As the candidate’s market continues, insurers are adapting their talent plans to best meet the needs of their employees and customers. A low unemployment rate and high number of open insurance roles have given candidates the upper hand in terms of recruitment, with job seekers often receiving strong offers from multiple companies. As organizations recalibrate their total rewards packages to accommodate shifting employee expectations around flexibility, work environments and compensation, contingent labor programs are also being impacted. Here are a few areas to consider as you optimize your contingent labor plans for the current environment.
Industry unemployment remains low, and while May saw a decrease in employment compared to April, insurance has gained more than 17,000 new jobs since the start of 2022. Movement persists with both quits and job openings remaining high.
As comfort levels increase, in-person conferences and networking events are picking up pace across all industry sectors, enabling professionals to convene on a large scale. Insurers are also more firmly developing their plans and expectations for moving forward. We’re seeing organizations determine their longer-term work environments – whether it’s virtual, in person or hybrid. While acknowledging individual employees’ preferences and needs continues to be important, many organizations are more clearly defining these parameters. As a result, the industry’s reshuffling will likely become more of a realignment, with professionals seeking out the organizations that best meet their desired work styles.
The talent landscape continues to shift and present new challenges for insurance leaders. From the abrupt adoption of remote work and a focus on contingency planning at the start of the pandemic to the current “Great Reshuffle” (and potentially “the Great Regret”), ongoing evolution and real-time learning have been key themes throughout the past two-plus years.
The health insurance industry is facing a number of unknowns while continuing to evolve in the pandemic’s wake. Our team has frequent conversations with health insurance leaders across the country, keeping a pulse on how they are preparing for the unexpected, while accommodating the needs of both their employees and members. Below are a few key areas that are on our radars as we approach the second half of 2022.
April saw strong job growth in the insurance labor market with the addition of nearly 20,000 jobs, according to the Bureau of Labor Statistics. Unsurprisingly, the unemployment rate for insurance carriers and related activities continued its steady decline since February, dropping to just 1.4% in April. Unemployment held steady at 3.6% for the overall U.S. economy, hitting 15-months of steady job growth. With reports wage growth isn’t keeping pace with rising inflation, we’re continuing to see many clients rethink their compensation and overall retention strategies. For more on comprehensive retention strategies, view our latest white paper: Retaining Top Talent in Today’s Competitive Labor Market.