The insurance industry talent crisis has finally come to a head. Despite years of warning and research, many organizations viewed the talent crisis as a long-range concern on the distant horizon. Unfortunately, they are now coming face-to-face with a real war for talent. The insurance industry, in particular, is feeling the impact of the tightening labor market.
Today’s insurance organizations are facing a perfect storm of talent challenges. An aging workforce, impending wave of retirements and a rapidly growing labor gap are creating an unprecedented talent shortage. In addition, the industry is facing a push for increased staffing. This is being driven by a need to fill the growing skills gaps, sheer replacement of critical positions in the wake of turnover and retirements, and a focus on staffing for future organizational goals.
Unfortunately, as insurance organizations focus on developing and growing their staffs, the industry is set to face an increasingly challenging talent recruitment market. This growth focus coupled with continued low unemployment and a severe lack of incumbent talent is pushing the insurance labor market over the edge.
The need for an industry solution is real and immediate. Amid what is being considered one of the most competitive recruiting environments the industry has every faced, insurers must take a hard look at their current recruitment and hiring strategies. Only those organizations that embrace a new way of thinking about recruitment and selection will be able to find success in today’s talent reality. In our latest edition of Compass, Jacobson Engagement Director Abbie Fleming shares insights into recruitment and selection best practices and strategies to enable insurance organizations to weather the growing talent storm.
For insights on the importance of revamping your recruitment and selection strategy along with an update on the insurance industry's talent market, download Compass.