There is no shortage of jobs in this country. As we’ll learn in a bit, there are 6.6 million unfilled jobs in the United States. There are lots of unfilled insurance jobs as well. GreatInsuranceJobs.com did it’s annual survey — the 2018 Insurance Industry Employment and Hiring Outlook Survey — and found agencies and insurers are struggling to find people.
Scott Kotroba of GreatInsuranceJobs said, “Insurance employers were very clear this year. They are having a difficult time finding experienced talent not only to keep up with new job requisitions but to replace retirees and short-term millennial workers who are only staying 12-18 months.”
Here’s what the report found:
• 64 companies currently have 8,454 jobs open
• More than 13,300 will open in the last 3/4 of 2018
• 36% say hiring will be better in 2018 than it was in 2017
• 95% of the 64 companies have job openings
Here are the jobs needing filled:
• Customer service
The challenge — Kotroba and his survey say — is finding skilled talent and fixing uncompetitive salaries and small recruiting budgets.
One thing that stuck out to GreatInsuranceJobs.com co-founder Roger Lear is the reliance on recruiting strategies that haven’t changed since the recession. “For most, this leaves them in the dust of companies who can get a targeted recruiting message delivered on multiple platforms. Most of our surveyed employers have not even considered new recruiting technology yet,” he said.
Both Lear and Kotroba say the industry needs to look at using artificial intelligence, chat bots and programmatic ad buying to reach Millennials and Echo Boomers.
Filling jobs is not just an insurance problem. The U.S. Department of Labor said the nation had a record high 6.6 million job openings in March. That’s enough for a job apiece for the 6.6 million Americans who were looking for work.
If only it were that simple.
Executives say their biggest worry is not being able to find enough workers. Actually, economist Diane Swonk of Grant Thornton said there are enough workers just not enough workers with the skills needed for many of the available jobs.
“No one is hiring. They are creating jobs, but they aren't filing them. There is clearly a gap in skills,” she said.
Some economists say companies really have just two options:
• They can pay higher wages for talent
• They can expand training programs
However, Swonk said, “Training workers is expensive. It's not something we've done in a long time in America.”
Will things get better? Economists say there’s about five million people working part-time who would like to work full-time. There is also several million who quit looking for work at all during the recession. Some economists predict they’ll start coming back into the job market now that things are opening up.
Source links: PropertyCasualty360.com, Insurance Business America, The Washington Post