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Yes, it’s a competitive labor market for insurance! So what’s your plan?

 

The Bureau of Labor Statistics reported that the unemployment rate for finance and insurance was 1.6% in May (https://www.bls.gov/iag/tgs/iag52.htm) , which is a virtual non-existent unemployment for the industry when you think in terms of hiring and is well below the national average for all sectors which stands @ 3.9%.

A recent Insurance Journal survey also indicated that over 60% of insurance employers plan to continue with new hires in 2019. When we combine organizational growth with a shallow pool of talent and historically low unemployment, we get a very competitive labor market. 

Thus the question is – are you using the same old hiring techniques to find AND secure talent or have you adapted to this market? If not, below are a few points that might give food for thought.

Recruiting resources: niche oriented recruiters, social media (i.e. LinkedIn, Indeed.com, Facebook, etc.), referrals (from your employees and industry contacts), career sites/job boards, talent fairs and industry trade groups and traditional media/ads. 

Recruiting process: the old adage says “90% of recruiting is in the recruiting process” and what this means is – understand your culture and how that plays to prospects, have a clear job description to present, lay out and stay committed to the interview process ( # of meetings, testing and timeframes for feedback and offers) and when it’s time for that offer…put your best foot forward (remember, in this market all candidates have other options and most likely will receive a counter offer).

Benefits we are seeing to attract new talent include (in addition to higher wages):

  • Increased health and retirement benefits

  • Flex hours/work from home options

  • Increased vacation time/charitable & community hours

  • Tuition and continuing education assistance

  • Maternity and paternity leave

  • Wellness programs (fitness, day care, employee outings and bonding programs)    

If you would like to discuss the above article or your insurance recruiting needs, please feel free to reach out to me at:

Dan Rogan, President

The Rogan Group, Inc. – Risk & Insurance Management Recruiting

800-440-0082 or drogan@rogangroup.com

www.rogangroup.com