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.
For more highlights, download the full insurance labor market study results summary. For commentary, view the recorded webcast.
The study’s next iteration will occur in January 2018. To participate, visit http://jcbsn.gr/2vI7rl0 or contact Vince Albers of Ward Group at firstname.lastname@example.org.