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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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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://insurancecareerstrifecta.org/. 

Q1 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 first quarter of 2023...

February 2023: Labor Market Pulse

The insurance labor market remains strong as realignment persists. Although the industry saw a slight decrease in jobs from December to January, revised numbers* from the Bureau of Labor Statistics show 2022 average monthly employment for the insurance carriers and related activities sector was 2.9 million – 74,350 more positions than previously reported. This annual BLS adjustment also slightly impacted wages, yet general trends remain similar. After reaching a 17-month high in December, the unemployment rate for insurance carriers and related activities dropped by more than one point in January. Additionally, job openings continue to be elevated; average monthly job openings for finance and insurance hit a record of 386,000 in 2022*, compared to 296,000 in 2021.  Insurers are continuing to determine their needs and expectations for moving forward. To learn more about the industry’s hiring outlook, join us February 9 for a complimentary webinar analyzing the results of our Q1 2023 Insurance Labor Market Study.   AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector decreased to 2.3% in January.  The insurance carriers and related activities sector lost 5,100 jobs in January. At roughly 2.9 million jobs, industry employment increased by approximately 44,400 jobs compared to January 2022. The U.S. unemployment rate decreased to 3.4% in January and the overall economy added 517,000 jobs. INDUSTRY HIGHLIGHTS On a year-to-year basis, December** insurance industry employment saw job increases in property and casualty (up 4.5%), agents/brokers (up 3.3%), TPAs (up 2.5%), reinsurance (up 2.4%), and life/health (up 1.1%). Meanwhile, job decreases were seen in claims (down 12.2%) and title (down 10%). On a year-to-year basis, December** saw weekly wage increases in property and casualty (up 11.4%), life/health (up 7.5%), title (up 7.1%), TPAs (up 4%), agents/brokers (up 3.9%) and reinsurance (up 1.9%). Meanwhile, wages decreased in claims (down 0.9%).       BLS Reported Adjustments: Adjusted employment numbers for December show the industry saw an increase of 5,100 jobs, compared to the previously reported increase of 3,800 jobs.** The BLS continues to revise numbers to be most accurate, which may contribute to inconsistencies, depending on when reports were pulled. *The BLS made its annual revisions on February 3, adjusting current employment statistics 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.

Talent Considerations for a Successful 2023

Published in Insurance Journal The insurance industry continues to settle into new working environments, deal with the effects of the Great Resignation and prepare for a potential recession. While 2022 brought continued unpredictability, insurance organizations were provided an opportunity to embrace change and begin to define clear parameters around longer-term working expectations. Read this article for insight on refreshing your talent strategies and remaining future-focused.

Search Executive: Remote Employees Entering In-Person Work Can Lack Interpersonal Skills

Published in AM Best TV What roles do soft skills and emotional intelligence play in helping insurance leaders navigate through this agile and virtual era? Judy Busby talks with AM Best about the importance of EI in connecting, collaborating and leading in today's environment:

Compass 16.1: DEI: Commitment and Belonging at All Organizational Levels

This quarter’s Compass feature article explores ways to prioritize DEI companywide to achieve lasting change on your journey toward an equitable and inclusive workforce. The newsletter also includes an overview of the industry's current labor market and recent executive-level job changes.

