As we move through the second half of 2021, insurers’ employment outlooks remain strong. Our recent Q3 2021 Insurance Labor Outlook Study, conducted in partnership with Aon plc, found 93% of insurers plan to increase or maintain their headcounts in the next 12 months.
There’s currently a severe talent shortage across all industries and insurance is no exception. Despite the pandemic, the insurance carriers and related activities sector has added nearly 16,000 new jobs since March 2020 and has continued to experience a low unemployment rate, according to the Bureau of Labor Statistics. One of the areas where the talent shortage is highly noticeable for many insurance organizations is underwriting.
As hiring managers evolve their recruiting processes to accommodate today’s primarily virtual work environment, they must also account for employees’ changing needs. Ninety-six percent of HR leaders say creating a great employee experience is becoming increasingly important, impacting not only retention, but the organization’s bottom line. However, exactly what individuals desire from a company is shifting, especially in light of COVID-19.
The past year was one of ongoing change, redirection and flexibility. Insurers faced many challenges and had to evolve their ways of operating, communicating and servicing customers. As we enter 2021, priorities are continuing to shift and companies are adjusting their talent strategies to be most impactful.
Keeping insurance organizations running smoothly is more important than ever, and an experienced staffing firm can be a valuable resource for filling talent gaps or handling special projects. As organizations embrace the hybrid staffing model, there are several things we recommend to help develop a strong partnership with your interim staffing partner and, ultimately, ensure the success of any project. Most of these tips can apply to internal special project teams, as well.