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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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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.

7 Proven Tips to Supercharge Your Resume

Typically, your resume is the first impression you make on potential employers. Whether you're just starting out in your career or a seasoned professional, a thoughtfully crafted resume can play an essential role in securing your next dream job. As a recruiter, I see many each week and have identified a few key details that make the best stand out. Here are seven tips for creating an easy-to-read resume that tells a compelling story and best represents you as a professional. Begin with a strong summary. Your resume should start with a concise and impactful statement that highlights your key skills and why you’re an ideal fit for the role. Often, we see candidates use this prime real estate to express what they are looking for in their next position; however, this is your opportunity to capture the recruiter’s or hiring manager’s attention and keep them reading. Sell yourself and the value you bring to the table. Use action verbs. When describing your work experiences, start your bullets with action verbs to best convey your impact. "Championed," "achieved" and "implemented" are just a few to help make your accomplishments come alive. Additionally, make sure your bullets are consistent with one another in tense and structure to read most clearly and demonstrate your attention to detail. Include relevant certifications and education. Highlight your educational background, certifications and relevant coursework. If you're a recent graduate or making a career change, this section can be especially important to help complement and bolster your other experiences. Make advanced degrees and/or well-known industry designations stand out by also adding your credentials after your name (for instance, MBA, CRM, CPCU, FCAS, Ph.D., etc.) Focus on results. While it can be easy to begin listing job duties and responsibilities on a resume, focus on emphasizing the results and outcomes of your work to show how you made a positive impact or had influence in your previous roles. Using numbers quantifies these accomplishments and adds weight to your triumphs. For example, "Increased sales by 30% in six months," paints a vivid picture of your contributions and is much more meaningful than "Improved sales." When appropriate, make sure you are being as specific as possible to illustrate the size and relevance of your achievements.  Tailor your resume for each job. Customize your resume to be relevant for each specific job you're applying for. This includes adjusting your summary statement, highlighting your most relevant skills and experiences in the context of the role, and determining how you can best convey your fit. When applicable, use industry-specific language and include relevant keywords from the job posting. Thoughtfully organize your content. When possible, aim to keep your resume around one to two pages and make it easy to skim. Recruiters often spend only a few seconds reviewing each resume, so the more reader-friendly, the better. We recommend black text, consistent fonts and limited variation in text sizes. Bolded headings, bullet points and white space can all make your resume easier to digest. Don’t forget to include your contact information (at least email, phone number, city and state), and a clickable link to your LinkedIn profile.  Proofread and edit. Typos and grammatical errors can cast a shadow over an otherwise impeccable resume. Thoroughly proofread your resume and consider asking trusted friends or mentors for additional feedback. You may also consider using AI-powered tools like Grammarly or others to help catch any potential errors. Once it’s polished and ready to go, save it as a PDF to ensure it’s easy to open and will maintain its formatting across various devices and software. By applying these seven tips, you'll create a resume that best reflects your qualifications, tells your unique story and provides the right information for recruiters and hiring managers. For more ways to be proactive in your career, check out our post on being intentional with your professional development.  Good luck!

