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MISSION AND VALUES
Our mission is to be the best in-class talent and business growth consultancy, by augmenting specialist human expertise with emerging technologies.
OUR VALUES
Our values provide the framework for how we work as a team, and how we work with our clients and professionals. They guide us in everything we do, from key business decisions to day-to-day activities.
Innovative – We’re ahead of our game. Our industry is constantly in motion, always changing, always evolving. We look forward by learning from the past and by developing solutions that work for you and your team and that deliver sustainable value.
Courageous – We have the courage to do things differently, to push the boundaries and be progressive with our approach. Our aim is to ensure our work delivers the biggest impact and value for the businesses and people we work with.
Inspirational – We believe we all deserve better. We inspire those around us to unlock the power of people to change futures.
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SPECIALIST KNOWLEDGE
Access to expert consultants who have years of experience in their niche, across all geographies. -
RESULTS FOCUSED
We are focused on results, not activity, to get the best outcome for you. -
TRUSTED ADVISOR
Each client and professional is provided with a dedicated consultant who provides a 1:1 service. -
GLOBAL PRESENCE
Our international presence enables us to tap into regional and global networks and provide scalable solutions. -
ADVANCED TECHNOLOGY
Our solutions are underpinned by leading edge technology and software to provide extensive data and intelligence. -
M&A SOLUTIONS
Access to specialist M&A consultantswho can provideexpert advice on the M&A market, valuations and current opportunities. -
MARKET INTELLIGENCE
Our research and data driven thought leadership offers strategic solutions and expert advice. -
DIVERSITY FOCUSED
Consultants follow our inclusive recruitment policy to attract a diverse talent pool, regardless of gender, age, faith, disability, sexual orientation or faith.
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START YOUR PARTNERSHIP WITH IDEX
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THE IDEX TIMELINE
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stuart mckenna vlogs Attracting the best people to your business? This works, 100% of the time.
Topic: Attracting the best people to your business? This works, 100% of the time.Recruiting can be a minefield and traditional recruitment methods are unpredictable at best.In this short video, Stuart McKenna (Business Manager – Scotland) outlines our retained and partnership solution. It's the perfect method for your business to attract and retain the best people in the market whether on an individual hire or ongoing basis.
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david carr vlogs IDEX Webinar: The effect of the Coronavirus on business from a Risk Management perspective
IDEX Webinar: The effect of the Coronavirus on business from a Risk Management perspectiveThis webinar covers:What can businesses do in order to offset the damage & potential losses suffered from the Covid-19 outbreak?We will discuss risk management strategies, business continuity planning, claims processing & policy coverage. How do we learn from this?Hosted by David Carr - Managing Director at IDEX Consulting.Panel:Chris Charman - Technical Director at Eqate Risk Services.Phil Edwards - Managing Director at Eqate Risk Services.John Ludlow - CEO of AIRMIC.
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General Insurance IDEX Webinar: How to survive and thrive in a post Covid insurance market
IDEX Webinar: How to survive and thrive in a post Covid insurance marketOur three panelist, Warren Dickson (Non-Exec Chairman @ RBIG Insurance Brokers), Martin Robert Hall (award winning leadership coach) and Nick Tamblyn (IDEX FD & former KPMG Partner & Perkins Slade CEO) for a discussion around how to survive the crisis and thrive once the storm has passed.Hosted by Paul Davey (Business Director, IDEX Consulting), we cover a range of topics including maintaining a positive mind set through challenging times, the effect of the crisis on the consolidation of the market and how to plan in uncertain times.
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General Insurance IDEX Webinar: Client Development in a crisis
IDEX Webinar: Client Development in a crisisPaul Davey (Business Director) is joined by Mike Latham (CEO, Verlingue UK), Nic Brown (UK Sales & Marketing Director, Markel) and Martin Robert Hall (Award winning leadership coach) to discuss client development within the insurance market._x000D_ We discuss a variety of topics around this, looking at the impact of Covid 19, driving a high performance culture despite this through to long term planning beyond the current situation.IDEX Consulting are a talent management consultancy who provide a range of recruitment, outplacement and advisory services to the insurance, legal and financial services sectors.Stay up to date with IDEX Consulting news & events
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richard martin vlogs IDEX Top Tips: What is the cost of a poor recruitment process?
