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UK Employment Market Study Highlights Low Unemployment and Difficult Recruiting Atmosphere

February 28, 2014
LONDON – According to the latest iteration of the Semi-Annual UK Insurance Employment Market Study conducted by The Jacobson Group and McLagan, more than two-thirds of participating companies are planning to increase their staff in the upcoming year. Nearly 64 percent of respondents reported a plan to add staff during 2014, the highest point in survey history.  

“The majority of companies are planning for growth and investing in their future as the industry outlook continues to stabilise,” says Barbara Schönhofer, senior vice president and chief executive officer of executive search for The Jacobson Group.

Business expansion and service improvements are driving the current plans for growth within the UK insurance market, while business reorganisation is seen as the primary driver for staff decreases.

“As the industry unemployment rate [currently three percent as reported by the Office for National Statistics] continues to drop and organisations look to fill their open posts, the industry is going to face a struggle to find top-quality talent,” according to Schönhofer.

Some additional key findings include:

  • The number of companies expecting to see an increase in revenue this year is at 91 percent, the highest point in the history of the survey.
  • Underwriting, analytics, technology and actuarial positions continue to be the most in demand.
  • Actuarial, executive and underwriting positions continue to be the most difficult to fill.
  • If the industry follows through on its plans, we will see a 0.67 percent increase in employment during the next 12 months.

For more highlights, download the full insurance employment market study results summary. For commentary, view the recorded webcast.

The Semi-Annual UK Insurance Employment Market Study collects revenue and hiring projections from organisations across all sectors of the industry, providing the industry with a valuable look at labour market outlooks and employment trends.

The study’s next iteration will occur in July 2014. For details on how to participate, contact Vince Albers of Ward Group at valbers@wardinc.com.

About The Jacobson Group:

For more than 40 years, The Jacobson Group has been connecting organisations with the talent required to succeed in a competitive environment. Regardless of the need or situation, Jacobson is the insurance talent solution. Further information is available at www.jacobsononline.com.

About McLagan:

McLagan provides compensation consulting, operational benchmarking and best practices research for the insurance industry. McLagan combines 50 years of thought leadership in strategy, performance, capital requirements and compensation regulations with fact-based advice to create a tailored solution specific to your organization. For more information about McLagan, visit http://www.mclagan.com/.

Contact:

The Jacobson Group
Nicole M. St.Martin, Vice President and Marketing Communications Director
+1 (312) 884-0491
nstmartin@jacobsononline.com

McLagan
Vince Albers, Senior Consultant
+1 (513) 746-2422
vincent.albers@mclagan.com

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