Technology and the economy have evolved the recruiting landscape for the insurance industry. Based on the 2012 Compensation Data Insurance survey results, more companies are switching to digital methods when recruiting employees. It should come as no surprise that the number of employers using newspaper advertising decreased from 54 percent to 36.5 percent since 2011. The use of job fairs also fell from 63.2 percent to 54.8. In contrast, advertising on the internet has remained steady over the past couple years at an average of 85 percent. Social media is a recently popular recruitment tactic, with 44.3 percent of participants using this method in 2012.
“Many employers are utilizing new methods to attract talent as more technologically savvy generations enter the workforce,” said Amy Kaminski, director of marketing for Compdata Surveys, the nation’s leading pay and benefits survey data provider. “Although the unemployment rate remains steady, more than 94 percent of insurance organizations were actively recruiting in 2012.”
Other methods used to recruit new employees have also changed. Employee referral programs have become slightly more popular in 2012, with 68.5 percent of participants indicating they use this method, compared to 64.4 percent in 2011. Trade or professional association advertising saw a major decline this year from 40 percent in 2011 to just 27.4 percent in 2012.
Overall, voluntary turnover rates in the insurance industry have seen a slight increase in 2012. This year insurance employers endured a 6.9 percent voluntary turnover rate, compared to 6.4 in 2011. Agents and brokers reported the highest voluntary turnover rate this year at 8 percent. In contrast, insurance carriers reported a 6.5 percent voluntary turnover rate in 2012.
About the Survey
Compensation Data 2012 Insurance contains data on 115 industry specific job titles and 400 benchmark job titles ranging from entry-level to top executives. Data was collected from nearly 1,900 insurance providers reporting on 232,000 incumbents. Companies in other industries provided data on 400 benchmark titles for more than 32,000 locations across the country. The results provide a comprehensive summary of pay data, benefit information and pay practices with an effective date of January 1, 2012.
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.