IDEX Top Tips Topic: What is the cost of a poor recruitment process?Welcome to our latest weekly series of short videos, offering “Top tips” based on our unique insight into the job market.In this week's top tip's episode we talk about the negative effects of a bad recruitment process. It's not just the cost of time and money, it's about costing you your brand reputation.
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client blogs The top three things insurance employers can do to attract talent
The insurance talent shortage is still one of the biggest threats for the industry with businesses struggling to attract the next generation. Statistics show that the insurance profession has one of the largest aging populations with 25% of the sector due to retire in the next ten years. Insurers and brokers continue to compete against more innovative sectors such as technology who are often able to offer more lucrative and exciting opportunities for graduates.Data shows that there was a 3.5% increase in insurance vacancies in Q3 2024 with London outperforming the rest of the UK with monthly activity increasing by 2.5%. Regarding insurance discipline, Broking leads the way for the highest number of vacancies with Underwriting seeing the biggest year on year uplift (Vacancy Soft: Insurance snapshot).Regarding talent attract challenges, wage inflation and unrealistic salary expectations continues to be key. A report by Vacancy Soft, the leading provider of labour market data and analytics, shows that, “people have been able to move jobs to achieve a 15%, 20% or even 25% pay increase and counter-offers have hit an all-time high” (Vacancy Soft: Vacancy Analytics).To address this challenge, businesses need to offer competitive benefits which don’t just focus on remuneration packages, but support workforce transformation and continuous innovation to develop and motivate their employees. Forward-thinking organisations are using innovative training and learning solutions to upskill their workforce and offer long-term career opportunities which enable personal and professional growth.To attract top talent, businesses must view their operations through the lens of their employees and make necessary tweaks. To attract top talent and build a motivated and skilled workforce, insurance employers need to focus on three critical areas; culture and values, flexible working and a realistic work life balance, and inclusion and diversity, which offer more than a competitive salary. Culture and values Culture, values and authenticity plays a huge role in attracting and retaining top talent. Our own research revealedthat big name brands are no longer the main appeal, with only 20% of employees listing ‘employer brand’ as an important consideration when looking for a new role, but more highlighting the importance of joining a company with a positive company culture that matches their own personal values and beliefs. Furthermore, a study by Workbuzz, UK employee engagement consultancy showed that, “almost 45% of UK employees…rank a great culture as the most important factor when looking for a new job…and that a top priority for job applicants is a consciously created culture” (Workbuzz: The state of employee engagement).People often want to work at companies that align with their belief system because it creates a sense of purpose and fulfilment in their work. When an individual's values are in alignment with those of the company they work for, it can create a shared purpose and a greater sense of satisfaction in the work they do. This alignment can also lead to a stronger sense of commitment, collaboration and loyalty to the company and its mission.In order to promote company values and culture, it’s important for companies to be authentic with their messaging externally and internally, this helps to build trust and credibility with current and prospective employees.Flexible working and a realistic work life balanceEmployees are increasingly prioritising work / life balance, flexibility, and wellbeing support when considering new job opportunities, rather than the level of challenge the role presents or the reputation of the employer's brand.In fact, our data shows that nearly three quarters (74%) of employees identified work / life balance as the most crucial factor when contemplating a new position, followed closely by benefits (71%) and job security (58%).How to support work/life balanceThere are several factors that businesses should consider when looking to support a work / life balance or enhance their flexible working practices:Openly communicate flexible working arrangementsThis may well be something that is part of a company’s working style but there can sometimes be confusion around whether employees feel empowered or allowed to take time out for personal needs during work hours. To ensure people feel supported and understand the boundaries, it’s important to communicate openly with current and prospective employees about endorsed flexible working practices. Encourage taking breaks and time offEmployees need time to recharge, and encouraging them to take regular breaks and vacations can help them maintain a better work / life balance.Set clear expectations and boundariesIt's essential for businesses to set clear expectations about workloads, deadlines, and work hours. This can help employees manage their time more effectively and avoid feeling overwhelmed.Prioritise mental health and wellbeingOffering resources and support for mental health and wellbeing, such as access to counselling, mindfulness programmes, or