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Understanding the Passive Candidate

Understanding the Passive Candidate

All signs within the insurance industry indicate that we are only moving further into a bear market in terms of accessible talent. As organizations continue to respond by shoring up their vacancies, it becomes increasingly more likely that the best fit for your open positions is already employed with one of your competitors. What makes this especially difficult is that the strategies and concepts typically incorporated by internal hiring departments are built out of an active candidate approach. These systems are designed to filter jobseekers who have sought out the opportunity and submitted documentation necessary to express interest. Unfortunately, as the pool of qualified talent continues to shrink, finding the best available talent through these means is often the exception rather than the rule. In order to compete at the next level, it is essential to apply a first-rate passive candidate approach.

 

The Statistics

While there is no direct statistics regarding the makeup of the insurance industry workforce as it pertains to active and passive candidates, there are some educated assumptions we can make when considering the greater workforce statistics. According to the article Recruiting Active vs. Passive Candidates, only 25% of the fully-employed workforce in the United States could be considered truly “active.” This means just what it implies, these members of the workforce are actively looking for a new opportunity, submitting resumes and applications. The remaining 75% of the workforce falls under the “passive” category, with a fifth of those being what could be considered on the cusp. Candidates on the cusp may be more inclined to consider new opportunities but still qualify as passive since they have not made steps to pursue a change in career.

 

How It Translates

If 75% of the entire workforce is comprised of passive candidates, the current state of competition for talent indicates that this percentage is probably higher within the insurance industry. As organizations struggle to find qualified insurance professionals due to baby boomer retirement and a dearth of millennial and Gen-X talent, the most qualified candidates are those already employed and, likely, not actively seeking new opportunities. What this means is that the traditional means of seeking candidates are going to yield very limited results.

 

Landing the Passive Candidate

Without the aid of an experience recruiting partner like The James Allen Companies, it is difficult bordering on impossible for organizations to locate, much less land, passive talent with their internal systems. This lack of interaction with passive candidates often inhibits these companies with understanding the intricacies of interviewing and attracting these individuals. The primary thing to remember is that the passive candidate was not looking, implying that they are, at least, satisfied with their current position. Hesitancy and delays are quick ways to lose your chance at what is most likely the best fit for the position you are seeking to fill. You cannot approach the passive candidate with the one-sided mentality that it is them who needs to sell their skills and expertise. With the passive candidate, it is just as important that you sell the candidate on why your organization is worth them pursuing the opportunity.

 

The most important thing to glean from this information is that if you are focused on finding the best possible candidates for your open positions, your best opportunity lies in passive candidates. And the best passive candidates are sourced by professional recruiters who understand the insurance industry. Once you have access to these candidates, however, it is vital that you recognize the best way to keep them interested in your opportunity. A swift hiring process that is expedited in favor of candidates with a strong and proven track record is an ideal example of how to improve one’s odds when attempting to secure passive talent. This is the added value of skilled recruiters like those at The James Allen Companies. We can provide you with the insight unique to each candidate, giving your organization the best chance of securing them. As the talent pool continues to dry up, the stakes are only getting higher. Take the most important step toward better talent today by reaching out to us.

An Optimist’s Guide to Staffing in Today’s Market

An Optimist’s Guide to Staffing in Today’s Market

As predictions of the insurance talent shortage continue to actualize, it’s easy to become pessimistic about the prospects of meeting the increasingly complex demands of staffing in such an unpredictable landscape. This becomes a self-fulfilling prophecy of negativity, because that very pessimism often plays into the hiring process, creating obstacles where we should be finding opportunities. Granted, there are a lot of variables at play regarding the shortage in highly qualified talent, but as it stands today, many of those variables are beyond our control. What we can control is how we approach the search for the next generation of our organizations. A lot has been said regarding the evolving talent landscape as it pertains to millennials, but we’re going to focus on how we can adjust the way we can approach the hiring process regardless of which generation is being considered.

 

Semantics

The linguistic approach to staffing is reflective of the problems that originate from the start of the process. The terms used to illustrate the goals and objectives of hiring are far too often transactional, reducing the human factor. For example, a term perhaps too freely thrown around that aptly illustrates this transactional tone is “talent acquisition.” There is nothing inherently wrong with wishing to increase and maximize the talent of one’s organization; however, the word “acquisition” bears with it connotations that can leave a negative impression. The root word, “acquire,” is largely equated with gaining possession or ownership of an object. Therein lies the problem. A term like “talent acquisition” dehumanizes and objectifies people who are being acquired, marginalizing them as nothing more than possessions with no value other than the specific skillset for which they were targeted.

 

Screening “In”

One damaging artifact of the days of hiring in a bull market is the procedure of screening out applicants. This is not to suggest that a certain level of screening out should not occur, but we are no longer in a time where applicants can be screened out until only those that completely and comprehensively meet the required and preferred qualifications still comprise a healthy field of possibilities. The ramifications of approaching the screening process with the mindset of filtering only for candidates that check all boxes can be both immediate and compounding. It can initially cost an organization a great deal of time and money as they continue to search for that “perfect” candidate that, in today’s market, most likely does not exist. Additionally, the screening-out mentality can also lead to the dismissal of great young talent that will most likely go to more proactive companies with their eyes on the future.

 

Stagnation

Often, the worst thing we can do is nothing. Unfortunately, as true as this may be, it doesn’t prevent hiring managers from hesitating and not only losing talented professionals in the moment but also in the future. Paralysis by analysis is not a new concept, but in regards to hiring within the insurance industry, it is becoming exceptionally fatal. Too many talented candidates are being lost because the gauntlet of the interviewing process is lasting too long and allowing too much time for prospective candidates to rethink or, again, be intercepted by companies who understand that in an evaporating talent pool, time is of the essence.

 

In the end, it comes back to optimism. As easy as it may be to allow the prospect of a dwindling market to bring your spirits down, there is also a bevy of opportunity awaiting companies that are able to approach the hiring process with a more positive outlook. It begins with the words we use and the connotations they create around the hiring process. Optimism is vital throughout the screening process, as well. Are we looking to dismiss candidates or are we focused on finding candidates that could grow into exceptional long-term players? And finally, once a candidate or small group of candidates has been selected, is the process leading up to an offer streamlined to keep them optimistic about the opportunity, or is it a bureaucratic snail’s crawl that offers candidates several occasions to back out or be lured away? Output will always be reflective of input; therefore, it is vital that if we want to attract excited and dynamic individuals, we approach the search and hiring process with a level of optimism and excitement that encourages the results we want to see.