Stay Interviews: A Checklist

High industry turnover and quiet quitting are further compounding existing talent challenges, making it more important than ever to keep employees engaged and fulfilled. However, while most leaders understand the importance of building employee loyalty – especially among top performers and high potential individuals – few have formal retention plans in place.  Stay interviews are a valuable starting point for guiding individualized retention plan development. Unlike job interviews or exit interviews, these conversations help identify what employees value about their roles and address areas they feel are lacking. This provides a chance for managers to proactively make changes before individuals become disengaged or seek out other opportunities. Below is a checklist to help guide these conversations and ensure you’re uncovering the right information to effectively retain your top talent.  Set the stage for open and honest dialogue. One of the key success factors for stay interviews is fostering clear and transparent communication. Enter these conversations with an open mind and a goal of better understanding your employees’ motivators, any shifts that may have occurred since you last spoke, and ways that you as a manager can help them feel more valued and fulfilled at work. Consider providing the questions you’d like to cover in advance, giving employees time to reflect and prepare thoughtful responses.Determine (or reaffirm) the employee’s “why.” A retention plan’s success is dependent on identifying and supporting the areas that make an employee feel fulfilled at work – their “why.” Use the stay interview to ensure you’re aligned on what motivates them and makes them feel most satisfied with their role and the company. This will vary based on an individual’s personal and professional values, and may change over time.  Potential questions to ask:  What gives you fulfillment within your work?  What do you look forward to each day? What gives you a sense of accomplishment? What motivates you?Identify what keeps them at your organization.Asking employees what they like about their position and the company can help you better understand how their “why" plays out in the day-to-day. It also provides tangible guidance for providing more exposure to the areas they enjoy and projects that match their interests. Potential questions to ask:  What keeps you here? What do you like best about your job? Are you getting what you need from the organization?  Do you feel valued? If given the opportunity, what would you like to do more of?  Less of? When do you feel most rewarded and recognized?Understand what would make them take a new role. Conversely, inviting open conversation around why an individual would potentially leave can help avoid surprises down the road. This is also valuable in recognizing any needs that are not currently being met and enabling you to identify similar opportunities and areas of development within your organization.  Potential questions to ask:  What would tempt you to leave?Is there anything you feel is missing in your role?Are you challenged?What are your long-term and short-term aspirations?Are you able to find your desired work/life balance?Welcome feedback. Provide individuals with a chance to share how they feel about these discussions and ask if they have any ideas for making them more effective moving forward. This may include insight on frequency, location or even topics they think would be valuable to cover. Encourage them to bring ideas or concerns to you at any time, even if it’s not within a scheduled stay interview or one-on-one. Follow up. After completing your discussion, capture your notes and take time to reflect on what you learned. It’s likely there are some things – even if they’re small – you can immediately change to impact an employee’s job satisfaction. Other areas may involve additional stakeholder buy in, and it’s likely there are some things you are unable to change. Communicate with individuals about steps you are taking as a result of what they shared, letting them know they are heard and supported. Revisit these conversations every quarter or six months to check in, gauge progress or shifts, and realign. The information gained in stay interviews is invaluable for aligning with employee expectations and creating a desirable work environment. Keep in mind this is not a comprehensive list of questions (and not every question must be asked in each conversation), and it is meant to be adapted to be most relevant to your specific team and situation. For more information on building loyalty among your employees, view our recent whitepaper, “Retaining Top Talent in Today’s Competitive Labor Market.”

January 2023: Labor Market Pulse

Despite a sense of economic uncertainty, the insurance labor market does not seem to be cooling in the new year. The industry ended 2022 with roughly 40,000 more jobs than the start of the year and 10 consecutive months of wage increases. Voluntary quits and job openings within finance and insurance had slight dips in November*, but remain high.  The unemployment rate for insurance carriers and related activities saw a notable increase of 2 percentage points from November to December, yet the industry’s average unemployment rate for 2022 is just 1.9%, compared to an average unemployment rate of 3.7% for the overall U.S. economy. Given what we are seeing, it would be surprising if the insurance unemployment rate stays this elevated. It’s important for insurers to remain future-focused and flexible, emphasizing talent retention and long-term priorities in 2023. AT-A-GLANCE NUMBERS Unemployment for the insurance carriers and related activities sector increased to 3.5% in December.  The insurance carriers and related activities sector gained  3,800 jobs in December. At roughly 2.8 million jobs, industry employment increased by approximately 39,600 jobs compared to December 2021. The U.S. unemployment rate decreased to 3.5% in December and the overall economy added 223,000 jobs.   INDUSTRY HIGHLIGHTS On a year-to-year basis, November* insurance industry employment saw job increases in agents/brokers (up 3.5%), TPAs (up 2.2%), property and casualty (up 1.7%),  and life/health (up 1%). Meanwhile, job decreases were seen in claims (down 12.2%), title (down 9.1%) and reinsurance (down 0.4%). On a year-to-year basis, November* saw weekly wage increases in property and casualty (up 10.1%), agents/brokers (up 5.9%), life/health (up 5.8%), TPAs (up 3.9%), reinsurance (up 2.4%), and title (up 1.5%). Meanwhile, wages decreased in claims (down 0.9%).       BLS Reported Adjustments: Adjusted employment numbers for November show the industry saw an increase of 1,500 jobs, compared to the previously reported increase of 3,800 jobs. The BLS continues to revise numbers to be most accurate, which may contribute to inconsistencies, depending on when reports were pulled. *The BLS JOLTS 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.

