Last week, the Great Insurance Jobs’ 2019 Insurance Industry Employment and Job Outlook report was released, giving us insight into the future of hiring in 2019—and it’s set to be an interesting year. A record-breaking 2.7 million people work in the insurance industry right now and the unemployment rate for the industry is only 2 percent; however, Great Insurance Jobs estimates 400,000 jobs will need to be filled by 2020 due to the high number of people retiring this year.
Here at The James Allen Companies, we are prepared to take this hiring challenge head-on. Based on this year’s findings, we identified 5 of the most pressing hiring issues facing this insurance industry and their resolutions.
- Too many unqualified candidates. We know the insurance industry is a great one to be a part of, and more people are starting to catch on. One problem facing the industry is the number of applicants who want to join the party but aren’t qualified for the position, or who lack insurance industry experience. When using common search methods like job boards to find talent, you’re only targeting active candidates. That means you will spend the majority of your time sifting through hundreds of unqualified candidates trying to join the game but not understanding how to play.
- Finding qualified people in my area for the right price. Depending on the area you’re in, your options for local talent looking for positions may seem limited. When it comes to compensation, salary grades and relocation costs, finding the proper candidate can seem like a losing battle.
- A lack of talent for technology-based careers. Technology-based careers in insurance are growing exponentially. These careers are expected to be one of the top five most in-demand insurance positions in 2019. It can be difficult to find this talent if your company has never had to find it before—and to make things more difficult, every industry needs the same talent. Technology professionals are in high demand in every field, making these positions incredibly competitive.
- Inadequate recruitment budgets. Open positions at your company take time and money. Many companies are faced with recruitment budgets that are too low to be effective. Much of those budgets are used determining which talent acquisition and software are worth using since there are so many available. Those who participated in this study also said they had a difficult time convincing high-up management staff to increase the budget to find the right candidate.
- Starting pay for sales positions. In the insurance industry, 20 percent of careers are in sales. Much like technology-based positions, other industries are fighting for the best sales professionals out there, leading to aggressive competition. Compensation for these positions have to be compared not just to insurance industry standards, but other industries as well.
No matter the hiring issue, the recruiting team at The James Allen Companies has the solutions. When it comes to investing in new talent, you want to make sure you get the best return, and partnering with our team ensures the best ROI. We face hiring challenges head-on and use our tried and true search methods to find the best candidates for you every time. We keep up with industry standards and know exactly where to find the candidates you need. We stay aware of market trends for pay and compensation to help you make an informed decision when it comes to picking the type of candidate who will work best for you.
By partnering with the recruitment experts at The James Allen Companies, you will have access to the best network of qualified, passive candidates in the market. With access to the best recruiting technology out there, we can find the right qualified candidate for you to keep your business ahead of the game.