health and wellness activities, can help employees feel more supported and improve their overall quality of life.Encourage healthy habitsPromoting healthy habits such as exercise, healthy eating, and adequate sleep can help employees manage stress and maintain their physical and mental health.Lead by exampleIt's important for business leaders to model good work / life balance practices and encourage their employees to do the same. By leading by example, business leaders can embed positive working styles and support employees to prioritise healthy habits. Strive to be diverseThe General Insurance profession is making big strides in becoming more diverse, but there’s still work to do. Research has shown that a diverse and inclusive workplace delivers the best results and has the best teams. Adding to this, companies with higher diversity, especially with more women, have higher productivity levels, on average between 20-25% (McKinsey & Company: Diversity wins: How inclusion matters).Companies in the General Insurance profession, like many other businesses, should ensure that they have a meaningful and strategic approach to diversity and inclusion which is understood across all levels and teams. This will help to do the following: Attract and retain talent: A clear and comprehensive D&I approach can help to attract and retain top talent, particularly from diverse backgrounds, who are looking for a workplace that values diversity and inclusivity.Improve employee engagement and retention: A D&I strategy that is clearly communicated and implemented can improve employee morale and engagement by creating a sense of belonging and making employees feel valued and respected.Enhance innovation and creativity: Diverse teams create diversity of thought, which leads to greater innovation and creativity.The insurance profession has historically been quite traditional in its practices and standards, but there is a significant shift towards greater inclusivity. As companies cultivate more diverse talent pools, the significance of establishing an inclusive workplace, driving business growth and enhancing retention, increases.Whether you’re looking for support with your talent strategy, business transformation needs or would just like to discuss our offerings and solutions our specialist consultants are here to help. If you’d like more information or just an informal chat, feel free to contact us. For more up to date information on attraction and retention practices in the insurance profession, you can access our 2024 Insurance Salary, Benefits and Skills Guide.
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client blogs Building inclusive ‘hybrid’ cultures
Inclusive hiring and the need to support community groups to provide equal and fair opportunities continues to grow in importance. Although a topic that is frequently talked about, with businesses across Professional Services promoting it as a priority, there is still a lack of knowledge and practical action. Most companies focus their efforts on diversity and representation, but embedding inclusive practices should be the priority. As highlighted by Geoff Guerin, Strategy and Sustainability Director at IDEX, “Most companies recognise the importance and benefits of attracting diverse talent, but statistics show there is slow progress for embedding inclusive practices. If you’re not focusing on how to be inclusive or auditing how you’re not being inclusive, you run the risk of marginalising people, damaging the diverse talent you’ve hired and losing key talent. Inclusion is the most important component of diversity and inclusion.” Across sectors, work to embed inclusive practices and curb biases remains slow. In their latest survey on inclusion in the workplace, the CIPD report: “although there are pockets of good practice, the proportion of organisations implementing inclusive people management practices and focusing on removing inequalities faced by people with certain personal characteristics is low”, adding “just 30% of employers say leaders in their organisation are completely committed to having a diverse workforce.” (CIPD: Inclusion at work survey 2022). Inclusion remains a challenge for hybrid working as businesses look for ways to ‘connect’ people across virtual environments. Below we explore the specific challenges various groups face and the proactive steps businesses can take to drive inclusivity in virtual, blended teams. The Challenges For many, the last few years have seen a migration away from the office and into the home. While evidence shows that remote working has been fantastic for offering autonomy and flexibility to professionals, it has certainly posed challenges for leaders looking to diversify their teams and drive inclusivity across the board. Firstly, pandemic-related job cuts struck professionals from diverse backgrounds particularly hard. Research by Oxford’s Saïd Business school found: “female jobs were 1.8 times more vulnerable to the pandemic than men’s jobs. Women comprise 39% of global employment but endured 54% of job losses”(Oxford business school: 2022 why inclusion and diversity are key to business growth), and though there is less research on how LGBTQ+ and minority ethnic groups have been affected, the statistics available are already concerning. For those who survived the cuts, working virtually has posed challenges, especially for people from lower income households and various cultural backgrounds who do not feel comfortable showcasing their private living spaces or cultural identities on camera. “Work from