In December, the U.S. economy saw total employment drop for the first time since April, following several months of slowed job growth. However, the insurance industry ended the year strong, adding 4,900 jobs in December, for a total of 26,400 net new jobs in 2020. Industry wages continued to increase year-to-year and insurance unemployment remained low, rising just 0.2 percentage points.
As we enter 2021, business leaders are tasked with providing a sense of stability and direction amid much uncertainty. Modernization projects are moving forward, remote work is still the norm, and the line between personal and professional continues to break down. Strong leadership is vital for success in 2021. Those at an organization’s helm must inspire innovation, foster growth and serve as a north star for their employees.
The past year was one of ongoing change, redirection and flexibility. Insurers faced many challenges and had to evolve their ways of operating, communicating and servicing customers. As we enter 2021, priorities are continuing to shift and companies are adjusting their talent strategies to be most impactful.
There’s no doubt all individuals have been affected by the past year’s events in a variety of ways. Especially as many employees begin to experience “pandemic fatigue” and some regions are again tightening restrictions, it’s important to ensure current practices are still working. Now is the time for insurers to rethink all areas of business, including how they engage and energize their employees.
As we approach the end of 2020, most insurers are preparing for annual reviews and beginning to set goals for 2021. The past year brought about many changes, and it’s likely your team’s projects and priorities evolved along with the shift in work dynamics. Day-to-day responsibilities were redefined, individuals had to lean into remote work, and many were dealing with unforeseen personal circumstances. Effectively evaluating employees’ performance and setting goals for the new year in such a tumultuous and unpredictable environment can be a challenge.