As workforce dynamics evolve, professionals’ priorities and expectations have also undergone shifts. Throughout the past few months, we’ve polled our LinkedIn audience on a number of talent topics, including their sentiments around exploring new roles, work flexibility and more. Consider the below information as you build out your own recruiting strategies in today’s landscape.
The insurance labor market remained stable throughout the first month of 2024. Notably, January hit a record high of 3 million jobs in the insurance carriers and related activities sector. Revised numbers* from the Bureau of Labor Statistics reflect the 2023 average monthly employment for the industry was 2.96 million – 34,000 more positions than previously reported. Additionally, industry unemployment dropped 1.1 points from December, to 2.3%. Meanwhile, the overall U.S. economy’s unemployment rate is 3.7%, marking 24 consecutive months under 4%.
The Jacobson Group is proud to be a co-founder of the Insurance Careers Movement, a grassroots initiative committed to inspiring young people to choose a career in insurance, sharing what makes the industry a great place to work and retaining its emerging leaders. More than 1,000 global industry organizations have come together to support this movement. And, as you may know, February marks Insurance Careers Month, the hallmark event of the Insurance Careers Movement.
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.