Post on 16-Jul-2020
2018Talent Trends
Guide
MORE INDUSTRY INSIGHTS
2018 TALENT TRENDS
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Top Talent Trends
Page 2
Employee Engagement to Address Rising Turnover Rates
Page 4
Customer Experience Demands Calls for Diverse, Customer-Centric Talent
Page 6
Talent Shortage is Growing for Complex, Niche Positions
Page 8
Re-Imagine Work for the 21st Century
Page 10
Temporary Staffing Continues to Skyrocket
“As the industry focuses
on quickly adapting to
evolving market changes,
the demand for temporary,
contingent workers will
continue to grow at a
breakneck pace.”
Page 14
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Collaboration is Key in Increasingly Flexible Workplaces
Page 14
Contingent Employment Rises Amid Evolving Market
Page 16
Human Resources to Embrace the Potential of Mobile
The insurance industry is seeing turnover rates increase at a rapid rate. Driven by a number
of critical factors, this continued turnover will have a massive impact on business success.
Today’s professionals continue to take advantage of the competitive talent landscape and
increasingly candidate-focused labor market. They are using this opportunity to move to
organizations that offer better and more enticing opportunities and benefits. In addition, the
retirement of Baby Boomers is creating a number of open positions that must be filled. Finally,
innovation and advancements are leading to newly created roles that need to be staffed.
Together these factors are resulting in increased turnover as professionals move between
organizations and roles. In order to retain talented employees, insurers must focus on
revamping their current employee engagement strategies. Highly engaged companies are
able to hire more easily, have the lowest voluntary turnover rates, and are ultimately more
productive and profitable. Only those organizations that invest in employee engagement
will be able to combat rising turnover and retain high-potential employees.
In light of increased employee turnover, building employee engagement will be critical to retaining skilled, in-demand insurance talent.
Key Takeaway
2018 TALENT TRENDS 2018 TALENT TRENDS
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Employee Engagement to Address Rising Turnover Rates by Gregory P. Jacobson, co-CEO of The Jacobson Group
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“Driven by an increasingly competitive labor market, open positions created by retiring Baby Boomers and newly introduced roles, the insurance industry is poised to see turnover rates increase.”
13.7 percent The estimated finance and
insurance resignation rate for 2017 is 13.7% compared to
13.1% in 2016.
40 percentVoluntary turnover in the
insurance industry has increased by 40% since its
low of 9.8% in 2009.
Source: U.S. Bureau of Labor Statistics
2018 TALENT TRENDS
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In order to build a competitive edge, insurers must invest their personnel and resources in developing a holistic, cross-functional, multichannel customer-centric experience.
Key Takeaway
The insurance industry is one of 14 industries with declining customer
experience ratings.
Only 29 percent of insurance customers
are satisfied with their current providers.
85 percent of insurers list customer engagement and experience as a top
strategic initiative.
Source: Temkin Customer Experience Ratings, Strategy Meets Action, Accenture
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2018 TALENT TRENDS
True customer experience encompasses every aspect of a company’s offerings—
from its marketing efforts and product and service features to its customer
care and reliability. Experts point to customer experience as the single most
important factor in achieving business success. For the insurance industry,
customer experience is even more critical as many consumers now view insurance
companies as easily replaceable.
To continue to evolve and meet consumers’ level of knowledge, needs
and overall preferences, insurers must focus their efforts on developing a
customer-centric culture. Organizations should look to hire a diverse range
of people to mirror their customer populations and enhance their customer
experience culture. Soft ski l ls, including the abil ity to communicate, interact
and collaborate, wil l be important in a business world that is focused on
delivering customer-centric solutions. Job descriptions should focus on desired
attitudes, expectations and personalities. Having the right cultural fit is key to
building a company focused on the customer experience.
Customer Experience Demands Calls for Diverse, Customer-Centric Talent by Abbe Sodikoff, Senior Vice President of The Jacobson Group
“The growing focus on the holistic customer journey is poised to be a critical differentiator for today’s insurance organizations.”
The insurance industry is increasingly struggling to fill the growing number of complex,
niche job vacancies. These openings highlight a widening gap of experienced talent being
driven by the mass exodus of tenured, skilled professionals, as well as the emergence of
new and increasingly technical roles.
In order to bridge this gap, insurers must refocus their efforts on training and development
opportunities. With an estimated 60 percent of all new jobs in the 21st century requiring
skills and expertise held by only 20 percent of the current workforce, providing
developmental training programs will be critical to addressing emerging skill needs and
filling these positions.
“Today’s modern business landscape requires a new set of skills. In order
to fill these increasingly complex positions, organizations need to double
down on their current professional development efforts.”
Talent Shortage is Growing for Complex, Niche Positions by David E. Coons, Senior Vice President of The Jacobson Group
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Training and development will be critical to cultivating professionals with the necessary skills sets to step into increasingly complex and niche job openings.
Key Takeaway
By 2020, 20 to 23 million workers will lack the skills employers need.
Two-thirds of organizations intend to invest in the reskilling of current employees as part of their workforce planning efforts.
Source: McKinsey Global Institute, World Economic Forum
The long touted “future of work” is here. We are living in an economic cycle defined by
a workforce in flux. Today’s new work environment is typified by an increased level of
complexity and interconnectedness. This complexity is seen in the raging war for talent, the
profound emergence of the multi-generational workforce, the rise of horizontal leadership,
and the evolution of inclusion and diversity. Within recruitment, the landscape is being
redefined by people and behavior analytics, retention and engagement challenges, and
evolved workplace demographics.