home arrangements often require people to (virtually) invite coworkers [and] clients…into their homes, which undermines their ability to exercise agency and control over how they present their identities. Videoconferencing has transformed formerly safe, private spaces for authentic cultural expression into focal points of the public gaze.” (Harvard Business Review: Working from home while black). The visible exposure of private spaces, ‘home offices’, personal objects and cultural signage can often lead to implicit and explicit biases and judgements among workers. In addition, whilst there are clear benefits for people with disabilities when remote working, research shows there are in fact many downsides. In research published by Instant Offices, a global office advisory service, 34% of those with a disability surveyed, said say they lack proper home office equipment, 30% said their mental health had declined and many people said they struggled to use virtual meeting platforms. Unsurprisingly, “60% of respondents said that, when working from home, they missed social interactions with co-workers” (Instant Offices: How Flexible Working Levels the Playing Field for the Disabled Workforce). Ensuring communication resources are accessible and equitable for people with a range of disabilities is another challenge individuals face. However, as long as employers have the understanding, knowledge and willingness to audit working practices and provide the right level of support, these issues can be avoided. Ensuring a working environment is equitable and optimised for a diverse workforce can be as simple as implementing the following: Understand employee groups and culturesOn intersectionality, McKinsey write: “while women have historically been disadvantaged in the workplace, adding to the present gender disparity, women of colour face harsher challenges, both at the workplace and in their career advancement” (McKinsey: 2023 Women in the workplace). Professionals from multiple disenfranchised communities unsurprisingly bear the brunt of work environments that lack diversity, more than others. Successfully embedding inclusion requires analysing the employee experience from multiple lenses, because “creating an environment where everyone can thrive and grow, means having to recognise that not all employees experience the same workplace challenges” (Forbes: 2023 How to create a genuinely inclusive workplace). Employers need to ensure the focus isn’t just on providing equal opportunities but driving equitable practices to ensure comparable outcomes.Collate regular feedback By creating an ‘open dialogue’ and encouraging regular feedback, you create a safe and comfortable environment for employees to feel empowered to share their honest views. This helps to create a more cohesive and connected community where people from all cultures and backgrounds feel their perspectives are taken into account and opinions matters. What’s more important is the action businesses take once they have received this feedback – transparent communication around activities and improvements planned is essential for engagement and belief in the company’s mission.Provide training and awareness Providing specific training for managers and leaders on how to bring teams and employees together virtually is beneficial. Talking to DE&I specialists, HR or learning and development teams or professional institutes like ‘Business in the Community’ can help to offer impartial perspectives and new techniques managers may not have been aware of. When leaders and manages are in different locations to their teams, it’s important for them to be able to easily identify changes in behaviour and mood and whether an individuals remote working environment is affecting their engagement at work.Leverage technology to ensure accessibility When considering the accessibility of technology, employers often stop at work desks and ergonomic chairs, but effectively leveraging technology can provide more benefits. Consider transcribing meeting notes, providing lip-reading recognition or captioning for those with hearing impairments and image recognition for the visually impaired. Tactics like this can ensure work tools are neurodivergent friendly and accessible to all. Additionally, hybrid working can often mean employees need to hot-desk when working in an office. This can be difficult for neurodivergent individuals and those with disabilities because it doesn’t always offer the structured routine needed, or required equipment. Flexibility and the importance of equity over equality is vital when creating hybrid working policies and practices. Employers looking to retain diverse talent must understand that needs vary, and optimal performance is driven by specific strategies for specific groups. Implement a diverse virtual mentoring programmeMentoring programmes help to support individuals with their growth, development and working style. Many programmes have traditionally been in-person, but by creating a specific virtual programme that is based on matching people from diverse cultures and communities, you’re enabling connections across a wider business pool. This enables a greater sense of connectivity among people who may not normally interact – encouraging the sharing of different perspectives and experiences, therefore helping to foster a more inclusive community who understand each other. Approach diversity with a long-term view Interestingly, CIPD report: “5% of senior decision-makers said their organisation has not focused on any inclusion and diversity areas