrid talent? Share your insight in our LinkedIn poll below. For more recruiting best practices, view our past editions of Recruiter Report.

Select Jacobson Employee Spotlight – Q3 2023 Jacobson Employee Spotlight – Q3 2023

Jacobson Employee Spotlight – Q3 2023

We are thrilled to announce that The Jacobson Group has once again been named to Business Insurance's list of the Best Places to Work in Insurance. At Jacobson, we’re dedicated to our team members’ growth and success throughout all stages of their careers, and are honored to be recognized as a workplace where employees can thrive. In this quarter's spotlight, we’re highlighting three of the many dedicated individuals who contribute to our workplace culture. Discover more about them below. HANNAH MATTALIANO Senior Visual Design Coordinator, 2 years at Jacobson Hometown: Chicago, Illinois Alma Mater: Flagler College Describe Your Role: I work on the marketing team as the visual design coordinator. I’m responsible for designing all our thought leadership and collateral pieces.  Favorite Sports Team: I grew up in Pennsylvania so I’m very loyal to Philly teams, including Eagles, 76er’s and Phillies! Jacobson in Three Words: Experts, Professional, Hardworking Weirdest Job You Have Ever Had: I delivered newspapers in high school. It was an absolute nightmare of a job! Favorite Thing About Working at Jacobson: Working with such a great team and the work-from-home flexibility One Thing That Recently Made You Smile: My cat, MJ. He sleeps on my desk next to me while I work. Last Song You Listened To: "Shake It Off" by Mariah Carey GABRIELLE PLOESSL Account Representative, 1 year at Jacobson Hometown: Dubuque, Iowa Alma Mater: University of Dubuque (BBA in Human Resources Management) and Upper Iowa University (MBA in Human Resources Management) Describe Your Role: I am an account representative on the contingent workforce solutions team. I work with both clients and candidates to coordinate and create successful engagements. Jacobson in Three Words: Family, Unique, Hardworking  Career Advice You Would Give to Your Younger Self: Never stop learning and be a team player. Last Song You Listened To: "Heat Waves" by Glass Animals Favorite Sports Team: Green Bay Packers One Thing That Recently Made You Smile: My adorable nephew, Rowen

September 2023: Labor Market Pulse

Unemployment continues to decline within the insurance carriers and related activities sector, falling to 1.4% in August, despite a slight increase in the overall economy’s unemployment rate. Job openings within finance and insurance remain elevated compared to pre-pandemic numbers and total separations have declined compared to last year. The previously volatile labor market appears to be settling; however, recruiting remains a challenge.  Our Q3 2023 Insurance Labor Market Study, conducted in partnership with Aon-Ward, found carriers are finding it at least moderately difficult to recruit for positions across all areas of insurance. Yet, the majority of insurers are planning to increase their staff sizes in the next 12 months. View more of the study’s findings here.  AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector decreased to 1.4% in August.  The insurance carriers and related activities sector gained 7,600 jobs in August. At more than 2.9 million jobs, industry employment increased by approximately 39,400 jobs compared to August 2022. The U.S. unemployment rate increased to 3.8% in August and the overall economy added 187,000 jobs.   INDUSTRY HIGHLIGHTS On a year-to-year basis, July* insurance industry employment saw job increases in reinsurance (up 4%), TPAs (up 2.9%), life/health (up 1.9%), agents/brokers (up 1.3%), and property and casualty (up 1.1%). Meanwhile, job decreases were seen in title (down 8.7%) and claims (down 2.9%). On a year-to-year basis, July* saw weekly wage increases in property and casualty (up 9.4%), title (up 9%), TPAs (up 6.9%), life/health (up 5%), agents/brokers (up 4.4%) and claims (up 0.2%). Meanwhile, wage decreases were seen in reinsurance (down 7.9%).      BLS Reported Adjustments: Adjusted employment numbers for July show the industry saw an increase of 9,800 jobs, compared to the previously reported increase of 8,300 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.

Q3 2023 Labor Market Study Results Infographic

The results of the third quarter iteration of the 2023 U.S. Insurance Labor Outlook Study are now available. The study, led by The Jacobson Group and Aon-Ward, examines insurance industry labor and hiring trends. View highlighted stats in our infographic.

Q3 2023 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 third quarter of 2023...

A Renewed Approach to Recruiting and Retaining Talent

Published in Insurance Journal: The pandemic has played a unique role in transforming business as we know it. Employee attitudes and expectations have shifted, making it essential for talent strategies to evolve. In this Insurance Journal article, Jacobson's Mike Abate shares insight on taking a renewed approach to attracting and retaining high performers and building a loyal workforce ready to take on tomorrow's challenges.