Talent Trends on Our Radar in 2023

Moving into 2023, insurers are continuing to navigate new shifts in employee behaviors, a persistent candidate’s market, decisions around long-term work environments and balancing organizational needs with employee expectations. Below are a few of the key trends we’re anticipating. To read more, download our complete 2023 Insurance Talent Trends Guide.  Successful talent strategies are future focused.As the industry’s pace of change accelerates, focusing on the skills required to meet future needs and aspirations is essential. This includes recruiting for transferable skills and approaching employee development through a future-focused lens.   CEOs respond to changing economy.Numerous situations are possible as we enter a potentially tumultuous year. However, the decisions leaders make now will impact their performance not just in the event of an economic slowdown, but for many years later. The need for upskilling and reskilling is emphasized.Savvy insurers are expanding and refining their employees’ skillsets to best support emerging needs and support the organization’s future goals. This includes leveraging talent in creative and non-traditional ways, and considering lateral and interdepartmental moves.   Industry reacts to pay transparency mandates.More states are adopting pay transparency laws and it’s likely others will follow suit in 2023. While this is a positive step toward reducing bias and closing the gender pay gap, insurers will need to be transparent and strategic in their approach to compensation. Virtual hiring is embraced long term.Throughout the past three years, professionals have come to appreciate the flexibility and ease of holding meetings – including interviews – through screens. Becoming comfortable extending offers without ever meeting an individual face-to-face is essential for effective future recruiting. DEIB strategies are no longer optional.For several years, DEI has been at the forefront of industry talent conversations; yet, there has been minimal change in representation. In 2023, weaving DEI and a sense of belonging into the company’s guiding values will be essential for achieving lasting change. Broad and comprehensive succession planning becomes more important than ever.The workforce is aging and voluntary quits are high; yet the majority of carriers don’t have written succession plans in place. In today’s climate it’s essential to focus on clearly defined succession plans that take a broad look at the organization and extend to middle management and even crucial individual contributor roles.   For more insight on these trends, view our full 2023 Insurance Talent Trends Guide.   

Episode 9: Succession Planning: Future-Focused Strategies

Job openings have reached record levels and voluntary quits remain high within the insurance industry. However, 38% of insurers do not have any succession plans in place, according to a recent study conducted by The Jacobson Group. In this episode of The Insurance Talent Podcast, Jacobson's senior vice president of executive search and corporate strategy, Judy Busby, and managing director, Mike Abate, share the study’s highlights and discuss the industry’s succession planning readiness, as well as how organizations can take a comprehensive and future-focused approach to their plans.

Taking Charge of Your Professional Development

The start of a new season is often a time for goal setting and reflection. In the post-pandemic reality, many individuals are focusing their goals on what brings them joy and fulfillment – both in their personal and professional lives.  As you solidify your career aspirations, ensure you’re thinking strategically about how you’d like to grow and advance. If your current role is feeling more like a job than a career, now is an ideal time to rethink how you’re approaching your growth and remaining motivated. The following best practices can help focus your energy in the right areas and enable you to take charge of your professional development. Take ownership.  Even if your organization offers training or other development opportunities in house, you are ultimately responsible for your professional trajectory. Consider your career a business and think of yourself as the CEO. In this position, it is up to you to create an executable strategy to effectively reach your goals. This means seeking out and understanding the tools and opportunities available to you, not just within your immediate role, but throughout the rest of your organization and externally. Leverage your network, seek out additional insight and educate yourself on the skills needed to get to the next level. Then, set realistic timeframes and expectations for meeting your goals. Commit to ongoing improvement.  No matter where you are in your career, there will always be ways to learn and improve. Continually identify areas for growth and new skills to master in order to be prepared to take action when opportunities arise. Think comprehensively and be open to stepping outside your current role’s parameters to sharpen your skills in other areas that can have a long-term impact on your success – such as emotional intelligence or virtual leadership. As a bonus, bettering yourself as a professional often goes hand-in-hand with your personal development, positively impacting relationships and interactions in all areas of your life.  Vocalize your aspirations. Career advancement and professional development don’t typically happen by accident or coincidence. Even if you are excelling in your role, it’s unlikely you will be automatically approached with a promotion or new opportunity. Share your goals and interests with your manager and other trusted individuals within you organization. Initiate conversations around being considered for new projects, suggest areas where you might be an asset and seek out ways you can gain more exposure within your organization. Your career path does not need to be linear or traditional. In today’s evolving environment, you may identify new areas of opportunity and even recommend how your role could be adjusted or reimagined to better fill the organization’s needs.  Prioritize accountability. It can be easy to set goals at the beginning of the year and then lose sight of them due to competing priorities. As a result, accountability is essential for following through on even the best laid plans. While your manager and other individuals on your team may be helpful in discussing your progress, ensure you also have a neutral third party invested in your growth, such as an external mentor. A trusted individual who is outside your organization can hold you accountable for your progress and provide unbiased insight, while serving as a sounding board for adjusting or reprioritizing your plans.  Reframe your mindset.  As you think strategically about your growth, consider if anything could derail your ability to meet your goals. Sometimes, what holds people back is their own fear of failure, and even fear of success. If this seems like a potential hurdle, focus on how you can make the greatest impact, rather than what’s at stake for you as an individual. This is also helpful if you’ve reached a plateau or need clarity around your next steps. Ask yourself questions such as, what can I do to be a better use in this organization? Or how can I have a greater impact in society? Shifting your focus can help alleviate your doubts and help you feel like you’re working toward a greater mission. Be your own advocate. In some cases, your current organization may not be able to provide the growth opportunities you desire. If you have been honest and vocal in your career conversations, improved your skills and taken all the right steps to advance, it may be time to consider moving on if there are no signs of results. Tough conversations may come into play at this point; however, a good manager and leadership team won’t try to hold you back or make you feel guilty for considering opportunities they know they can’t provide.  By taking an intentional and proactive approach to professional development, you’ll be positioned to make strides in the future. Openly communicate, take ownership for your growth and don’t forget to celebrate your accomplishments along the way!

