We’ve talked a lot in the past few blogs about the importance of selling candidates on opportunities at your company, but that’s often easier said than done if you don’t know what candidates want. As markets change and new generations take their places in the workforce, expectations for employers change—and it can be hard to keep up. To help you out, we’ve broken down many benefits and perks today’s candidates are looking for when seeking new opportunities.

How important are benefits?

Recent studies show that benefits are among the top factors candidates consider when looking for new opportunities, but also that employers aren’t offering the incentives employees really want.

While only 10 percent of employees said benefits are the most important factor when accepting or rejecting job offers, 80 percent said they would take a job with good benefits over one with more money and 55 percent said they would accept a job with lower pay if there were better benefits. Benefits are vital for recruitment and retention, and by keeping track of the benefits candidates are interested in, you can set your business above the rest.

The benefits candidates want

Candidates value many things in the workplace. Competitive pay immediately comes to mind, but these days, the additional benefits and perks are even more important than financial gain.

Regarding traditional benefits, 88 percent of workers say health benefits are important to them. These benefits can include medical, dental, vision or any other health-based benefit or perk. However, only 44 percent of employers actually offer these benefits. That number is even lower when it comes to mental health benefits. Only 15 percent of employers offer these benefits to their employees.

Paid time off and paid parental leave are also cited as key factors to employees looking for opportunities. We all know how important it can be to take a few days off to take care of personal or family business or just get away from the office, but unfortunately, only 36 percent of employers offer paid time off and only 13 percent offer paid parental leave. These benefits, including the opportunity for flexible schedules, are especially beneficial for those with children or other personal responsibilities.

Additional benefits candidates look for are bonuses. Just over 40 percent of employers ranked bonuses (especially holiday bonuses) as a preferred perk. Sign-on and retention bonuses can also encourage candidates to accept your offer and continue to perform above expectations for years to come.

Recruiting and keeping employees can be hard when you don’t understand what they want. At The James Allen Companies, we stay up-to-date on market trends so we always know what candidates need. By partnering with The James Allen Companies, we will help you identify the right candidates for your business and help you identify the benefits you need to get those candidates on board. Give us a call today to talk with a recruiter about attracting and retaining the candidates you need to help your business grow.

In our last blog, we talked about how to perfect your candidate pitch by writing the perfect job description. The job description is a key factor in getting candidates interested in your company’s position, but during the hiring process, every pitch matters and serves as an opportunity to sell your business to candidates.

With the US employment rate at its lowest in 18 years, we are facing a candidate-driven market with more jobs than candidates to fill them. For you, this means more competition for those star players.

Unfortunately, many companies haven’t adapted to this new market and still hire like candidates are desperate for employment. They’re not! Even after a candidate expresses interest in your company (based on that initial job description) it can be really easy to strike out and lose that candidate’s attention.

Strike One: Wasting the Candidate’s Time

There are a lot of ways to waste a candidate’s time and in this market, is that a risk you can afford?  A lengthy application and interviewing process are common ways to lose your candidates’ interest fast. Only 40 percent of candidates are willing to complete an application, especially if you are requiring them to include education and past experience while also asking for a resume.

Another way to waste your candidates’ time is to put them through the ringer of too many interviews. One, two, maybe even three interviews depending on the position could be appropriate, but the more you add, the more time you’re wasting. It’s also exhausting for candidates to take the time to attend so many interviews and potentially lose money or productivity from their current career to do so.

Strike Two: Failure to Sell the Opportunity

Don’t ask a candidate “Why do you want to work here?” Tell them why they should.

Candidates want to be sold on your businesses’ culture. They want to see that employees are staying for long periods of time and they want to know why. They want to know they’ll be listened to and understood by management. Allow candidates to meet current employees who can share their experiences at the company. Your current employees are your best testimonials and your biggest asset in the hiring process. Also, when evaluating passive candidates, realize they will have expectations for a fair and reasonable increase in their current salary.

Strike Three: Not Making A Decision

Hiring candidates can be difficult, but you eventually have to make a decision—and sooner is better than later. Candidates can tell when you’re not confident in your hiring decision. The more interviews you schedule, the longer it takes, the easier it is for them to lose interest in your opportunity.

