Insurance Labor Study Finds Recruiting Difficulty Continues Despite Pandemic
August 28 2020 - 11:54AM
Business Wire
The latest iteration of the Semi-Annual U.S. Insurance Labor
Outlook Study, conducted by The Jacobson Group and Aon plc, found
83 percent of respondents intend to maintain or increase staff in
the next 12 months.
“The insurance industry has proven relatively stable in
comparison to the overall economy and insurers continue to compete
for top talent,” says Gregory P. Jacobson, co-chief executive
officer of Jacobson. “Recruiting difficulty has not eased during
the pandemic and has even increased slightly for most insurance
functions. Though employment will continue to grow in the next 12
months, it will be at a significantly slower pace.”
Some of the study’s key findings include the following:
- Most vacant positions are still moderately difficult to fill;
of the 11 functional areas reported on in the study, eight have
increased in recruiting difficulty compared to one year ago.
- Fifty-eight percent of companies expect increased revenue
growth, 19 points lower than six months ago. Thirty percent of
companies expect flat growth, 13 points higher than January
2020.
- In the coming year, companies are most likely to increase staff
within the technology function, followed by underwriting and
analytics.
- The primary drivers of staffing changes in the next 12 months
are anticipated shifts in business volume and adjustments to areas
that are currently over or understaffed.
- If the industry follows through on its plans, we will see a
0.99 percent increase in industry employment during the next 12
months.
For more highlights and commentary, download the full results
summary and the recorded webcast here.
The insurance labor outlook study has been conducted
semi-annually since 2009. Collecting revenue and hiring projections
from carriers across all sectors of the industry, it provides a
valuable look at the insurance labor market outlook and hiring
trends.
The study’s next iteration will occur in January 2021. To be
notified when it opens, follow this link.
About The Jacobson Group: The Jacobson Group is the
leading provider of talent to the insurance industry. For nearly 50
years, Jacobson has been connecting organizations with insurance
professionals at all levels across all industry verticals. We
provide an array of services including executive search,
professional recruiting, temporary staffing and subject matter
experts. Regardless of the need or situation, Jacobson is the
insurance talent solution. Further information is available at
jacobsononline.com.
About Aon: Aon plc (NYSE: AON) is a leading global
professional services firm providing a broad range of risk,
retirement and health solutions. Our 50,000 colleagues in 120
countries empower results for clients by using proprietary data and
analytics to deliver insights that reduce volatility and improve
performance.
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version on businesswire.com: https://www.businesswire.com/news/home/20200828005275/en/
The Jacobson Group Whitney Stephens, Content Lead +1 (312)
628-0376 wstephens@jacobsononline.com
Aon Nadine Youssef, Director of Communications +1 (312) 381-2329
nadine.youssef@aon.com
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