Competition for talent continues, with job openings in finance and insurance reaching a record level of 401,000 in June*, surpassing January’s revised record of 376,000 (originally reported as 411,000) and contributing to an average level of 367,000 open roles for 2022 so far. Comparatively, the same timeframe in 2021 (January through June), saw an average of just 252,000 open positions.

In today’s business climate, an organization’s vitality rests upon its leaders’ ability to evolve, rise to meet new stakeholder demands, and navigate shifting challenges and priorities. However, traditional career development plans have placed strong emphasis on an employee’s technical skills, overlooking the interpersonal and leadership skills that are necessary for success.

While insurance unemployment continued to rise in June, the industry has added nearly 30,000 jobs since the start of the year. Within the larger finance and insurance category, job openings remain elevated amid a challenging recruiting climate. Additionally, pay continues to be relatively high for carriers although overall wage growth appears slightly slowed.

We’re continuing to see a realignment within the industry as insurers establish more finite parameters around long-term work environments and professionals evaluate their personal and professional needs. We invite carriers to share their expectations for the next 12 months by participating in our Q3 2022 Insurance Labor Market Study.

The market has shifted in the past few years and recruiters and hiring managers are evaluating how they approach recruitment in order to remain competitive. Our team regularly talks with insurance leaders from around the industry, granting us a unique perspective on pressing talent topics. In this edition of “Recruiter Report,” we’re discussing the stigma around turnover and its place in the current market, answering the question, Is job hopping a deal breaker?

As the candidate’s market continues, insurers are adapting their talent plans to best meet the needs of their employees and customers. A low unemployment rate and high number of open insurance roles have given candidates the upper hand in terms of recruitment, with job seekers often receiving strong offers from multiple companies. As organizations recalibrate their total rewards packages to accommodate shifting employee expectations around flexibility, work environments and compensation, contingent labor programs are also being impacted. Here are a few areas to consider as you optimize your contingent labor plans for the current environment.