August 2023: Labor Market Pulse

Despite rising costs for health insurance and profitability issues within property and casualty, the industry’s talent landscape remains strong. The unemployment rate for insurance carriers and related activities dropped by more than 1.5 points last month, following a brief spike in June. Industry employment also continues to grow, with the sector adding nearly 30,000 jobs since the beginning of 2023.  While wages are rising in most areas, this growth appears to be slightly slowing. The number of open jobs within the broader finance and insurance industry has dropped in the past few months, and average total turnover is at its lowest level since 2016. Yet, there is still an excess of jobs in relation to the individuals available to fill them.  For more insight on the current labor market and what insurers can expect throughout the next 12 months, join us for our complimentary Q3 2023 Insurance Labor Market Study results webinar, taking place on Aug. 17 at 1 p.m. CT. Register here: https://jcbsn.gr/2023q3-webinar.    AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector decreased to 1.6% in July.  The insurance carriers and related activities sector gained 8,300 jobs in July. At more than 2.9 million jobs, industry employment increased by approximately 33,900 jobs compared to July 2022. The U.S. unemployment rate decreased to 3.5% in July and the overall economy added 187,000 jobs.   INDUSTRY HIGHLIGHTS On a year-to-year basis, June* insurance industry employment saw job increases in reinsurance (up 2.6%), TPAs (up 2.2%), life/health (up 1.6%), property and casualty (up 1.3%), and agents/brokers (up 1%). Meanwhile, job decreases were seen in title (down 9.6%) and claims (down 4.5%). On a year-to-year basis, June* saw weekly wage increases in property and casualty (up 10.9%), title (up 6.2%), TPAs (up 6.2%), life/health (up 4%), agents/brokers (up 3.5%) and claims (up 0.9%). Meanwhile, wage decreases were seen in reinsurance (down 6.1%).      BLS Reported Adjustments: Adjusted employment numbers for June show the industry saw a decrease of 700 jobs, compared to the previously reported increase of 3,200 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.

Compass 16.3: Onboarding for Long-Term Success

A new hire's onboarding experience often sets the tone for their entire tenure with a company. Now more than ever, companies must consider how to translate their in-person onboarding approach to best accommodate virtual and hybrid environments. Download our newsletter to explore strategies for creating a thoughtful and strategic onboarding process to set employees up for long-term success.

Contingent Workers: Top 8 Mistakes to Avoid

The insurance industry is in a unique labor market, continuing to face a talent shortage, while talk of a looming economic recession continues. In today’s evolving and uncertain economy, temporary talent – whether it’s project-based teams or interim expertise – is often necessary to effectively meet business demands and accommodate shifting needs. If you’re revisiting projects that were shelved during COVID, striving to remain flexible and not committing to additional full-time staff, or simply aiming to take advantage of new opportunities, contract workers are often an efficient and cost-effective solution.  As more and more of our clients consider temporary employees to help meet their business goals, we’ve been providing a few key recommendations to get the most out of these relationships. We’ve also identified the top eight mistakes companies make that can hinder the impact of a temporary team or consultant.  Thinking temporary employees are less qualified than full-time professionals. Many highly trained and qualified workers are choosing contract work for a wealth of reasons, including its flexibility and variety. In fact, the gig economy continues to grow across all industries, with research projecting half the U.S. workforce will be contract workers by 2027. Not considering the many ways interim staff can support business needs. Traditionally, organizations have leveraged interim professionals to cover unexpected vacancies or to assist with backlogs. However, contract workers can impact your business in a number of other ways: Quickly take advantage of new opportunities by using contractors with specific expertise                   who require minimal ramp-up time. Reduce the impact of the tight labor market by hiring skilled workers that fill gaps at any                 professional level, while providing you the time necessary to find the right full-time hire.Implement new technology and leverage contract workers to train your current team on                   processes and best practices without sacrificing service levels. Failing to clearly define needs and goals. Before bringing temporary staff onboard, it’s important to have a clear understanding of what you want to achieve, as well as how you are defining and measuring success. If you’re using a staffing firm, ensure this information is also communicated to them at the onset of a project to ensure everyone’s prioritizing the same goals.  Limiting your talent pool. In today’s environment, many highly-skilled individuals prefer working from home and are less likely to travel for an assignment. If it’s not necessary for an individual to physically be in the office, provide the opportunity for them to work from home. Embracing remote workers provides you with access to a vast network of talent with unique and specialized skill sets. Having unrealistic expectations. Consultants do not always need to check the same boxes as full-time hires to excel at their job. Focus on the expertise, skills and attributes specific to your project’s goals and prioritize a “must have” list, separating additional characteristics into a list of preferences. Not prioritizing communication. Whether it’s with a consultant, project team or your staffing firm, timely feedback and open communication is essential to ensure ongoing success and progress. Speak up if your expectations are not being met or you feel there’s a lack of alignment. Having an ineffective onboarding process.Onboarding temporary individuals is less involved than it is for full-time hires; yet, should still be thoughtful and thorough. Determine the resources, team-specific processes and other information vital for success and include this within your onboarding plan. Identify and proactively remove roadblocks, while ensuring you’re periodically checking in and staying aware of any challenges. Using a staffing firm that isn’t insurance-specific. The ability to quickly and efficiently find qualified individuals with the insurance-specific skills necessary for success is often dependent on your staffing firm. Ensure your partner has a broad network of industry talent to enable you to find the right individuals in a short timeframe. Contract workers and interim project teams can help bridge potential gaps, quickly take advantage of opportunities, and much more, ensuring your team continues to operate as effectively as possible – no matter what comes your way. By being creative, focusing on your goals and committing to consistent communication, you’ll be set up to take full advantage of these relationships and their many benefits. For more on contract work best practices, view our blog posts on ensuring project success and remote onboarding. 

