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Insurance Industry Will Have to Raise Salaries, Report Says

by Precise Leads

January 22, 2019

To secure top talent, insurance companies will have to raise salaries commensurate with other industries.

Insurance recruiting firm Jacobson has put out a Talent Trends Guide for 2019. The guide blueprints what firms will need to do to attract quality talent. Here are the guide’s central findings.

It’s a Job Seeker’s Market

A good economy with low unemployment and increasing retirement means it’s a candidates market in the insurance business. Prior recruitment strategies may not be aggressive enough to lure and retain top talent accustomed to being courted. 63% of insurers plan to increase their staff sizes in the next 12 months.

Casting a Wider Net

In order to acquire top talent, recruiters in the insurance industry will have to look outside the industry and find candidates with transferable skills and experience and can learn on the job. Finding candidates willing to relocate or work remotely may be necessary.

Salaries Should Rise

Salaries in the insurance industry have been rising, but only at a fraction compared to the increases in the general economy. Employees show willingness to make a career choices and changes when the incentives exist. The insurance industry will have pay higher salaries in order for young candidates to choose a career in insurance and also for older candidates to make mid career changes into the industry.

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Embracing the Gig Economy

Relative to other industries, the insurance industry hasn’t adapted to the gig economy. Integrating a temporary workforce will be critical. Few insurance companies report having a process to hire, onboard and nurture a temporary worker.

Importance of Soft Skills

With AI technology handling more menial tasks in the insurance industry, soft skills become more important. Employees must be able to communicate and collaborate. An employee with a strong set of soft skills is much more likely to be hired and promoted.

A New Type of Leadership

Leaders in the insurance industry will have to have more than experience. They will need to possess the ability to inspire.

Modernization

A major challenge will be mentoring employees through the industry’s technological changes. This will require leaders to communicate clearly and create training programs and proceedures to adapt employees to the new landscape.

New Outreach

Recruiting top talent will take more than posting jobs. Candidates care about a company’s reputation. Insurance companies will have to tell a story about their mission and culture and use social media to get the message out. 69% of job seekers would not take a job from a company with a bad reputation – even if unemployed.

View the full Jacobson report here.

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