Organizations are continuing to navigate new challenges and enter uncharted territory as we move toward 2023. To help leaders gain a better understanding of the current talent marketplace, we’ve polled our LinkedIn audience on a number of timely talent topics. Below is a compilation of the results and a snapshot into the industry’s take on a variety of issues.
As insurers aim to expand their talent pools, focusing on a candidate’s skills over experience is becoming more common. 57% of organizations have placed more emphasis on recruiting for skills in the last year than they previously did.
In the candidate’s market, recruiters and hiring managers have had to re-evaluate how they approach recruitment in order to remain competitive. While job hopping may have previously been seen as a red flag, 26% of respondents noted it does not impact their hiring decisions. 68% said they would ask the candidate to explain and 6% shared they would immediately pass on the individual.
With a competitive labor market and high demand for top talent, many insurers are experiencing a rise in counteroffers. 45% of respondents noted they have been successful in countering a counteroffer from an individual’s current employer while 41% shared they have not.
Counteroffers have become more common as organization’s aim to retain their talent. However, while preventing incumbent employees from leaving often seems like a win, their success in terms of long-term loyalty is debatable. 65% of respondents feel counteroffers are only successful in retaining employees short-term.
The industry is experiencing continued movement across all professional levels; however, just 12% of individuals feel their organization is prioritizing succession planning and 70% say their organization is not.
Despite a challenging labor market, 76% of professionals shared their organizations do not have formal retention plans in place.