Recruiters in the insurance industry are fighting battles on all fronts: ❗ Average turnover rate has gone from 8-9% to the 12-15% range ❗ Unemployment in insurance is ~2.1% ❗ Significant # of seasoned pros retiring in the next 10-15 years ❗ Increased competition & cost to hire talented agents I'll focus on the last point since it's the only one we can control. Why is it so costly to hire talented agents? 💰 Increased costs for boosting job posts 🕑 Time spent interviewing, screening, and hiring 🕓 Time spent during onboarding, orientation, and training 💤 Lost productivity & missed opportunities due to the empty seat Not to mention the less obvious problems like new-hire errors, discouraged and overworked staff that pick up the slack, unemployment & worker's comp costs, price tag on training materials/software, and on and on... So what can you do? 2 things 1️⃣ Reduce turnover rate through: improved pay, growth opportunity, and communication, flexible work environments, and positive culture 2️⃣ Outsource a portion of your recruiting to a third-party, which can offer: 👫 Access to a larger pool of candidates ⏳ Reduced time to hire due to screening efficiencies 😀 Reduced burden on existing employees 💰 Reduced recruiting costs and more affordable labor markets Turnover isn't just another number for the HR scorecard - it's a significant drain on time and resources. There is a way to prevent it, but when you can't, having a partner to help fill the gap isn't bad either. Let me know your thoughts, and happy #recruiting! #Insurance #agents #turnover #callpercy
Sean Barron’s Post
More Relevant Posts
-
Client Services Director, Co-Founder, and Recruitment Expert, dedicated to optimising talent acquisition and ensuring exceptional client satisfaction
🔍 Why Market Insight Matters in Recruitment 🔍 In today's fast-paced insurance sector, staying ahead of the curve is crucial. As a professional services recruiter with over 20 years of experience, I've seen firsthand how vital it is for insurance firms to leverage market insight and competitive intelligence when making strategic hiring decisions. This isn't just about filling roles; it's about understanding market trends, talent availability, and competitive landscapes to make informed choices. Recruiters play a pivotal role in this process. We have our fingers on the pulse of the industry, constantly gathering data and insights that can help firms navigate the complexities of the job market. For example, did you know that the UK insurance sector is expected to grow by 5% in the next year? [Source: UK Insurance Market Report 2024](https://lnkd.in/eWWhfC47). This kind of information can guide firms in identifying emerging skill sets and areas where talent is in high demand. At 4Front Recruitment, we pride ourselves on turning recruitment into a strategic advantage for our clients. By providing actionable market intelligence, we help insurance firms not only attract top talent but also make decisions that align with their long-term goals. Our commitment to excellence and innovation ensures that our clients are always a step ahead. Curious to learn more about how we can support your strategic hiring needs? Visit our website https://lnkd.in/ebSKk8Wf and connect with us on LinkedIn. Let's transform your recruitment strategy together! 🚀 #InsuranceRecruitment #MarketInsight #StrategicHiring
To view or add a comment, sign in
-
“The New Producer Recruiter” || Help Commercial Insurance Brokers to grow || Help B2B sales pros pivot into the best B2B sales career...that they've likely never considered
Recruiting expert Lou Adler introduced the concept of talent scarcity versus talent surplus. And how the talent demand/supply imbalance determines the kind of hiring process that your company needs. In a talent surplus environment (talent supply exceeds demand), your company can use a hiring process to weed out weak people. When faced with talent scarcity (talent demand exceeds supply), your company needs a hiring process that attracts strong people. For commercial insurance brokers, most of the time - now included - you're facing a talent scarcity situation. Yet I'm amazed how many commercial insurance brokers use a "weed out" hiring process that assumes there's a talent surplus. When what you need is an "attract" hiring process to hire strong people. #insurance #insuranceindustry #sales
To view or add a comment, sign in
-
Partner - Helping Insurance Organisations Recruit Change & Transformation Professionals within the Lloyd's, London and General Insurance Markets.
