The insurance industry’s “war for talent” continues to heat up. No longer just a long-range concern, insurance organizations are now face-to-face with a perfect storm of labor market challenges—from an aging workforce and impending wave of retirements to an increasingly shallow talent pool. In fact, recent estimates show that the insurance industry will need to add 400,000 open positions to its bench by 2020 in order to remain fully staffed.
The true underdog of recruiting is recruitment process outsourcing (RPO)—a powerful tool that is under-utilized and overlooked despite the industry-wide talent crisis. Some organizations ignore RPO’s robust benefits due to a fear of the unknown or a perceived loss of control. Others are unnecessarily anxious that an RPO partner could fail to fully understand their needs or would be more expensive than keeping recruiting in-house.
The hiring process is a two-way interaction. Knowing and understanding how to best anticipate your candidates’ not-always-transparent thoughts can help give your organization the upper hand when securing the best talent. In order to create long-standing, genuine relationships with candidates, it is extremely important to put yourself in their shoes. Take a look at your hiring process through your candidates’ eyes. This will allow you to better address their concerns before they are brought up.
The insurance industry stands amid a rapidly evolving talent market. Organizations are now face-to-face with the rise of virtual training, the push for inclusivity and the growing importance of the employee experience. Is your company prepared?
It is my pleasure to introduce a guest blogger for this latest post. Jaime Elgas is an engagement director with Jacobson’s insurance executive search practice. Her insights into interview best practices are worth a read. Enjoy…
You’ve put together a carefully worded job description. You’ve closely vetted each job applicant and determined your top candidates. Now it’s time for the interview. For many organizations, this step in the process can be tricky. According to a recent study, today’s business interviews are often ineffective. In fact, a study on predictors of job performance found that the typical interview increased the likelihood of choosing the best candidate by less than two percent versus no interview.