Having weathered the recent “Great Recession” with its record unemployment rates, company downsizings and mass professional lay-offs, the industry now comes face-to-face with a new challenge. Drastic labor market changes are poised to transform the industry’s leadership landscape during the next 10 years. Already, organizations are beginning to experience an ever-expanding skills gap at the executive and management level—a gap that is only expected to grow in the coming years.
The actuarial profession continues to face a period of drastic changes. From market evolutions— including the introduction of more stringent regulations—to talent transformations, including the increased popularity of science, technology, engineering and mathematics (STEM) degrees, these shifts are having a drastic impact on the supply and demand of actuarial professionals.
The post-recession recovery has seen monumental growth within the insurance industry. In fact, according to a recent PropertyCasualty 360 article, the industry has added more than 100,000 new jobs in roughly five years. The industry’s historical vitality is helping to make an insurance career more appealing to job seekers looking for stability in the wake of the recent downturn.
This blog entry is part two in Jacobson’s Insurance Recruitment and Selection series, which provides insights into updated recruitment and selection processes and strategies for the modern workplace.
The insurance industry is enjoying a return to its pre-recession strength. Low unemployment rates and positive revenue growth projections are resulting in an increased focus on building staff. Today, more than 66 percent of insurance organizations are looking to increase their staff—the highest percentage reported since the economic downturn in 2009. But what exactly is driving this renewed focus on hiring? What are the key motivators behind today’s insurance hirings?
The results from our latest Semi-Annual U.S. Insurance Labor Outlook Study are here! Check out the latest insurance industry statistics to learn what hiring and revenue trends you should be on the look for in 2016.
Currently the U.S. Bureau of Labor Statistics (BLS) is reporting insurance unemployment at 3.0 percent in February—with predictions forecasting the rate will hover between one and three percent throughout the year. This is a marked difference from the high of ten percent in October 2009. As the industry “bottoms-out” in terms of unemployment, it is becoming clear that insurance organizations have finally returned to full employment levels.