Fifty percent of all companies plan to increase staff during the next 12 months, according to the Semi-Annual Insurance Labor Market Study conducted by The Jacobson Group and Ward Group. Once again, the study shows encouraging signs for the industry -- the projected surge in hiring is primarily being driven by increased business volume.
“We can expect acceleration in terms of hiring,” says Gregory P. Jacobson, chief executive officer of Jacobson. “This iteration of the survey indicates that industry organizations are experiencing sustainable, long-term growth.”
Some key findings include:
• The likelihood of companies increasing staff is up 4.5 percent since July 2011 and represents the greatest percentage of companies anticipating to increase staff in the history of the study.
• If the industry follows through on its plans, we will see a 1.39 percent increase in industry employment over the next 12 months, creating new jobs.
• 69 percent of all companies surveyed plan to increase revenue in the next 12 months.
• Demand for technology, underwriting and claim roles is expected to grow the greatest over the next 12 months.
• Actuarial, executive and technology positions continue to be the most difficult to fill.
The Semi-Annual Insurance Labor Market Study has been conducted on a semi-annual basis since July 2009. Collecting revenue and hiring projections from organizations across all sectors of the industry, the survey is a valuable tool for forecasting the state of the labor market.
The study will be repeated mid-year in June 2012. For more details on how to participate, contact Vince Albers of Ward Group at email@example.com.
About The Jacobson Group:
The Jacobson Group is the nation’s leading provider of insurance talent. For 40 years, we have been connecting insurance organizations with professionals from the board room to the back room on both a permanent and temporary basis. We offer a variety of solutions including executive search, professional recruiting, RPO, temporary staffing, subject matter experts, and onsite and work-at-home operations support. Regardless of the need or situation, Jacobson is the insurance talent solution. Further information is available at www.jacobsononline.com.
About Ward Group:
Ward Group is the leading provider of benchmarking and best practices research studies for insurance companies. The firm analyzes staff levels, business practices and expenses for all areas of insurance company operations to help companies measure results, optimize performance and be more profitable. For more information about Ward Group, visit www.wardinc.com.