The insurance industry is rapidly aging, and more than half of current professionals will retire within the next 15 years. Are you ready to replace half of your own workforce over that time?
If you’re relying on internal HR teams, you might be leaving yourself open to creating a significant gap in talent that could cost you growth opportunities.
HR Has a Lot on It’s Plate
Human resources professionals are critical to the health and viability, and they’re becoming some of the most overworked employees a company can have, according to recent studies.
HR teams have their time split between:
- administrative tasks like payroll and benefits
- employee retention and growth programs
- maintaining statutory compliance for workplace safety, health, and other areas
- providing support and job counseling for new or problem employees
- and sustaining all your personnel processes
Adding the additional task of recruitment, especially for positions that require in-depth industry knowledge and the right background can be very daunting. It takes time to protect and grow your company, so splitting those duties between HR and recruiters can make both efforts more effective.
Insurance Carriers’ Talent Gap Puts a Focus on Retention
A major review from Deloitte has determined that insurance carriers are facing talent shortages at all levels, not only because of the retirement of Baby Boomers but also the rise in overlapping services offered by banks and investment firms, siphoning away some talent.
You’ve felt an increase in competition during recent years, but the industry as a whole hasn’t stepped up recruitment efforts, so there are more positions and fewer qualified candidates to fill them. So, your current team needs to focus a significant portion of their time on retaining your talent and stemming those losses.
HR, on a daily basis, must work to develop and grow existing talent by identifying their existing skills, promoting opportunities, expanding their knowledge, and creating the right conditions for them to thrive in their current position.
Recruitment firms don’t have any of those long-term requirements. We’re able to delve into the existing pool of talent to see who can fit your needs and your company’s culture as our main focus — instead of having to squeeze it in like an HR team. Plus, we have acquisition-focused skills that many traditional HR employees don’t have the time to foster because they play a broad role in your company’s health.
You Need to Reach Top Candidates Who Haven’t Raised Their Hands
The narrowing pool of talented professionals means you must look a lot harder to find the perfect fit. And, recruiters are perfectly positioned to look in all the nooks and crannies to unearth the talent you need.
Unlike HR professionals, we have the time and capability to reach out to talent already in the industry. We can cold call individuals who haven’t submitted a resume or look within your competitors to see if there is a top candidate and check to see if they’re interested in a move. We scour areas where talent is hiding and have built relationships with potential candidates over the past fourteen years that may be open to the right opportunity or lead us to other potential professionals. .
Human resources essentially tries to recruit with a bucket: they must get as many people as possible in the first group of potential candidates and then work extremely hard to fish out that small drop of water that’s perfect for your job.
Recruiters like The James Allen Companies hire with a sieve. We already have the talent pool and start our process by sifting it until only the best options are left on top. That’s also why we’re able to send your team a handful of candidates, while HR struggles with a paper mountain of resumes.
HR Can’t Always Sell Opportunity
Recruiters know our market exceedingly well. We understand how multiple carriers fit and where your advantages are compared to other brands. That gives us a unique way to position your company as the right fit for a candidate who matches your needs and your culture.
For HR to tackle this, you’d need to add another responsibility of competitor analysis, which would only serve to reduce the time they have to find candidates, sort them, interview them, and then hire them.
We are able to see how you fit in the overall industry and what makes your offering unique. Our interactions allow us to discuss your advantages with prospects and show how your brand is a smart fit with their capabilities and career goals. This process builds your credibility and helps you get closer to having the right person say “yes.”
If you want to know how The James Allen Companies, Inc. can help you identify and fill your most pressing gaps, call me directly at (573) 334-3688.