The Insurance Talent Shortage: The Heat is On
By Amy Simpson | June 28, 2019
We are in the midst of an insurance talent shortage. In 2017, we gave you a glimpse of what was to come: high turnover due to an aging workforce and a lack of interest from younger generations. Over the last two years, we’ve been watching the situation play out and creating strategies to make sure our clients aren’t victims of the declining workforce. Today, we’d like to provide an update and tell you how you can prepare your business for the future.
Fortunately, the insurance industry is doing well. Despite the estimated 400,000 insurance professionals expected to retire by 2020, the insurance industry’s unemployment rate is at 1.7 percent with certain parts of the industry growing while others are shrinking.
The virtually non-existent unemployment rate means filling positions is becoming increasingly difficult. People aren’t looking for jobs because they don’t have to and it can be a race against time to find the candidate you need. Positions in claims, sales, underwriting, marketing, account management and technology are expected to increase over the next year while available talent dwindles. Even when people are applying for these jobs, 21 percent of employers say the applicants they’re receiving aren’t qualified. On average, it can take 50 days to fill a non-exempt position and 97 to fill an executive position.
As you can see, the pressure to hire the right candidate is on and The James Allen Companies is the crew to help you find the talent you need. With over 15 years of experience in insurance recruiting under our belt and access to an expansive network of talent, we find candidates that for others would be unreachable. The candidates we find are top-performers, excelling in their current positions. They may not be currently looking for a career change, but with our help, they’ll be sold on an opportunity with your business.
If you’re needing a temporary hire, a new executive or something between, we can find the candidate you need. We dedicate every resource at our disposal to your search so you can focus on running your business. By doing so, we expedite the search process so you find your ideal candidate faster. We advocate for your business from day one helping to search, interview and hire.
Don’t let the talent shortage get in the way of you running your business. Contact the team at The James Allen Companies to see how we can help your business win the race for talent today.