Insurance Labor Study Indicates Challenging Recruitment Environment
According to the latest iteration of the Mid-Year U.S. Insurance Labor Outlook Study conducted by The Jacobson Group and Ward Group, a part of Aon plc (NYSE: AON), 62 percent of companies polled intend to increase staff during the next 12 months. In addition, the Bureau of Labor Statistics is reporting the insurance industry’s employment rate at 2 percent, which continues the trend of virtually non-existent unemployment.
“We stand amid an increasingly volatile labor market,” said Gregory P. Jacobson, co-chief executive officer of Jacobson. “Growing staffing demands, low unemployment and a tightening labor pool have created the most challenging talent recruitment market in recent history.”
Some additional key findings include the following:
- Eighty-one percent of organizations expect an increase in revenue during the next 12 months. This is the first time since July 2012 that expectations increased from the January to July survey period.
- Technology, analytics and claims roles are expected to grow the greatest during the next 12 months.
- Analytics, executive and actuarial positions are considered the most difficult to fill.
About The Jacobson Group:
The Jacobson Group is the leading global provider of insurance talent. For more than 45 years, we have been connecting insurance organizations with professionals from the board room to the back room on both a permanent and temporary basis. We offer a variety of solutions including executive search, professional recruiting, emerging talent, RPO, temporary staffing, subject matter experts, and onsite and work-at-home operations support. Regardless of the need or situation, Jacobson is the insurance talent solution. Further information is available at jacobsononline.com.
About Ward Group®:
Ward Group is the recognized leader of benchmarking and best practices studies for insurance companies. The firm analyzes staff levels, compensation, business practices and expenses for all areas of company operations and helps insurers measure results, optimize performance, and improve profitability. Ward Group is part of Aon plc (NYSE: AON). For more information, please visit wardinc.com.
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