Recruiter Report: Engaging Passive Candidates in Today’s Market

Recruiter Report: Engaging Passive Candidates in Today’s Market

In today’s environment, one of the challenges commonly coming up in our conversations with insurance leaders is the difficulty recruiting passive candidates. Individuals who are not actively looking are becoming reluctant to learn about new opportunities; or in some cases, going through the full interview process and ultimately staying with their current employer. In this edition of Recruiter Report, we’re answering the question, "How can you help passive candidates feel comfortable accepting a new role in today’s environment?" While professionals may be hesitant to make a move amid economic uncertainty and industry layoffs, there are a few ways to help them feel more secure and ensure you’re presenting opportunities in the best possible light.  Acknowledge the current state of the industry.  Widely publicized layoffs and restructuring are causing even active job seekers to be more tentative in leaving their current roles. Instead of avoiding these conversations, be candid and upfront with potential candidates about why a position is open and the vision for the role, especially if you are a company that has experienced layoffs. For instance, is this particular department growing? What are some of the company’s recent successes? What key goals and metrics are dependent on the role? Additionally, showcase your company’s commitment to growth and development by sharing how the organization is investing in its current employees. Anything positive and future-focused can help lessen candidates’ fears, start establishing trust and capture their interest.  Highlight how the role can fill the candidate’s specific needs. Today’s professionals are unlikely to change companies without a good reason, making it essential to provide a compelling case for entertaining a move. In initial discussions with a candidate, aim to understand what is most important to them in a role and company, as well as any needs that are not being adequately met by their current employer. If you can identify what they value and focus on what your organization can provide in those areas – whether it’s more money, greater flexibility, a specific career path or other factors – they’re likely to be open to learning more.  Additionally, ask what they value most in their current role. For instance, one of the major roadblocks for candidates who are currently remote or hybrid is the fear of losing that flexibility. Work to identify and address any concerns around work environment head on, including your organization’s near- and long-term plans for remote work, hybrid schedules and flexible hours.   Provide a positive candidate experience. The interview process provides a platform for highlighting the role, your company and its people, while also offering an opportunity to alleviate any lingering candidate concerns. Be intentional in how you use this time and be thoughtful in providing a positive and professional candidate experience—from who you select for your interview panel to the interview’s scheduling and follow up. This often provides insight into how individuals feel they would be treated as employees.  Throughout the hiring process, keep lines of communication open and frequent, continuing to build trust and engagement. We’ve seen some companies move more slowly near the end of the year; however, this can make candidates antsy or cause them to begin questioning the role’s security. If you like an individual, be ready to move quickly. A sense of urgency not only shows respect for a candidate’s time, but also helps prevent them from getting cold feet. Tailor the offer to the individual candidate.  When you come to the point of extending an offer, remember each candidate will weigh various factors differently depending on what they personally value. Use the information you gathered throughout the interview process to create a strong offer that meets the candidate’s unique needs to the best of your company’s ability. Undoubtedly, money will always play a role and overall salary expectations remain high in today’s market. If you like a candidate, don’t plan to negotiate down; give them what they ask for when possible.  While professionals aren’t making career moves at the rate they were a year ago, it is possible to ease passive candidates’ concerns and help them feel more comfortable learning about an open role and even accepting an offer. Focus on being transparent, engaging and professional, while highlighting what your company has to offer and how it can meet an individual’s unique needs.                                                                                                                                                                                                                                              Curious to see how likely professionals are to explore a new job right now? Click below to view our LinkedIn poll.  For more recruiting best practices, view our past editions of Recruiter Report.

Recruiter: Half of the Current Workforce Expected to Retire in Next 15 Years

It's no secret there's been an ongoing shortage of young talent in the insurance industry. In a recent AM Best TV interview, Mike Abate shares why a thoughtful and purposeful approach to attracting and growing today's emerging leaders is essential for insurance organizations.

Compass 16.4: Creating an Exceptional Employee Experience

This quarter’s Compass feature article shares insights on fostering a positive impact on culture, collaboration and more. The newsletter also includes an overview of the industry's current labor market and recent executive-level job changes.

November 2023: Labor Market Pulse

While the unemployment rate for insurance carriers and related activities rose slightly in October, it remains low at 1.7%. At the same time, job openings for the larger finance and insurance sector are at their highest level since July 2022, reaching 479,000 in September* (nearly 200,000 more open positions than reported for September 2022, which saw a notable drop). Even as overall movement within the industry appears to be stabilizing, low unemployment and an abundance of opportunities means there’s continued competition for talent, making retaining current employees even more important.  Now is an ideal time to invest in internal training and development opportunities, which can help employees feel invigorated and energized. As we near the end of the year, it’s also valuable to revisit succession plans and retention strategies in preparation for 2024. For more insights on the current state of the labor market, stream our most recent podcast.  AT-A-GLANCE NUMBERS   Unemployment for the insurance carriers and related activities sector increased to 1.7% in October.  The insurance carriers and related activities sector gained 1,100 jobs in October. At nearly 3 million jobs, industry employment increased by approximately 36,600 jobs compared to October 2022. The U.S. unemployment rate slightly increased to 3.9% in October and the overall economy added 150,000 jobs.   INDUSTRY HIGHLIGHTS On a year-to-year basis, September* insurance industry employment saw job increases in TPAs (up 3.5%), reinsurance (up 2.6%), claims (up 2.5%), life/health (up 1.9%), agents/brokers (up 1.4%), and property and casualty (up 0.5%). Meanwhile, jobs decreased in title (down 8.2%). On a year-to-year basis, September* saw weekly wage increases in title (up 9.8%), property and casualty (up 9%), agents/brokers (up 5.4%), life/health (up 4.9%), TPAs (up 4.4%), and claims (up 3.9%). Meanwhile, wages decreased in reinsurance (down 4.1%).      BLS Reported Adjustments: Adjusted employment numbers for September show the industry saw an increase of 4,000 jobs, compared to the previously reported increase of 3,900 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.

