Insurance Labor Study Finds Hiring Growth Amid Recruiting Difficulty
August 26, 2022
Nearly all US insurance industry businesses anticipate maintaining or increasing their employee head count over the next 12 months, even as recruiting challenges persist, according to a recent labor market survey.
The "Semi-Annual U.S. Insurance Labor Market Study," conducted by the Jacobson Group and Aon, found that 95 percent of survey respondents plan to increase or maintain head counts over the next 12 months.
Among US insurers, 68 percent plan to increase staff, a 12-percentage-point increase from 1 year ago, according to the study. The planned staffing increases are being driven by anticipated increases in business volume.
The survey also found that recruiting difficulty in the US insurance industry remains at its highest level in the study's 13-year history. Technology, actuarial, and analytics positions continue to be the most difficult to fill, the survey found, with nearly half of companies reporting that their ability to hire is worse than it was 1 year ago.
Demand for temporary staffing remains high, according to the survey, with 96 percent of insurers planning to increase or maintain their use of temporary employees.
If the survey's findings come to pass, the US insurance industry will see a 0.94 percent increase in employment over the next 12 months, according to the Jacobson Group.
"The majority of insurers are planning to add to their teams in the next year, despite an increasingly challenging labor market," Gregory P. Jacobson, co-CEO of the Jacobson Group, said in a statement. "The talent shortage persists and we're seeing continued movement at all professional levels, making it essential for insurance leaders to be future-focused, flexible, and efficient in their hiring and retention efforts."
August 26, 2022