Recruiter Report: The Pros and Cons of Holiday Recruiting

The holiday season can be a unique time for recruiting. However, while there are often challenges in terms of scheduling and time off, there’s also an opportunity to recruit top talent in a less competitive market. Whether you are looking to fill a position within the next few weeks or considering holding off on new searches until after the holidays, there are multiple factors to take into account. In this edition of Recruiter Report, we focus on the timeframe between Thanksgiving and the new year, answering the question, what are the pros and cons of recruiting during the holidays? Professionals may be more willing to speak with recruiters. The end of the year can be an introspective time for many individuals. Often workloads are lightening up and professionals are reflecting on the past year, as well as considering their next steps careerwise. This may present an opportunity to have future-focused conversations with individuals who are not typically open to discussions around making a move.   There is less competition. Hiring often slows toward the end of the year. This can work to your advantage, as fewer companies are actively recruiting and there is less risk of another company beating you to an offer. While you may see fewer candidates, it’s possible one of them is the right individual for your position. With less recruiting noise, they’ll be able to give your role more focused attention than they might at other times of the year.  Candidates are often more receptive to accepting an offer. The holidays are commonly a “feel good” time for many professionals, bringing renewed optimism and energy. If individuals have been unhappy within their role or have been considering making a change, it’s a chance for them to start the new year fresh and with a sense of anticipation.  Individuals may be delaying professional decisions until after the new year. While many individuals are actively setting professional goals this time of year, others desire to disconnect and focus on priorities outside of work. Taking vacations, visiting family and juggling school holiday schedules may take precedent over interview opportunities. However, these same individuals may reach out later, once they are back in a career-focused mentality. Scheduling is often more difficult. With company holidays and staggered personal vacation time, it can be more difficult to coordinate interviews and even internal hiring discussions this time of year. Be as efficient as possible in your planning, leveraging virtual interviews and limiting unnecessary meetings. Consider how you’ll approach possible hurdles that could slow down the hiring process, such as being ready to make an offer even if your human resources contact is out of office.  Bonuses and paid time off may be on the line. Depending on the candidate’s current company, they may be sacrificing a year-end bonus or accrued paid time off if they leave. Ensure you’re understanding any hesitations early on to avoid an offer being unexpectedly derailed, especially if you’re able to counteract this potential loss with a signing bonus or additional PTO days.   Additional Considerations In addition to acknowledging the pros and cons of the season, there are a few best practices that are even more essential during the holidays.  Be upfront and honest with your communication.  Regardless of the time of year, clear and consistent communication is key. In initial conversations, be clear about when you anticipate filling a role, especially if it is after the first of the year. This can help clear up any concerns a candidate may have around existing year-end plans and holiday travel. At the same time, be straightforward in asking about their motivation for taking a new role, especially if you’re at risk of the candidate getting a counteroffer or changing their mind.  Be respectful and realistic when it comes to an individual’s time.  Remember candidates are people with families and outside responsibilities. Be respectful of their holiday time and avoid making unrealistic requests in terms of interviews. For instance, if you usually ask individuals to travel to your physical location, consider allowing interviews to temporarily take place virtually. Be clear on next steps and follow up accordingly to avoid any ambiguity.  Don’t disregard top talent, even if you’ve seen limited candidates.  For some, it may be difficult to feel comfortable extending an offer if you’ve interviewed fewer candidates than usual. However, as a rule in today’s market, if you’ve found someone who is right for the role, don’t wait to make an offer. During the holidays, this is even more important, as timeframes can tend to drag and individuals who were once excited about a new position can become stressed and frustrated. If possible, try to extend an offer and secure acceptance prior to taking your own extended vacation.  Depending on your organization’s needs and your team’s ability to be responsive and efficient throughout December, recruiting during the holidays can have many benefits. Be cognizant of the potential downsides of holiday hiring and be as open and transparent as possible with candidates. Here’s to successful recruiting through the end of the year and beyond!  For more insight on current recruiting issues and trends, read past editions of Recruiter Report here.