Are you struggling to hire permanent insurance change/transformation candidates? The current candidate pool, particularly for those with Lloyd's/London market experience is relatively small so many insurance businesses are competing for the same candidates. I regularly speak to insurance clients who have struggled to recruit, and when we break down their recruitment processes there is always at least one of three key factors that they need to address. ▪️ Salary - Salaries have creeped up over the last few years and businesses are proactively promising pay rises and career progression to their existing employees to encourage them to stay put. In order to tempt candidates away your salary must be competitive. ▪️ Flexible Working - Yes, I'm highlighting it again but if your businesses does not offer a mature flexible approach (a fixed rota system is not flexible) then you instantly reduce your appeal. The vast majority of candidates want an office presence (1-2 days a week is the norm), but on a flexible basis and when there is a business need. If you can't offer this then there are plenty of businesses that can. ▪️ Recruitment Process - Virtual interviews are now the norm for at least the first interview stage, and often all stages. You should be aiming to conclude recruitment processes in circa 2 weeks. Any longer and you significantly increase the possibility of losing candidates. See a candidate you like, offer them ASAP. Indecision will cost you more time and money. #recruitment #insurance #transformation #change #londonmarket #lloydsoflondon
To view or add a comment, sign in
-
Headhunter | Insurance Recruiter | AI4Insurance Recruiter | Lisa@RecruitingForGrowth.com (314) 669-4473
Unveiling The Benefits Of Specialized Recruitment Services Perks of Specialized Recruitment Services ✅ It’s no secret: competition means businesses must have top talent to stay ahead. Specialized recruitment services are experts focused on sourcing and attracting the best candidates for your unique needs—without becoming your responsibility. ✅ Specialized recruitment can streamline operations, from job profiling to quality onboarding. They ensure employer and employee alignment, creating an environment ripe for productivity and growth. ✅ Say you’re seeking an insurance agent. A commercial insurance agency hiring partner provides insights on ideal candidates, from salary to credentials. This saves time and money by targeting the right talent. https://ow.ly/wnGe50QnFMJ #Recruiting #Insurance #InsuranceIndustry #DreamJob #HiddenTalent
To view or add a comment, sign in
-
Client Services Director, Co-Founder, and Recruitment Expert, dedicated to optimising talent acquisition and ensuring exceptional client satisfaction
Navigating the labyrinth of regulatory compliance in the recruitment process can often feel like steering a ship through a storm for insurance firms. 🌊 As a recruiter with over 20 years under my belt, I've seen firsthand how the winds of regulation can shift, making it crucial for companies to have a steady hand at the helm. 🚢 Firstly, it's about understanding the landscape. Regulations in the insurance sector are not just complex; they're ever-evolving. Staying abreast of these changes is a full-time job in itself. That's where seasoned recruiters come into their own. We're not just about matching CVs to job descriptions; we're advisors, keeping our clients informed and compliant. Secondly, it's about precision. Every role within an insurance firm comes with its own set of compliance requirements. From GDPR to the Financial Conduct Authority's rules in the UK, there's a myriad of checkboxes that need ticking. A 'Real' Recruiter, like myself, ensures that candidates don't just fit the role technically but are also vetted against these regulatory standards. This meticulous approach minimizes risk and maximizes peace of mind for our clients. Lastly, it's about partnership. At 4Front Recruitment, we don't just fill positions; we forge relationships. We understand that our clients are not just looking for talent; they're looking for assurance - assurance that their recruitment process upholds the integrity required in the insurance sector. Our mission is to turn recruitment into a strategic advantage, ensuring that compliance becomes a seamless part of the journey, not a hurdle. In conclusion, the right recruiter doesn't just navigate the complexities of regulatory compliance; they chart a course through them, ensuring a safe passage for insurance firms in the choppy waters of recruitment. 🚀 For more insights into how we can steer your recruitment process through the regulatory storm, visit our website at https://lnkd.in/ebSKk8Wf and connect with us here on LinkedIn. Let's set sail together. ⚓️ #Recruitment #InsuranceSector #RegulatoryCompliance
To view or add a comment, sign in
-