in the last five years, yet a much larger 36% said their organisation is not planning to focus on any inclusion and diversity areas in the next five years” (CIPD: Inclusion at work survey 2022). With diversity, equity and inclusion not only essential for talent attraction and retention, but extremely important for business growth and societal development, how can you as an employer ensure you’re embedding inclusive practices in a hybrid working model? If you’re looking for support with your talent attraction strategy or business transformation needs, or would just like an informal confidential chat, contact one of our specialist consultants here or at contact@idexconsulting.comor on 0333 700 4339. Sources: CIPD: Inclusion at work survey 2022 Forbes: 2023 How to create a genuinely inclusive workplace Harvard Business review: Working from home while black Instant Offices: How Flexible Working Levels the Playing Field for the Disabled WorkforceMcKinsey: 2023 Women in the workplace Oxford business school: 2022 why inclusion and diversity are key to business growth
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client blogs Why mental health should be a priority for businesses
It’s estimated that at least one in seven people will experience a mental health problem at work and with mounting pressures in today’s current economic climate, this could set to increase (Mental health foundation: Mental health at work statistics). With the current cost of living crisis, the rise of e-presenteeism and risk of burn out due to virtual working, and social isolation, it’s no surprise that cases of anxiety and depression are rising. A recent survey conducted by ONS assessed the association between depression and the current cost of living and found that rates of depression were unsurprisingly higher among those who struggled to afford rising housing costs and energy bills. In fact, “around 1 in 4 (27%) adults who reported difficulty in affording their rent or mortgage payments had moderate to severe depressive symptoms; this is around two times higher compared with those who reported that it was easy (15%)” (ONS: Cost of living and depression in adults). In addition to social and financial pressures, work strain has concerningly been cited as the most common cause of stress across the UK. Research conducted by Champion Health highlighted that 79% of respondents in a Statista survey said they frequently felt work-related stress and 74% of people feel so stressed they have been overwhelmed or unable to cope (Champion Health: Stress statistics UK: 2023). Long working hours and the need to ‘always be present’, especially when working remotely, have largely contributed to poor mental health. Deloitte’s report found that 61% of people surveyed left their job because of poor mental health, with young people most likely to leave(Deloitte: Poor mental costs UK employers up to £56 billion a year).The consequences of poor mental health can be severe, especially if left untreated. Not only will it affect physical health but also have an impact on relationships, cognitive ability and quality of life overall. There is also a financial impact for businesses, with unsupported cases resulting in high absenteeism and attrition. According to the Mental Health Foundation, “evidence suggests that 12.7% of all sickness absence days in the UK can be attributed to mental health conditions” and is estimated to cost an employer £1652 per employee, per year (Mental Health Foundation: Mental health at work statistics).With this in mind how can employers mitigate this risk and support their employees’ mental wellbeing?We spoke to Matt Green, Founder and CEO of IDEX Consulting to get his perspectives and to understand the steps IDEX is taking to support their people.“We have a responsibility to make wellbeing a strategic priority and put measures in place to prevent employees from becoming overworked and overwhelmed in the first place. At IDEX we have an open forum where we encourage people to talk freely about their feelings and needs, so we can create a productive environment which sets people up for success. This, combined with support systems such as, the Employee Assistance Programme, Occupational Health services and our health providers who offer a number of wellbeing solutions, means we can provide the right level of support.In addition to this, we’ve also just launched our new charity partner, Papyrus (Prevention of Young Suicide) dedicated to supporting positive mental health in young adults. We collectively decided on this as a business, to proactively help our local communities across the UK and I’m really looking forward to seeing what we’ll achieve.”A study conducted by MIND, discovered that “56 of employers said they’d like to do more to improve staff wellbeing but don’t feel they have the right guidance” (MIND: Taking care of your staff’s mental health). We share some advice below.Create a culture of communication and transparencyEncourage open conversations about mental health and the support available to ensure people feel comfortable talking about their needs, challenges and worries. Even if you think you have promoted support tools and help available, do it again. Qualtrics, data analysis research company, found that employees were 23% more likely to experience a decline in their mental health due to a lack of communication with their manager. The survey also found that nearly 40% of employees said that no one had asked if they were OK or happy at work (Harvard Business Review: 8 ways managers can support employees’ mental health). It’s also important to be transparent about business changes and updates to ensure people feel part of the strategy and understand how their work is contributing to wider success. Proactively assess employee mental wellbeing Many organisations partner with health companies to offer wellbeing tools, but research has found that many do not proactively assess their employees’ mental health on a regular basis. Self-assessment questionnaires and tools can help explore if further investigation is needed to promote healthy working habits and support individual needs. This is particularly important for those people who are reluctant to share how they’re feeling or seek treatment. By normalising the use of services businesses can reduce stigma and embed these practices into their culture. Tools include; mood assessment checkers, work-life balance questionnaires and online mental health check-ups. Lead by example and model healthy behaviours It’s incredibly important for leaders and managers to make themselves vulnerable and share their own experiences. When team leaders are honest about their own mental health struggles, it makes them human and relatable, opening channels of communication for others to talk about their experiences. Research by Sage Publications showed that authentic leadership cultivates trust between leaders and employees and subsequently improves engagement and performance (SAGE Journals: Authentic leadership and positive psychological capital). It’s important for leaders to not just talk about mental health but to model the right behaviours, such as taking time out to exercise, having a lunch break and not working whilst on holiday.Promote flexibility and inclusionEveryone’s needs will be different and it’s important for managers to regularly check in with their teams to ensure people are equipped with the right working arrangements. Making sure people truly feel empowered to take time off for wellbeing needs, family responsibilities and personal commitments will increase productivity and reduce the risk of burn out. Being accommodating doesn’t have to mean lowering standards, it’s about creating an environment of trust and efficiency.Invest in training Line manager training can equip managers with the skills and tools to encourage open conversations and create an environment of understanding and support. It will not only help them identify triggers early on, but importantly reduce stress amongst team members who may be less likely to share how they’re feeling. There are a number of consultancies who offer face to face and online digital training, such as; MHFA England, Thrive4Life and Mental health at work.Investing in employee wellbeing should be a priority for all businesses. Awareness, communication and training all play an integral part in destigmatising mental health and promoting a culture of understanding and support. For further support on wellbeing in the workplace you can access the below resources.Sources:ACAS: Supporting mental health at workBetter Up: the importance of mental health in the workplaceChampion Health: Stress statistics UK: 2023Deloitte: Poor mental costs UK employers up to £56 billion a yearHarvard Business Review: 8 ways managers can support employees’ mental healthMental health foundation: Mental health at work statisticsMIND: Taking care of your staff’s mental healthONS: Cost of living and depression in adultsSAGE Journals: Authentic leadership and positive psychological capital
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Client Adding value to the end to end sales process
A successful acquisition is dependent upon a set of key ingredients that ensure the process goes smoothly;Finding the right buyer or seller for your business, that not only suits your aspirations but also the team you have built around you.A sales process where the right due diligence has been carried out for both parties.An integration of the 2 businesses and their cultures post sale that is given the time and consideration required to ensure the acquisition reaches its optimum value.At IDEX Consulting our expert knowledge of the sector and broad market coverage, means we are perfectly placed to match a seller with the right buyer, work with them throughout the due diligence process, providing advice and support and then ensure post sale that the acquisition reaches its optimum value for both parties.We recently worked with a broker, to find them acquisitions that complimented their existing business, giving them expert advice throughout and post-sale with very positive results.Noble Insurance GroupNoble were established in 2019 as a management buy in of Noble Marine, a leading pleasure craft specialist in the UK Marine market. Later that year they completed 2 further acquisitions to compliment their existing business; Yachtline and WG Yachts. With a vision to create, via organic growth and acquisitions an integrated network of insurance intermediaries, across multiple classes, Noble Insurance Group had ambitious plans when IDEX began working with them in 2021. ChallengesFrom the beginning, the senior leadership team at Noble, have always placed significant value on ensuring that each of their acquisitions are integrated into the business properly, enhancing what they already have and maintaining a workforce that feel happy and valued, this takes time and focus and meant that the team at Noble were unable to spend the time finding further complimentary businesses to join the Noble Group or build a pipeline of target businesses. Our SolutionWe began working