Episode 11: Exploring the Current State of the Insurance Labor Market: Q3 2023

Jeff Rieder, partner at Aon and head of Ward Benchmarking, joins host Greg Jacobson, co-CEO of The Jacobson Group, to discuss the results of the Q3 2023 Insurance Labor Market Study. The duo share insights on AI, wages, hybrid work and more to help insurers remain at the forefront of a dynamic labor market.

Creating a Comprehensive Onboarding Experience

With the pandemic ushering in new workplace dynamics, a comprehensive onboarding strategy tailored to virtual environments is critical. It's a chance to lay the groundwork for the knowledge, connections and sense of belonging that will set an employee up for success throughout their tenure.In our recent issue of Compass, Judy Busby, senior vice president of executive search and corporate strategy, and Jack Walsh, managing director, share insights into creating an onboarding experience that not only engages new hires, but also supports their continued productivity and loyalty. Here are just a few of the key takeaways from their feature article, "Onboarding for Long-Term Success." Acknowledge the impact of "preboarding." Successful onboarding begins even before a new employee's first day. Maintaining the momentum built up in the interview process can be as simple as having team members send welcome notes through email or LinkedIn. Depending on your budget, you may also consider sending a welcome gift such as company swag or specialty foods. Additionally, it's essential to plan ahead for your new hire’s first week, sharing an initial schedule and making sure they are equipped with the necessary technology to hit the ground running. For remote employees, consider asking them to come into the office at least once during their initial weeks, bridging the virtual gap with face-to-face interactions. Cultivate connections from day one. A sense of connection is essential for engaging new hires; however, these interactions must be much more intentional in remote environments. Determine how to begin creating connections from day one. For instance, start with a brief team meeting on the new employee's first or second day to help names become faces and provide initial introductions. Throughout the first few weeks, schedule 20-minute “coffee chats” for one-on-one time with their team members and other colleagues they’ll regularly collaborate with. Assigning a mentor or buddy can also provide valuable guidance and support as they navigate their new role. Ensure your onboarding schedule carves out time for conversations and relationship-building sessions – both formal and informal.  Offer ongoing support. Continually aligning on expectations and promoting two-way feedback are vital components of a successful onboarding journey. Dedicate time each week in the employee's first months to gauge progress and identify areas where you can offer enhanced support. As the initial onboarding phase concludes, continue with monthly check-ins to explore their evolving experience, alleviate any pain points and adapt onboarding strategies for future hires.Thorough onboarding is pivotal in positively shaping an employee’s overall journey with your organization. For more insights on creating a thoughtful and comprehensive onboarding strategy, view the full article.For more talent insights, subscribe to our Compass newsletter.