This new reality is being characterized as VUCA—volatile, uncertain, complex and
ambiguous. Originally conceived as a military acronym, this terminology is a perfect
descriptor for a business world in a constant state of change. In order to find success in
this rapidly transforming environment, we—as an industry—must understand the personal,
organizational and societal impact of these changes and adapt. Only by rethinking current
strategies and redefining their realities can forward-thinking organizations successfully
move into the future.
Existing trends and emerging “normals” are accelerating and irreversibly changing the workforce as we know it.
Key Takeaway
2018 TALENT TRENDS
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2018 TALENT TRENDS
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“The insurance industry stands on the brink of momentous transformation. Only those organizations who dramatically re-image themselves will win in this new reality.”
By 2050there will be no racial
or ethnic majority within the United States.
61 percentof organizations see
globalization as one of the top three megatrends impacting their strategic
workforce planning.
Source: U.S. Census, Society of Human Resource Management, Deloitte, InspiraWork
81 percent
of insurance executives are looking to hire a broader
range of talent with different perspectives and
diverse skills.
Re-Imagine Work for the 21st Century by Margaret Resce Milkint, Managing Partner of The Jacobson Group
The traditional model of employment is
evolving as more and more workers look
for flexible and diversified employment
opportunities. This new wave of contract
employees is contrasting the oft-held
notions of temporary workers.
Today’s interim professionals are often
highly-skilled individuals who are drawn
to the flexible lifestyle, specialized focus
and diversity of projects unique to term
assignments. They have focused their
careers on utilizing their niche expertise
and skills. These individuals are able to
bring their specific functional experience
into key, complex industry positions.
Temporary Staffing Continues to Skyrocket by Brad Whatley, Senior Vice President of
The Jacobson Group
2018 TALENT TRENDS
10
As the use of temporary workers continues to grow, as well as the demand for highly skilled individuals, the insurance industry faces monumental changes to its traditional employment model.
Key Takeaway
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2018 TALENT TRENDS
Source: LinkedIn, Randstad
“We are seeing traditional employment change
rapidly as skilled individuals opt to build their
careers as contract staff.”
Temporary workers have grown by nearly 30 percent in the course of four years.
By 2020, more than 40 percent of employees in the United States will be
temporary, contingent employees.
MORE INDUSTRY INSIGHTS
The rise of the remote workforce and the emergence of flexible work is driving
the demand for increased collaboration. Today’s employees need to be able to
work across different locations, hours and even devices. Not only is employee
collaboration tied to a happier workforce, it is a key component in driving increased
productivity and stronger business results.
Fortunately, the emergence of digital technology is empowering organizations
to share, communicate and collaborate, regardless of location. This includes
digital infrastructures such as social networks, custom intranets, file sharing and
online workspaces. As collaboration within organizations continues to grow, the
use of these forward-thinking tools will be vital to building strong relationships
and supporting connectivity.
“In a business world that is increasingly global and connected,
building a collaborative workplace is an important part of cultivating
a sense of community and fostering success.”
Collaboration is Key in Increasingly Flexible Workplaces by Catherine Prete, Senior Vice President of Operations for The Jacobson Group
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Developing a collaborative infrastructure will be critical to ensuring success and connectivity among today’s increasingly flexible workforce.
Key Takeaway
Time spent on collaborative activities has increased by up to 80% over the past 20 years.
97% of businesses that use collaborative technology believe they can service their clients more efficiently.
Source: Harvard Business Review, Clinked
2018 TALENT TRENDS
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Contingent, interim talent is rapidly becoming the solution to addressing the growing industry labor shortage.
Key Takeaway
83 percent of executives report an increase in their use of
contingent workers.
Currently, contingent workers comprise nearly 33 percent
of the U.S. workforce.
Source: Oxford Economics, Accenture
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2018 TALENT TRENDS
Insurers continue to embrace the post-recession mindset of “doing more with less.” This “run lean” staffing strategy can be challenging as the industry faces evolving market changes, increased regulations and increased demand for talent. These factors are driving insurers to seek a cost-effective, proven solution to finding qualified talent. The result is the increased incorporation of contingent employees into the workplace.
These highly-qualified interim professionals provide a flexible staffing model that is able to respond both efficiently and effectively to the wide variety of hiring challenges faced by insurance organizations. By incorporating a contingent employment strategy, insurers are able to leverage the skills and expertise of interim professionals while still maintaining a lean core of traditional, permanent employees. In a changing marketplace, this flexibility is key to maintaining organizational success.
Contingent Employment Rises Amid Evolving Marketby Richard L. Jacobson, co-CEO of The Jacobson Group
Following the rise of technology and
innovation, organizations are looking to
incorporate solutions into their human
resource functions. Technology is opening
up a number of options to more efficiently
find and connect talent. Reaching today’s
digital natives requires organizations to
broaden their appeal and engage with
mobile technologies. Insurers looking to
add to their ranks should invest in a mobile
recruitment strategy if they haven’t already.
From mobile and one-click applications
to applicant tracking, businesses are
looking to create easy, informative,
dynamic and intuitive candidate and
employee experiences.
Human Resources to Embrace the Potential of Mobile by JoJo Harris, Senior Vice President of Human
Resources for The Jacobson Group
2018 TALENT TRENDS
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In order to connect and engage with today’s increasingly connected professionals, developing mobile experiences is critical.
Key Takeaway
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2018 TALENT TRENDS
Source: Pew, LinkedIn
53 percentof young adults have used their
smartphones to search for a job.
50 percentof job seekers have completed a job
application on their phones.
13 percentof companies are investing in
mobile recruitment.
“Mobile is here to stay. Businesses must
embrace the potential of digital human resource
strategies in order to reach top talent.”
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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.
For more information, please contact:The Jacobson Group+1 (800) 466-1578jacobsononline.com
Copyright 2017. The Jacobson Group. All rights reserved.