The insurance workforce has gone through a number of significant shifts in the past year and a half. As physical offices begin to reopen and insurers move forward into the next normal, we’ve seen increased competition for talent. It’s a fitting time to reassess how your department is retaining its employees and accommodating a multi-generational workforce. The oldest members of Generation Z are settling in to their first professional roles, and as a result, five distinct generations are working side-by-side, each with unique needs, motivators and values.
By now, most professionals are familiar with the term, “the Great Resignation.” As physical offices begin to reopen and the economy continues to rebound, the overall rate of quits in the United States was at a record high in April*. Within insurance, while relatively high, the rate of quits was still slightly below that reported for August 2020 and January 2021. “The Great Reshuffle” seems to be more appropriate for the current reality of the insurance industry.
The pandemic has caused a lasting shift in candidates’ work priorities. Even as physical offices begin to reopen, employers must adjust their expectations around recruiting and be more strategic and creative regarding requirements for a role. Our professional recruiting team speaks with candidates and insurers on an ongoing basis, keeping a pulse on the shifting environment. In this edition of Recruiter Report, we’re discussing a question we’ve heard frequently in the past few months: How likely is it a candidate will relocate for a position?
Topics: Recruiter Report
Unemployment for the insurance carriers and related activities sector rose slightly in May to 2.5%. While the insurance industry as a whole has lost 15,000 jobs since February, the average unemployment rate for 2021 so far is a mere 2.3%. Property and casualty, and life and health carriers have seen the bulk of the job losses at 4,000 each.
Most insurance professionals will agree that a diverse, inclusive and equitable workforce is essential; however, progress toward making this goal a reality has been slow. In the past decade, the number of Black individuals working in insurance rose by just 3 percentage points, to 12% in 2020. This lack of diversity is especially apparent within the C-suite and other leadership roles. According to Reuters, only three of 168 senior executives and 13 of 119 board members at the top 10 U.S. insurers and brokers (by market value) are Black. There is still much work to be done; yet many organizations are often unsure of where to begin or how to make a meaningful impact.