The insurance industry’s unemployment rate dropped a full percentage point to 1.9% in September, reaching its lowest since the start of the pandemic. However, while the unemployment rate is low, industry employment also continues to drop. This is likely due to the complexity of the job market, and the effects of not only the Great Reshuffle, but also the Great Realignment. As vaccine mandates are implemented within some organizations and we enter the winter months, individuals are likely to continue adjusting their priorities, expectations and goals.
For most insurers, the hiring process continues to be primarily virtual, bringing with it new obstacles and best practices. Candidates expect streamlined experiences tailored to the remote environment and have become less forgiving of avoidable missteps. Employers must be strategic about engaging candidates at every touchpoint, and presenting open roles and their organizations in the best light possible.
Topics: Recruiter Report
The insurance industry saw unemployment drop from 4.2% in July to just 2.9% in August. This came with a slight decrease in industry jobs, continuing a five-month decline. While the Bureau of Labor Statistics reports industry employment is just shy of where it was one year ago, our Q3 2021 Insurance Labor Outlook Study indicates growth in the coming year; 93% of insurers plan to maintain or increase their staff sizes in the next 12 months.
As catastrophe season continues, insurers are responding to recent devastating events while also preparing for what the next few months may bring. The year has already seen hurricanes, earthquakes and wildfires, meaning the ability to adapt to increased workloads has become a vital part of insurers’ claims management strategies.
As we move through the second half of 2021, insurers’ employment outlooks remain strong. Our recent Q3 2021 Insurance Labor Outlook Study, conducted in partnership with Aon plc, found 93% of insurers plan to increase or maintain their headcounts in the next 12 months.