Paul Davey, Managing Director for the IDEX Consulting General Insurance division shares his thoughts below on hiring trends, what employers need to implement in 2025 to attract top talent and how employees can enhance their career prospects.
If you’d like some intel on the insurance employment market, are looking to hire top talent or considering a new career opportunity contact Paul who will be happy to have a confidential chat.
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What’s affecting hiring and employment across the General Insurance market?
2024 saw the General Insurance market return to a semblance of ‘demand’ normality as brokers and insurers returned to more controlled hiring plans, and shareholders scrutinised returns over previous unbridled investment and growth. The story is obviously more nuanced than this by sector, organisation, leadership team and investor, and of course where Private Equity or Venture Capitals are involved in terms of their growth cycle.
The overall trend has been focused on hiring the ‘right’ talent, versus the frenzied labour market of 2021 and 2022, where salary bandings were inflated and some employees were receiving overcompensated salaries.
As this demand normality returns, the market which was previously candidate driven is now more balanced. There is increasing pressure on remote and hybrid working models as some employers look to stamp control and consistency on their work patterns for a variety of reasons and motivations. The flexibility discussion won’t go away and those employers who are intractable on five days in the office will inevitably restrict their access to wider talent pools, only time will tell if that strategy pays them back.
Insurance has always been a global business conducted locally, but post Covid that global connectivity has accelerated. We have seen record investment overseas (predominantly from the US) which is bringing new ideas, and opportunities to expand and collaborate. Brokers, insurers and MGAs are looking for ways to compete for new clients in an economy that’s only growing modestly and a rate environment that’s still supportive, but not certain to remain so forever.
What do employers need to implement in 2025 to be successful?
Larger employers are increasingly evaluating their business strategies and operating models to understand what they mean to their colleagues, clients and suppliers. All of this matters to them because they appreciate they need to attract and retain quality people after a bruising few years where attrition rates soared, even for the best employers in the market.
It will be key for insurers and brokers to set themselves apart in 2025 and beyond, and a way to do this will be to develop authoritative and authentic Employer Value Propositions that clearly communicate a business’ unique differentiators.
What do employees need to focus on in 2025 to enhance their career prospects?
Artificial Intelligence, Machine Learning and Data Management will continue their evolution into the daily lives of us all.
Anyone under the impression this is the preserve of the Terminator films better look up; this is happening now, and the pace of change will only increase.
For readers looking through the lens of personal career progression, our advice is to self-propel your learning in this space to understand how it can benefit you, your role and business. Being adaptable to the change that is coming will put you and your skills at the top of the pile of future employer needs in the years to come.
If you’d like some intel on the insurance employment market, are looking to hire top talent or considering a new career opportunity contact Paul who will be happy to have a confidential chat.
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