2018 Talent Trends - Jacobson · 2017-12-19 · 2018 TALENT TRENDS 2018 TALENT TRENDS MORE INDUSTRY...

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2018 Talent Trends Guide MORE INDUSTRY INSIGHTS

Transcript of 2018 Talent Trends - Jacobson · 2017-12-19 · 2018 TALENT TRENDS 2018 TALENT TRENDS MORE INDUSTRY...

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2018 TALENT TRENDS

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Top Talent Trends

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Employee Engagement to Address Rising Turnover Rates

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Customer Experience Demands Calls for Diverse, Customer-Centric Talent

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Talent Shortage is Growing for Complex, Niche Positions

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Re-Imagine Work for the 21st Century

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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.”

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Collaboration is Key in Increasingly Flexible Workplaces

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Contingent Employment Rises Amid Evolving Market

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Human Resources to Embrace the Potential of Mobile

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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

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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

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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.”

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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

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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

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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

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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

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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.

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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.

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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

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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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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

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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

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In order to connect and engage with today’s increasingly connected professionals, developing mobile experiences is critical.

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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.