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.
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.
Topics: Labor Market, PULSE
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.
Topics: Recruitment
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.
Topics: Labor Market, PULSE
Recruiter Report: Engaging New Hires Prior to Their First Day
Posted by The Jacobson Group on Jul 6, 2023 9:57:53 AM
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?”
Topics: Recruiter Report