Insurers are finding it difficult to hire new talent, with nearly half saying they’re struggling more than ever.
Insurance jobs have become increasingly hard to fill in recent years and while a number of industries are finding that the hiring challenges are starting to ease, that is not the case among insurers.
In fact, some insurers are claiming that this has become their most challenging recruitment period ever.
According to a recent Forbes report, nearly half of insurers have cited greater challenges in filling insurance jobs now than they ever have. Moreover, despite the fact that there has been some progress, firms are still lacking diversity. Less than 1 in 4 entry-level roles and only a tiny 8 percent of senior and executive positions are currently held by ethnically and racially diverse professionals, according to Deloitte data.
As a result, insurers are finding themselves in a position in which they must rethink their recruitment strategies in order to be sure that positions are filled, and that their workforce is built with diversity, equity, and inclusion (DEI) as a top priority.
Insurance jobs have become extremely hard to fill as the industry has failed to show what it has to offer.
The industry is among the most aged in the country. Insurers are scrambling to hire younger talent, but have yet to put their finger on the best way to build excitement about working within this industry. This is particularly true with a reputation of being filled with aging employees. The pandemic only compounded the hiring struggle.
Claims fell notably during 2020 and 2021, which temporarily eased the strain, as fewer staff members were required to handle them. However, since last year, as activity has returned closer to normal levels, many firms are now scrambling to find people to fill their many empty spots.
The labor market is already a competitive one, but insurance jobs are particularly difficult to fill as the appeal among young work seekers for employment in the industry just isn’t there. The number of open positions in this industry has exploded and companies haven’t been able to keep up their hiring pace with the rate of outgoing employees, let alone with newly formed needs. As a result, insurers are getting creative with the types of benefits they are offering their staff and are seeking new ways to boost their reputation as a great place to work.