Recruitment has been a struggle across many industries, including insurance.
Though insurance industry employment rose 1.83% in 2022, there were still 386,000 open jobs by the end of that year and a 14.7% turnover rate, with most of that turnover being voluntary. Economic challenges and a shift in working culture have become significant challenges for many insurance carriers to adapt to, impacting the hiring process. The industry is also aged, with many organizations struggling to appeal to a younger talent pool. As such, the need for more strategic recruitment practices and creative benefits has become instrumental in attracting and retaining new candidates. Here are some ways new solutions are helping improve the recruitment process in insurance.
Technology has revolutionized the job search and hiring process. Other than enhancing the job search process through online platforms for job listings, recruitment and management technology is crucial for optimizing recruitment strategies.
Data-driven insights can help you understand your talent pool and what they want from the company or what needs improving in your hiring procedures. Leveraging technology can lead you to potential agents who can interact and connect with customers while staying compliant with regulations and policies. When it comes to recruitment in insurance, finding the right people can be transformative for the whole organization.
Even with solutions that can give recruitment efforts a wider reach, finding a top candidate isn’t a guarantee. As such, many organizations use recruitment solutions from hiring services to connect them to highly skilled, qualified, and diverse talent that suits their business’s needs. Solutions such as permanent placement to recruit long-term talent, Managed Recruitment Experience for urgent hiring, professional staffing for short and medium-term working periods, and more can help insurers find the best candidate for the job and take care of the whole placement process.
Not only do insurers benefit from filling out jobs, but these services also aid with preparing for economic uncertainties, minimizing time-to-hire and recruitment costs, and navigating skill shortages. Many organizations trust these services in various sectors, such as human resources, IT, finance and accounting, engineering, and more. Since finding qualified talent is crucial for these industries, insurance companies can be assured that these recruitment solutions can also help with their needs.
Work culture has shifted significantly over the past few years, with greater emphasis being put on employee well-being and work-life balance. Enhancing these aspects of the workplace can help insurance companies attract more people looking to find a stable job without sacrificing their time and health to a detrimental degree. Insurance agencies can offer flexible work hours, work-from-home, or hybrid options to appeal to more candidates with varying needs. Some companies have also increased pay to adjust to economic struggles and make a job listing more attractive.
Mental health and wellness initiatives or benefits can also appeal to candidates and help retain your current staff. Working in insurance is a challenging job, involving a lot of time and effort to find leads, build relationships, and make sales, but ensuring potential and current employees are taken care of can help boost recruitment and workplace culture.
Diversity has become a significant hurdle for the insurance industry to overcome. Less than one in four entry-level jobs are filled by ethnically and racially diverse professionals, and only 8% make up senior and executive roles. Diversity, equity, and inclusivity are becoming top priorities for candidates, especially with younger generations who want to feel welcomed and represented at work.
By weaving diversity into the recruitment process, your company can help establish a new talent pipeline and remove workplace barriers. Insurance agencies can strengthen diversity initiatives through programs like internships or apprenticeships. This can help foster innovation and grow a diverse talent pool. When candidates see themselves represented and thriving in your insurance agency, they’ll be more likely to consider a position based on their observations surrounding inclusion.