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The Changing Face of Insurance: The Industry's Hiring Outlook for 2008
Contributed by Martin E. Murphy, CPCU, SVP of The Jacobson Group
The insurance industry is experiencing a makeover. Transformations in the industry's workforce and workplace are inevitable. This year, focus on embracing change, rather than fighting change, to progress in your career. Take a fresh look at industry trends as well as how they affect your career growth and personal goals.
The career landscape looks completely different than it did ten years ago. Four generations are currently in the workforce (traditionalists, baby boomers, Gen-Xers and millennials), and insurance organizations are beginning to transform along with their employees. Some of the signs include employers offering telecommuting options, placing an emphasis on work-life balance, and weighing ethics and soft skills almost as heavily as technical skills in their interview processes.
What do these industry changes mean for you? Are you launching a job search this year? Curious if your organization's goals for 2008 match up to the rest of the industry's? The Jacobson Group recently surveyed insurance organizations nationwide about the industry's current hiring outlook and trends and would like to share the results.
Most companies anticipate moderate to significant growth this year. However, only half of the companies surveyed plan to increase their staff size. Don't let those numbers fool you. Though there may not be a wealth of newly-created roles, there will be open positions due to attrition and retirement. To adapt to this anticipated growth, current roles will be broadened and responsibilities will be added.
Despite the tightening of the labor market, only fifty percent of respondents indicated a company-wide effort to attract new college graduates. Once millennials graduate college, they will be the largest generation the workforce has ever seen. These young professionals are the industry's future CEOs. Companies that place an emphasis on recruiting, training and developing this generation will transcend as industry leaders and employers of choice.
Many factors attribute to the tightening insurance talent marketplace.
- The baby boomers are exiting the workforce and Generation Y is entering. Each generation has different expectations of their careers, employers and co-workers. Companies must understand these differences and learn to accommodate for them. Additionally, it is necessary for employers and employees alike to embrace the differences each generation brings to the table. This diversity of ideas and insights is a great asset to the industry.
- The softening of the insurance marketplace, coupled with the shrinking workforce, yields a shortage of qualified applicants.
- Increased competition for top performers has led to increased salaries. Compensation is not limited strictly dollar amounts. Younger generations can be won over by perks such as casual days, flexible work hours and employee gym memberships.
- There has been a decrease in company loyalty and an influx of "job hoppers" over the past few years. A successful human capital management strategy extends beyond recruitment to development and retention. Companies that demonstrate their dedication to their employees' career success will reap the rewards of not only a skilled staff, but a loyal one as well.
In a tightening market, how can you stand out as an exceptional candidate? From a corporate perspective, what are ways that your organization can attract and retain qualified professionals across all generations? In this series, "The Changing Face of Insurance," we will explore ways to stay ahead in a dynamic workforce.
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