The unemployment rate for insurance carriers and related activities rose by .7 percentage points in April, yet hovers around 2%, consistent with the past several months. Industry employment also increased – adding more than 8,000 jobs after hitting the 3 million mark in March. The latest JOLTS report revised February job openings within the larger finance and insurance category, with new numbers showing 515,000 open jobs – a current record high. March* job openings also remained high, despite dropping to 365,000.

With older workers delaying retirement and younger talent quickly becoming a substantial portion of the labor pool, how can you engage multi-generational teams and set them up for successful working relationships? In our recent issue of Compass, Judy Busby, senior vice president of executive search and corporate strategy, and Rachel McColister, client advisor, offer insights into building a culture that focuses on connecting members of each generation and leveraging their unique attributes. Below are five key takeaways from their feature article, "Embracing Multigenerational Dynamics in Today’s Workplace."

Unemployment continues to drop within the insurance industry, hitting 1.7% in March. At the same time, job openings are rising within the larger finance and insurance sector, with an average of 428,000 openings in January and February*. This is tracking above 2022’s record annual high of 393,000. Voluntary quits are also slightly increasing, hitting their highest level since January 2023, while hiring levels remain relatively consistent.

Amid a shallowing pool of emerging talent and a workforce nearing retirement age, finding qualified individuals to fill open accounting and finance roles has been an intensifying challenge for insurers. Roughly 340,000 accountants and auditors in the United States have left their jobs in the past five years, which equates to a decline of 17%. Perhaps not surprisingly, our Q1 2024 Insurance Labor Market Study saw recruiting difficulty for accounting positions reach its highest level in the study’s 15-year history.

The current hiring environment requires swift action to secure top talent. Companies are streamlining their recruiting processes and expediting offers to ensure they don’t miss out on the right candidates. This accelerated timeline places added pressure on hiring managers and recruiters to conduct thorough interviews that accurately gauge a candidate’s fit in just a few interactions. In this edition of Recruiter Report, we’re answering the question, What are the most valuable questions to ask during an interview?