July 2023: Labor Market Pulse

The insurance carriers and related activities sector experienced its third consecutive month of record high employment in June, reaching 2,945,300 individuals. Industry wages are also continuing to rise, with a 6.1% overall increase compared to one year ago.* Meanwhile, the insurance unemployment rate rose to 3.2% last month – the highest the industry has seen since June 2021. Yet, this spike is likely an anomaly, given the industry’s recent wage and employment gains. As we move through the second half of the year, the industry appears to remain largely resilient. We invite carriers to participate in our Q3 2023 Insurance Labor Market Study, conducted in partnership with Aon-Ward, and share their organizations’ expectations for the next 12 months.    AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector increased to 3.2% in June.  The insurance carriers and related activities sector gained 3,200 jobs in June. At more than 2.9 million jobs, industry employment increased by approximately 32,200 jobs compared to June 2022. The U.S. unemployment rate increased to 3.6% in June and the overall economy added 209,000 jobs.   INDUSTRY HIGHLIGHTS On a year-to-year basis, May* insurance industry employment saw job increases in TPAs (up 3.9%), life/health (up 1.8%), reinsurance (up 1.7%), property and casualty (up 1.6%), and agents/brokers (up 1.4%). Meanwhile, job decreases were seen in title (down 10.1%) and claims (down 6.7%). On a year-to-year basis, May* saw weekly wage increases in property and casualty (up 12.3%), title (up 6.5%), TPAs (up 6.2%), life/health (up 5.5%), agents/brokers (up 2.5%) and claims (up 2.2%). Meanwhile, wage decreases were seen in reinsurance (down 3.5%).      BLS Reported Adjustments: Adjusted employment numbers for May show the industry saw an increase of 8,800 jobs, compared to the previously reported increase of 7,200 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.

Recruiter Report: Engaging New Hires Prior to Their First Day

In past editions of Recruiter Report, we’ve discussed many different aspects of the hiring process and best practices for being effective in a virtual environment. However, one topic that has frequently been coming up in our recent conversations with hiring managers is the time after an offer’s been accepted and before the individual’s start date. In this issue of Recruiter Report, we’re focusing on the few weeks following interviews, offers and negotiations and answering the question, “How can companies make new hires feel welcomed and valued prior to their first day of work?” Especially for passive candidates, the space between giving their notice and starting their new role may have them feeling anxious and uncertain. Afterall, they’re often leaving a team and company they’re familiar with and taking a leap of faith into unknown territory. Even small gestures from their new team and company can help alleviate these feelings and make individuals more confident and excited for what’s ahead. Encourage current employees to reach out.  While it’s likely those involved in the offer process have expressed their excitement for a new employee to come on board, encourage others within the organization to reach out as well. This could simply be asking team members to connect with the individual on LinkedIn, having those from throughout the interview process send a quick welcome note, or assigning a buddy to assist with any questions prior to the first day and beyond. These small touchpoints set a positive tone and convey a piece of your company culture, while maintaining a sense of momentum and anticipation. Set them up for a successful first day. In today’s environment, a first day could mean coming into the physical office (whether it’s where they’ll be primarily working or not) or logging in from home. Provide information on when, how and with whom meetings and other onboarding activities will take place. Also ensure any necessary equipment, including laptops, screens, headsets and keyboards are set up in-office or have been delivered to the employee’s home ahead of time to avoid unnecessary delays and technical difficulties.  Schedule a one-on-one with HR.  While more in-depth benefits and logistics questions may be answered during onboarding, provide an opportunity for new hires to connect directly with your benefits team in advance, if they prefer. This can help them gain a better understanding of what your organization offers on a more detailed scale and ease any concerns, outside of what they might have felt comfortable asking during the interview process.  Identify who else lives in or near their community. Even if your organization is fully remote, it’s possible there are other employees working in close geographic proximity to your new team member. Consider if it makes sense to arrange for them to meet face-to-face for coffee or lunch. This provides individuals with a chance to learn more about the company on an informal level, while beginning to build a connection to the organization and its people.  Remember small gestures can go a long way. Whether it’s a hand-written note from their manager or a welcome gift, letting individuals know their new team and company is thinking of them can go a long way in igniting engagement and loyalty. We’ve seen many employers send specialty food items or branded swag such as t-shirts, office supplies or mugs to employees prior to their start dates.  Consider personal welcome calls from leadership.  While hearing from teammates and managers is meaningful, a personal call from leadership is unexpected and further demonstrates the company’s commitment to the individual. The right leader – whether it’s the CEO or a division lead – may vary depending on your company size and the role, yet cultivates the beginning of a meaningful connection with the larger organization. The time between signing an offer letter and starting a new role can bring on many emotions and questions for professionals. By maintaining ongoing communication and being thoughtful in making individuals feel welcome in the time leading up to their first day, you’ll be able to alleviate their concerns and start your relationships off on the right foot.  What are you currently doing to engage new hires prior to their start dates? Share your insight in our LinkedIn poll below. For more recruiting best practices, view our past editions of Recruiter Report.

