The insurance labor market continues to evolve. Insurers are undergoing a realignment, as they establish how their businesses will operate long-term, following the disruption of the pandemic. At the same time, the talent shortage persists and an already challenging recruiting climate is compounded by shifting employee expectations, hybrid environments and reestablished priorities. It’s necessary for organizations to lean into the evolving landscape and redefine how they attract the right talent to move business forward.
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.
For years, the insurance industry has explored how to best recruit and engage young professionals. Millennials have long been the focus of these conversations; yet, the oldest Millennials are now in their early 40s and stepping into more senior- and executive-level roles. Generation Z is the newest generation to enter the workforce and brings its own distinct characteristics, work styles and expectations.
Throughout the past year, insurers have faced a tight – and often tumultuous – labor market. More seasoned professionals are continuing to retire, individuals of all levels are leaving the workforce amid “the Great Resignation” and we’re experiencing “the Great Reshuffle” of talent. Our recent Q1 2022 Insurance Labor Market Study indicates the recruiting climate has reached record difficulty and will likely become more challenging as we continue through 2022.
Entering 2022, we mark nearly two years of adapting to the effects of the COVID-19 pandemic. Shifting employee expectations and long-term virtual and hybrid work environments, along with a tight labor market, will all impact how insurers approach their talent strategies in the new year. Below are a few of the key trends we’re anticipating. To read more, download our complete 2022 Insurance Talent Trends Guide.