Technology and the economy have changed the recruiting landscape for the insurance industry. Based on the 2011 Compensation Data Insurance survey results, more organizations are using cash options as a recruitment tactic in the midst of a struggling economy. From 2009 to 2011, organizations offering a bonus based on length of employment increased from 9.5 percent to 13.2 percent.
The methods used to recruit new employees have also changed, with a significant increase in online advertising. In 2011, 85.6 percent of organizations reported advertising open positions on the Internet, up from 76.6 percent in 2010. More insurance organizations are turning back to job fairs as a means to recruit employees. In 2010, 51.6 percent of companies recruited at job fairs but in 2011, more than 63 percent of insurance employers utilized this method.
Perhaps as a reflection of the recent change in unemployment, more than 95 percent of organizations reported they were actively recruiting as compared to 2010 when 93 percent of employers were recruiting. Employers are increasingly using the Internet to find potential employees. In 2011, more than 58 percent of companies reported using online résumé databases compared to 55.1 percent in 2010 and 54.5 percent in 2009.
“According to an informal poll we conducted earlier this year, respondents indicated the biggest HR challenge in 2011 would be retaining high performing employees,” said Amy Kaminski, director of marketing for Compdata Surveys, the nation’s leading pay and benefit survey data provider. “With the job market opening up, employees are looking to take their next career step, and employers are turning their focus to keeping these employees satisfied.”
A recent Monster.com Workplace Survey confirms this, indicating many are pursuing work again as they did prior to the recession. Employees see this as the time to take control of forwarding their career. Many of those looking for their next career move believe they will find it this year.
Overall, voluntary turnover rates in the insurance industry have seen a slight increase between 2010 and 2011. Agents, brokers and insurance services showed the largest increases in voluntary turnover rates. In 2011, those voluntary turnover rates were reported at 7.1 percent compared to 6.1 percent in 2010. The survey indicates that the voluntary turnover rate for insurance carriers was 5.8 percent in 2010 compared to more than 6 percent in 2011.
About the Survey
Compensation Data 2011 Insurance contains data on more than 100 industry-specific job titles and 350 benchmark titles ranging from entry-level to top executives. Data is collected annually from Insurance employers across the country. The results provide a comprehensive summary of pay data, benefit information and pay practices with an effective date of January 1, 2011.
Compdata Surveys is the nation’s leading compensation and benefits survey data provider. Thousands of U.S. organizations provide data each year ensuring the reliability of our results. Compdata Surveys has been providing comprehensive data at affordable prices to organizations from coast to coast since 1988. For further information about the compensation and benefits surveys, contact Michelle Willis at (800) 300-9570.