9 Steps to Prepare for Vacay Mode

Summer is here and if you’re like most professionals, you’re planning to take vacation time to relax and recharge. Taking time off is essential for your physical and mental wellbeing, with studies showing vacations not only contribute to job satisfaction and productivity, but also your overall health. Yet, in today’s always connected environment, many professionals find it difficult to truly disconnect from the demands of the office. If looming deadlines, “urgent” emails and unfinished projects tend to infringe on your time away, these nine steps can help you feel more confident unplugging from the office and less overwhelmed upon your return.   Plan ahead. It’s never too early to start planning. Block your calendar and let your team members and others you regularly work with know when you’ll be away, so project timelines and deadlines can be adjusted as needed.  Prioritize. It’s true, “The work will still be there when you get back.” There will always be more to do and new tasks on your to-do list; in most cases, aiming to finish everything will set you up for failure. Create a list of what absolutely must be completed before leaving for vacation (external deadlines, tasks critical for others to move forward, etc.) and put everything else on a list for when you return, communicating this timing to stakeholders as appropriate. Set and keep boundaries. In a world where Wi-Fi is almost always available and email is likely on your phone, work-life boundaries are often challenging to uphold. Prior to leaving, determine if and when you will be available while away, and communicate this information to your team, manager and others you work with, as appropriate. Manage your inbox. Especially if you prefer an empty inbox, it can be difficult to avoid checking email while away. Help stick to your previously defined boundaries by turning off email and chat notifications on your phone. You may also consider setting rules in Outlook to ensure higher priority emails are flagged, and newsletters and other non-urgent communications don’t build up in your main inbox while you’re away. Prep your backup contact. In addition to identifying a designated backup, set them up for success by clearly aligning on expectations. Discuss what types of questions/issues should be escalated to you while you’re out, as well as the best way to deliver non-urgent updates and information upon your return.    Align with your team. While the extent of your preparation will be dependent on the length of your vacation, spend time capturing and communicating necessary information before leaving. This could be where to find documents, issues that may arise and who to go to for questions. As part of this preparation, ensure you’re also getting team members’ input on what to include, ensuring everyone is aligned and providing you peace of mind.  Facilitate a smooth return. Block a few meeting-free hours for your first day back to catch up on emails and check in with your team. During this time, plan to revisit the to-do list you wrote prior to leaving, and review the non-urgent information captured by your back-up contact. With the right preparation, you’ll have a better idea of where to focus your energy and priorities upon your return.   Provide a clear out of office message. Set an out of office that shares the specific information necessary for people to move forward without you. This includes the dates you will be away, who to contact in your absence (this person may also have the authority to escalate to you if it’s within your set boundaries), and when they can expect to hear from you upon return.  Help others enjoy their own time away. Of course, you won’t be the only one needing to take a break this summer. Be mindful of how you can support your colleagues and respect their set boundaries while they’re away, ensuring everyone is able to return refreshed and at their full professional capacity. No matter where your summer plans take you, the right mindset and preparation can help you get the most out of your vacation days. Now set that out of office and enjoy your time away!