Health Highlights: Q4 2023

The healthcare space continues to evolve amid ongoing challenges, pressures and shifts. In our team’s recent conversations with leaders across all areas of health insurance, creating comprehensive human capital strategies remains top of mind. Today’s pace of change and challenging market requires the ability to be creative and flexible in leveraging talent and meeting members’ needs.  Below are a few foundational areas that contribute to today’s strategic and holistic talent strategies. Shifting NeedsAs the industry evolves in response to changing demands, regulations and customer expectations, it’s important for organizations to think about their current talent and those individuals’ potential to meet future organizational needs. This includes considering how to laterally move employees into different areas of the business and broaden their skillsets to span a variety of scenarios. Especially as artificial intelligence and automation open new doors, employing professionals who can flex to take advantage of these opportunities is essential. Additionally, member experience and accessibility remain priorities across the industry. Individuals are demanding more digital-first solutions and roles such as chief experience officer are becoming more prominent within healthcare. Not surprisingly, technology roles are currently the most in demand positions within life and health insurers, according to our Q3 2023 Insurance Labor Market Study. The most astute health plans are focusing on future needs and connecting these to their current talent strategies and employee development initiatives. Long-Term Talent GapsAdding to the complexities of an evolving marketplace, the talent shortage persists for both payers and providers. Demand is increasing as the overall population ages, compounding the current workforce shortage. A recent PwC study found 82% of health industry executives consider the ability to attract and retain talent as a moderate to serious business risk, compared to 71% of executives across all industries. In the past 12 months, the primary reason life and health insurers added staff was due to areas being understaffed. Remedying this staffing shortage is a key focus, especially as burnout becomes more common and employees’ mental health suffers from feeling overworked. To build a stronger talent pipeline and grow individuals from within, insurers may consider bringing back more structured internships and training programs. Additionally, it may be necessary to focus on reskilling and upskilling from complementary areas of the business to consistently help alleviate shortages and balance workloads. Short-Term Labor ShortagesAlong with the persistent talent shortage, worker activism has been on the rise in recent months, with strikes taking place in a variety of industries, including healthcare. The inability of wages to keep up with inflation, coupled with a tight labor market, have had a hand in catalyzing multiple strikes around the country. Overall, employees are becoming more vocal in terms of their expectations around working conditions, pay and benefits. Being proactive and having contingency plans in place in the event of a work stoppage can be crucial in preventing harmful lapses in care and member experience. Temporary staffing firms that specialize in the health insurance industry can provide the necessary talent to bridge these gaps when needed, as well as alleviate standard fluctuations in workload, contributing to the work-life balance and mental wellness of current employees. In fact, 33% of life and health insurers plan to increase their use of temporary employees, compared to 14% in January 2023.    As health plans face new challenges and opportunities for growth, having the right talent in place will be essential to remain competitive. In the midst of the talent shortage, finding the right individuals with unique skill sets and specific expertise is often a prime differentiator. Intentional and strategic talent strategies are key in coming out ahead in the second half of 2023 and beyond.  As both expected and unknown changes take place in healthcare, creative, thoughtful and future-focused talent strategies can help set the stage for ongoing success. For more insights, view our past edition of Health Highlights. 

Cultivating Virtual Management Skills for the Hybrid World

Published in Insurance Journal: Are remote management skills included in your employees' development plans? Strong virtual managers impact your organization's overall productivity, culture and retention rates. However, few individuals have received formal virtual management training. In her recent Insurance Journal article, Alicia Morris shares how to best prepare and support current and future managers in today's hybrid work environment.

October 2023: Labor Market Pulse

The industry continues to face layered complexities and pressures, further compounding an already difficult talent landscape. The unemployment rate for insurance carriers and related activities continues to decline, dropping to 1% in September, compared to 3.8% for the overall U.S. economy. Given month-to-month fluctuations and a limited BLS sample size, the three month rolling average of 1.3% may paint the most accurate picture of the current situation. Job openings for the larger finance and insurance industry jumped by 100,000 in August*, reaching 417,000 – the highest we’ve seen since April. Industry employment continues to rise; yet, recruiting remains challenging amid a tight labor market.      AT-A-GLANCE NUMBERS   Unemployment for the insurance carriers and related activities sector decreased to 1% in September.  The insurance carriers and related activities sector gained 3,900 jobs in September. At nearly 3 million jobs, industry employment increased by approximately 43,000 jobs compared to September 2022. The U.S. unemployment rate stayed at 3.8% in September and the overall economy added 336,000 jobs.   INDUSTRY HIGHLIGHTS On a year-to-year basis, August* insurance industry employment saw job increases in reinsurance (up 4.7%),  life/health (up 2.1%), TPAs (up 2.1%), property and casualty (up 0.9%), and agents/brokers (up 0.6%). Meanwhile, job decreases were seen in title (down 7.9%) and claims (down 1.4%). On a year-to-year basis, August* saw weekly wage increases in title (up 10.4%), property and casualty (up 9.1%), TPAs (up 5.5%), life/health (up 5.7%), agents/brokers (up 3.5%) and claims (up 4.8%). Meanwhile, wage decreases were seen in reinsurance (down 6.3%).      BLS Reported Adjustments: Adjusted employment numbers for August show the industry saw an increase of 3,100 jobs, compared to the previously reported increase of 7,600 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.