Similar to December 2022 (which saw an unemployment rate of 3.5% that quickly fell in the following months), December 2023’s unemployment rate increased to 3.4% for insurance carriers and related activities. Despite this rise in unemployment, the industry added 4,500 jobs last month, contributing to a total gain of nearly 40,000 jobs in 2023. Open jobs in the larger finance and insurance sector also remain strong at 290,000.

In today’s environment, creating an engaging employee experience that transcends geographic boundaries and asynchronous schedules has become a priority for many insurance leaders. In our recent issue of Compass, Corey Pinkham, senior vice president, and Brett Carter, managing director and vice president, share how to cultivate a work environment that positively impacts each individual.

The overall U.S. labor market remains strong as we close out 2023, exceeding some economists’ expectations. November saw a 0.2-point drop in the U.S. unemployment rate and the addition of nearly 200,000 total jobs. Within the insurance carriers and related activities sector, unemployment increased slightly, yet remains low at 2.1%. Of note, the larger finance and insurance sector experienced a drop in open jobs following three months of growth; yet this number continues to fluctuate, with a high 2023 annual average of 355,000 open roles. 

While the unemployment rate for insurance carriers and related activities rose slightly in October, it remains low at 1.7%. At the same time, job openings for the larger finance and insurance sector are at their highest level since July 2022, reaching 479,000 in September* (nearly 200,000 more open positions than reported for September 2022, which saw a notable drop). Even as overall movement within the industry appears to be stabilizing, low unemployment and an abundance of opportunities means there’s continued competition for talent, making retaining current employees even more important. 

With the pandemic ushering in new workplace dynamics, a comprehensive onboarding strategy tailored to virtual environments is critical. It's a chance to lay the groundwork for the knowledge, connections and sense of belonging that will set an employee up for success throughout their tenure.