Unlock the Power of Specialist Recruitment! 🚀 Navigating the recruitment landscape for insurance professionals in the UK can be daunting. That's why partnering with a specialist insurance recruitment agency is a game-changer. They possess an in-depth understanding of the insurance sector, ensuring they find the perfect fit for your company. Specialist agencies have access to a vast network of top-tier talent. They know the industry inside out, from underwriting to claims management, and can quickly identify candidates with the precise skills and experience you need . This targeted approach not only saves time but also ensures a higher quality of hire, reducing turnover and boosting productivity. Moreover, these agencies stay abreast of industry trends and regulatory changes. They can provide valuable insights into salary benchmarks, emerging skill sets, and market conditions, helping you stay competitive. By leveraging their expertise, you can make informed hiring decisions that align with your business goals. In a competitive market, the right talent can make all the difference. Trust Barker Munro recruitment to connect you with professionals who will drive your business forward. 🌟 #InsuranceRecruitment #UKJobs #TalentAcquisition #barkermunrorecruitment
Barker Munro Recruitment - Barker Munro Recruitment
To view or add a comment, sign in
-
Recruiting expert Lou Adler introduced the concept of talent scarcity versus talent surplus. And how the talent demand/supply imbalance determines the kind of hiring process that your company needs. In a talent surplus environment (talent supply exceeds demand), your company can use a hiring process to weed out weak people. When faced with talent scarcity (talent demand exceeds supply), your company needs a hiring process that attracts strong people. For commercial insurance brokers, most of the time - now included - you're facing a talent scarcity situation. Yet I'm amazed how many commercial insurance brokers use a "weed out" hiring process that assumes there's a talent surplus. When what you need is an "attract" hiring process to hire strong people. #insurance #insuranceindustry #sales
To view or add a comment, sign in
-
Insurance Technology & Transformation Recruiter ☞ ON GARDEN LEAVE🎙Host of the Behind the Desk Podcast
Do insurance companies care about how their brand is perceived in the employee/candidate market? 🤷♂️ I think most would say yes, definitely!! But then, so many of their actions tell a different story. I have had multiple examples this week of candidates who aren't prepared to discuss a position due to a previous negative experience with a specific insurance business in the UK. "I applied via their online ATS multiple times and kept getting automated rejections" "Their internal recruiter set me up with an interview and didnt ever provide me with any feedback even after I chased multiple times" "I had a friend who interviewed with them, and they cancelled the interview while he was sat in reception with barely an apology" "I was contacted by 3 agencies about the same senior level position, it seemed like a complete shambles" This list goes on and on! I am sure CEOs would be horrified to know that some of the best talent wouldn't even consider a conversation about working for their business, especially for such basic reasons. Insurance is trying to modernise, innovate and probably most importantly, improve the often negative perception of the industry. This type of stuff is taking it the wrong way. #EmployerBrand #Talent #Insurance #Insurtech
To view or add a comment, sign in
-
Unlock the Power of Specialist Recruitment! 🚀 Navigating the recruitment landscape for insurance professionals in the UK can be daunting. That's why partnering with a specialist insurance recruitment agency is a game-changer. They possess an in-depth understanding of the insurance sector, ensuring they find the perfect fit for your company. Specialist agencies have access to a vast network of top-tier talent. They know the industry inside out, from underwriting to claims management, and can quickly identify candidates with the precise skills and experience you need . This targeted approach not only saves time but also ensures a higher quality of hire, reducing turnover and boosting productivity. Moreover, these agencies stay abreast of industry trends and regulatory changes. They can provide valuable insights into salary benchmarks, emerging skill sets, and market conditions, helping you stay competitive. By leveraging their expertise, you can make informed hiring decisions that align with your business goals. In a competitive market, the right talent can make all the difference. Trust Barker Munro recruitment to connect you with professionals who will drive your business forward. 🌟 #InsuranceRecruitment #UKJobs #TalentAcquisition #barkermunrorecruitment
Barker Munro Recruitment - Barker Munro Recruitment
To view or add a comment, sign in
-
I really enjoyed the article in CITY A.M. today on “How to solve the Insurance Talent Crisis”. The stand out comments in the article for me were: 👉 The proportion of the workforce over 50 has jumped nearly 53% from 2014 to 2020. 👉 While those under 30 have dropped over 12% in the same period. 👉 The 2022 London Matters report found that there are more people working in the London Market over 50 than under 30. Whilst the article focused on how we can better attract individuals to want to work in Insurance…. ...Are Insurance firms actually trying to hire enough individuals in to entry level roles?
To view or add a comment, sign in
Managing Consultant - Property & Construction - DC, Maryland, Virginia
6moIf you're interested in reducing recruiting costs, shoot me a DM!