What it takes to hire insurance talent in today’s job market

Dear Mary,

Your team is recruiting every day, not only for our vacancies, but for positions across the country. I’m curious what you see with:

  • Willingness (or not) of the candidate to move to a new employer;
  • The motivations that lead to the change of employment; and
  • What is important to job seekers when exploring job opportunities?

I appreciate your time to help us understand the market there. ~ HR Director

Commitment of candidates

The will is a commitment. Do insurance professionals apply for jobs? Will they respond to direct messages? Will they seriously accept an offer? The answer is “yes” if several factors align:

  1. Job announcements: Brief, informative, and engaging job postings with simple calls to action – how to apply, how to learn more about us, and how to contact us – attract job seekers.
  2. Direct solicitation: Experienced insurance professionals engage in unique and compelling career opportunities.
  3. Process: Insurance professionals have little patience for disorganized businesses. The more efficient your recruitment process, the more you will attract and hire the best talent.

Takeaways:

  • Do we track and review job posting performance data?
  • Is our writing style appropriate for our target audience?
  • Are we getting the right ROI on paid job boards?
  • Is our LinkedIn Inmail response rate satisfactory?
  • Are we building, updating and engaging a candidate database?
  • Do hiring managers follow a consistent, company-approved hiring process?
  • Do we communicate the whole interview process in advance?
  • Did we miss any hires because other companies moved faster?

Reason for the research

The top three reasons experienced insurance professionals start a job search:

  1. Location
    1. They want to work remotely.
    2. They want a hybrid work schedule.
    3. They want to move.
  2. Compensation
    1. They want a raise;
    2. A bonus that they can directly influence;
    3. Higher commissions.
  3. job dissatisfaction
    1. There are no short or long term career development opportunities.
    2. Their employer lacks stability, is struggling to be profitable/growing, or has a high probability of being acquired.
    3. They don’t like the corporate culture, their direct supervisor or their peers.

Takeaways:

  • Have we done enough with remote and work-from-home opportunities to significantly increase our talent pool?
  • Will our retention suffer if we don’t embrace a virtual workforce?
  • Do our careers stand out for candidates interested in advancing in our market?
  • Do we need to change our compensation structure to compete for talent?
  • Does our variable compensation program give us a competitive advantage?
  • Is our benefits package a selling point?
  • Does our PTO meet the needs of a diverse, multi-generational workforce?
  • Will candidates find more career opportunities with us or with our competitors?
  • What stats should we quote on ownership growth, seniority, retention, stability, and longevity?
  • How do candidates experience our culture during the interview process?

What candidates want and need

Spark an insurance professional’s interest in new career opportunities with:

  1. An overview of your brand identity.
  2. Insight into what makes your business and position different.
  3. An overview of the interview process.
  4. The facts of the trade.

Takeaways:

  • What are our two or three biggest hiring and recruiting challenges?
  • Are good leaders consistently engaged in talent acquisition strategies?
  • Can we solve this problem on our own or do we need outside expertise to help us?

Topics
Development of talent training

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