You may have to get a little creative in regard to the type of candidate you will consider. Comparing your candidate pool to the perfect vision in your head is opening yourself up for disappointment. It’s important to remember candidates must have a reason for change. Passive applicants are open to exploring opportunities that will allow them to progress and grow their career. If the position they are evaluating is exactly the same as they have, then it will be difficult to secure their services.

Just like in baseball, hiring can be “one, two, three strikes you’re out.” Just like you are judging whether or not a candidate is right for your business, they are evaluating whether or not you are right for them. You sold them on the initial pitch, but you have to keep the momentum moving forward throughout the hiring process to make sure you don’t strike out.

The James Allen Companies works with you diligently to identify, evaluate and secure passive, qualified insurance talent. Call us to discuss your staffing needs.

Last December we published an article titled “Our Last Word on Millennials.” And we meant it. If you haven’t already gone through the process of addressing your hiring processes and adjusting them to target millennials, you’re too late. This is not to say that there still isn’t a vital need to continue to develop hiring practices that are designed with millennials in mind, but millennials no longer represent the incoming class of young insurance talent. Generation Z is matriculating as we speak and entering the workforce with a set of skills and ideas that won’t readily mesh with millennial-focused recruitment efforts (and don’t even think about refurbishing your Gen X practices for this group).

For forward-thinking companies who recalibrated to attract generation viewed as the polar opposite of the baby boomers, their millennial recruiting victories may be short lived. Now, as the economy flourishes and the job market begins to favor jobseekers, a new hurdle is keeping the talent that they worked so hard to attract. When considering how to retain one generation, it may seem counterintuitive to discuss how to attract the next generation, but a closer look reveals that the two issues go hand in hand.

Forward-thinking Practices Breed Commitment

If you think millennials are eager to jump ship for the next best offer, please refer to the article linked in the first paragraph. The myth that millennials are more likely to switch jobs is long debunked. They represent a generation that witnessed a collapse of the job market and what is most important to them is security. Most job changes made by millennials are not motivated by their current wants but by their desire to increase their chances for a more financially stable future. The way your company approaches hiring Gen Z is a reflection of your perceived longevity. Companies that are mired in old practices do not instill a great amount of confidence in their millennial employees. Millennials want to work for companies that are continuing to think about and work for a profitable future. When you actively work to attract this young class of talent, you send a message to your millennial workforce that you care about their future.

The Future of Insurtech

As the ongoing talent crisis created by the mass exodus of boomers has many companies working to find and promote millennial talent into the roles being made vacant by these vertical shifts, the demand for innovative technologies within the insurance sector continues to rise. While there are certainly individuals of all generations skilled in this particular segment, it will take a concerted effort to attract Gen Z to satisfy the entry level tech needs of an evolving insurance landscape.

The impending changes to the insurance industry as it relates to technology are inevitable. In the coming weeks, we at The James Allen Companies will continue to provide meaningful content regarding the growing field of insurtech. We also understand that at the core of the insurance industry is people, and we believe that the most important factor in meeting the changing technology needs of the industry is attracting the right people. The first step toward solidifying your company’s future and instilling a sense of security among your team begins with a renewed focus on bringing in the next young generation of insurance professionals.

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.

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.

To understand the motivations of the Millennial generation is to crack one of the great codes of modern staffing. Companies across a wide variety of industries are anxious to better understand what a Millennial workforce means to their business, and the insurance industry is no exception. While there is some disagreement on the exact years by which the Millennial generation is defined, it is safe to consider individuals born anywhere between the early 1980s and late 1990s, possibly even into the early 2000s, as potential Millennials. The importance of identifying the thought processes, habits and motivations of a generation lies in the magnitude of the information. There is no larger demographic that offers a wider berth of insight than generational identification.

What’s a Millennial?

There has never before been a generational group that has faced more scrutiny in terms of identifying and understanding than the Millennials. In the world of big data and near-instant assessment, the research and information regarding Millennials seems to change almost daily. Some researchers refer to Millennials as the Peter Pan generation, referring to their propensity to delay certain rites of passage long thought to represent the transition into adulthood (i.e. marriage, career, etc.). Other researchers point to studies that suggest Millennials are more likely to exhibit narcissism than older adults, implying they are more self-indulged and self-entitled than previous generations. Still others argue that of the basic characteristics that define each generation, Millennials possess the traits that suggest they are more “civic-minded” and more similar to the G.I. Generation (also referred to as the Greatest Generation) in their sense of community.

