The insurance labor market continues to evolve. Insurers are undergoing a realignment, as they establish how their businesses will operate long-term, following the disruption of the pandemic. At the same time, the talent shortage persists and an already challenging recruiting climate is compounded by shifting employee expectations, hybrid environments and reestablished priorities. It’s necessary for organizations to lean into the evolving landscape and redefine how they attract the right talent to move business forward.
In a recent issue of Compass, The Jacobson Group’s Judy Busby, senior vice president of executive search and corporate strategy, and Mike Abate, managing director, shared advice for remaining competitive in the current market. Their piece, “Recruiting Redefined: Staying Competitive Amid Realignment,” explores best practices for effectively positioning open roles, designing a positive candidate experience and investing in successful hiring outcomes. Below are a few of their insights.
Broaden the talent pool.
Be creative and inclusive in how open roles are structured to appeal to a broader range of qualified professionals, including those with non-traditional backgrounds. Rethink position requirements and distill postings down to only essential qualifications and experience. Consider how you can reduce in-office requirements to further expand your talent pool and eliminate geographic restrictions. As traditional insurance roles evolve and new needs emerge, focusing on transferable skills and prioritizing flexibility will enable you to cultivate a more diverse and future-focused candidate slate.
Redefine the candidate experience.
The current labor market is the tightest many have ever experienced. As a result, candidates have become more selective in their job searches and are accustomed to having the upper hand throughout the recruiting process. The pace of hiring has also accelerated, making it vital to showcase what your company and team have to offer during a condensed interview process. To be most impactful, communicate frequently, maintain momentum and tailor your approach to resonate with each individual candidate.
Interview with intention.
In today’s recruiting environment, it is likely candidates will be interviewing with multiple companies simultaneously. Ensure you’re taking a strategic approach to maximize the value of each touch point and enabling your team to make an informed and timely hiring decision. Align those involved in the interview process on the specific information they are gathering, the skills they are responsible for assessing and how you will objectively determine if someone is right for the role.
Evolving your recruiting strategies to accommodate a more selective and discerning candidate base is essential to remain competitive amid the industry’s realignment. Read the full article for more on elevating the candidate experience and standing out in today’s labor market.
