We just released the 2016 Insurance Industry Survey. We talked directly to over 70 companies and uncovered some fantastic information that will help insurance employers get a real picture of what is going on in their quest to find great insurance talent.
What separates this survey from most is the fact we talk via phone to hiring managers, human resource professionals and talent acquisition managers in insurance companies, agencies, brokers, third party administrators and managing general agencies. We appreciate all the candid comments because over the last eight years it is this information that allows us to share the good, bad and ugly when it comes to the recruiting of actuaries, underwriters and nurse case managers.
After evaluating this year’s data, we found some very interesting trends when it comes to finding and hiring qualified insurance talent. On pages 8-9, we give you the top ten hiring challenges facing employers.
We also listened to what our surveyed employers told us when we asked them what they thought was really preventing them from hiring talent and what they would do to fix it. We heard some very valuable information and compiled the top three things insurance employers would do to make better and more hires:
1. Make the recruiting process shorter.
By far the number one suggestion we heard. Many companies told us their recruiting process is so long and time consuming that by the time they scheduled all interviews, background checks, offers and two week notices, they were losing key candidates to the competition or change of mind. One company told us (top 25 carrier) that over the years they developed the philosophy that they were not going to “beg” candidates to work for them and therefore everything they did in the recruiting process was on their time frame. It caused specific jobs to be open for months. They made one change. Once they identified the correct person, they treated them like a rock star and sold the position from first interview to offer. This had a dramatic effect on increased employment.
2. Increase Recruiting Budget.
Not only increase the budget but evaluate the resources they are currently using to see how they can maximize their budget. Source of hire is a very hard thing to measure in today’s world even with all the technology that is available. Some larger companies are getting with their internal marketing departments and out finding success in expanding their budget by tapping into the expertise in this area.
3. It may be time to look at salary grades and benefits.
Many companies got rid of benefits like tuition reimbursement, retirement plan matches and low monthly employee insurance costs. Wage stagnation is a national theme. For key talent, many insurance companies lose the candidate because they just can’t make a competitive offer. One employer who tried to change a salary grade for a candidate they really needed was unable to get this done quick enough and was unable to make the hire.
I hope you enjoy the report and gain some good insight. We really appreciate all the companies that talked with us and allowed us to share this information.