What drives Millennials?

As the workforce of the insurance industry shifts to focus primarily on Millennials, companies are scrambling to attract the best and brightest this generation has to offer. To do this it is important to find what motivates Millennials and consider how your organization can leverage those factors in your favor. As the definition of the Millennial generation has evolved, certain elements have changed or gone entirely extinct, but two important motivating factors that have continued to apply to Millennials is their quest for growth and meaning in their work. What this means is that Millennials are interested in careers in which they feel there is real potential for advancement. Millennials are also interested in careers in which they believe they are making a difference in the world. More than past generations, Millennials look at their employment as a reflection of their civic duty. Companies that can prove to be incubators for talent and that have a forward-thinking approach are the ones that will be most attractive to Millennials.

What are some Millennial misconceptions?

There is no shortage of misconceptions when it comes to Millennials. The Peter Pan comparison has carried with it an assumed lack of motivation and work ethic. This jump in logic has led to a negative connotation surrounding the work behaviors of Millennials, thus affecting the approach of companies when interviewing them. One of the most surprising misconceptions regarding Millennials is their loyalty. Many employers see this generation as being most apt to leave a company in pursuit of other opportunities, when in fact they are more loyal to employers than Gen-Xers. Underestimating the loyalty of Millennials can create an atmosphere of mistrust, hampering the possibility for success for both employer and employee.

One final note about Millennials, which is important to consider in regards to approach, is that they are the least likely to self-identify. Where as Baby Boomers and Gen-Xers have little trepidation when it comes to being referred to as their respective generational titles, Millennials largely dislike the act of being labeled. Despite being able to paint them with the same brush, to some extent, they are more responsive to being treated as individuals. It can be a bit confounding (and a bit frustrating) attracting and understanding Millennials, which is why partnering with a staffing agency like The James Allen Company is so vital. We continually read and research the literature related to not only the insurance industry, but the demographic of the people who will represent the largest portion of its workforce for the next several years.

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The best technique to arranging the deal is to determine whether you want the job before an offer is provided. This permits you to whether the job suits your needs. Unless you’re motivated solely by money, it’s unlikely a few extra dollars will turn a undesirable job into a superb one.

The phrase “bottom line” refers to the amount of compensation you feel is completely mandatory to accept the job offer. If, for example, you really want $76,000 but would think about $75,000 or settle for $74,000, then you haven’t developed your bottom line. The bottom line is one dollar more than the figure you would positively walk away from. Setting a bottom line clarifies your sense of worth, and helps avoid an unforeseen negotiating session.

I advocate against “negotiating” an offer in the well-known sense, where the company makes a proposal, you counter it, they counter your counter, and so on. While this type of back-and-forth format may be typical for negotiating a residential real estate deal, job offers should be taken care of in a more hassle-free approach.

Here’s how: Determine your bottom line in advance, and wait for the . If the company offers you more than your bottom line, great. If they offer you less, then you have the opportunity of turning the offer down or disclosing your bottom line as a condition of approval. At that point, they can boost the ante or walk away. And once the bottom line is known, you can avoid the haggling that quite often causes irritation, dissatisfaction, or hurt feelings.

By determining your own acceptance conditions in advance, you’ll never be accused of negotiating in bad faith or of being indecisive. Whether you’re representing yourself or working with a recruiter, learning to distinguish between financial fact and fantasy will facilitate the job changing procedure.
If you feel the need to justify your salary request, you can itemize any loss of income that may result from a differential in benefits, geographic location, automobile expenditures, and so forth.

Often, there are considerations aside from money that need to be fulfilled before an offer can be accepted. Aspects such as the new position title, review periods, work schedule, vacation allotment, and promotion opportunities are essential, and should be looked at meticulously.

You can use the this method to quantify each consideration or “point” you need to satisfy as a condition for approval. Once you and the company compromise on each aspect, you won’t need to go back later to negotiate “one more thing.” Knowing your bottom line puts you in a better situation to get what you want, since you’ve developed a set of quantifiable circumstances required for approval.