with Noble to understand their preferred growth areas, appetite and key attributes they look for in a partner, in order that we could match them with a strong pipeline of target businesses. We worked with them to create a bespoke contact strategy to nurture the target businesses, creating brand awareness via video content and focused marketing. Noble targeted IDEX with 2 acquisitions over 2 years. We delivered 4 acquisitions in 2 years, allowing them to diversify into new niche areas, increasing their enterprise value by 300% and added 4 new members of staff to the existing business to support the growthAdvice and support to create significant business growthBy working with a consultancy that understands the market and has extensive knowledge and contacts within the sector, both buyers and sellers are able to benefit from advice and expertise that really does increase enterprise value and helps to support successful integrations and exist strategies.For more information about our M&A services, please get in touch with Colin McKenna on the details below. Colin McKennaClient Solutions Director07384 548 579 colin.mckenna@idexconsulting.com
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marine 2024 Marine and transportation market outlook
The marine, transportation and aviation market requires specialist talent, that’s why you need expert knowledge and skills to help source the right talent for your business needs. One of our experts is Drew Crawford, Business Director for the Marine, Transportation and Aviation market. Drew has been working across the sector for a number of years advising clients and professionals on hiring strategies, career planning and growth opportunities. We spoke to Drew about the latest market trends, factors affecting hiring, in-demand roles and skills, and what businesses and professionals need to be prepared for in 2024. For advice on the Marine, Transportation and Aviation market, support with your hiring strategy or guidance on finding a new role, contact Drew.What specific trends have you seen in your market?Following COVID, there has been a sheer demand from brokers to attract producers from the market, who are able to bring in additional business / contacts. This has been quite challenging as there are many businesses fighting to attract the same talent.The market in Europe and the US remains competitive and will continue to be buoyant in the year ahead.What factors have affected talent attraction and retention in the past 12 months?There is still a demand from Lloyd’s Brokers looking for back office / technical individuals (technicians). Feedback from the market is that these roles are harder to fill, as the individuals who are typically serving these roles are harder to contact as they are not market facing and / or on LinkedIn.Producers who have contacts and are able to produce or bring in business are hugely in demand.Counter-offers are also at an all-time high when technicians are handing in their notice, due to the sheer difficult nature (and cost) of replacing them.Not all professionals are attracted by high remuneration but in the last 18 months salaries have gone up by 15-20% and it’s clear, that this won’t be sustainable in the long term. 2024 should see professionals move roles for less of an increase in salary, so we should expect less attrition.For Lloyds Brokers in the market looking to attract producers to their business, they are naturally having to think creatively about how to incentivise individuals to join the business. We have seen an increase in long term Incentive plans (LTIPs), and equity deals being offered. Which roles are most likely to be in demand throughout 2024?Technicians will still remain in demand, as will producing brokers. Many companies are looking at succession planning with an ageing workforce (producers). We are finding the more ‘up and coming’ producing brokers are being fast-tracked into a production role, meaning they have limited technical ability. Good training is key and essential to upskilling young professionals. What skills are in-demand for professionals wanting to work in this market?Soft skills will continue to be dependent on the job role.For technicians, having strong attention to detail and the ability to be methodical in thinking and practice will be essential. Brokers are looking for people with huge attention to detail. For producers, businesses are looking for people who are well connected and have the desire to work and travel internationally. They must have the desire to go out and generate referral business and grow accounts organically year on year. It’s not just about being good at managing clients - hunger and passion is key. What do clients and professionals need to be aware of throughout 2024?Companies are having to look at budgets as they can’t pay over the odds for a producer, like they may have done post COVID. Artificial Intelligence (AI) is a huge factor, traditional insurance brokers that broke risk properly and Insurtech firms who are looking to disrupt marketing, digitise everything. Technology and digital platforms are going to be huge in 2024, especially for Insurance MGA and Insurtech firms.About Drew Drew has been working with clients and professionals in the commercial and specialty insurance market for over eleven years and now also heads up IDEX’s Marine, Aviation and Transportation division. He focuses on identifying and placing mid to senior level Marine/Aviation professionals in the London and international insurance market – US through to the Nordics and across to Australia.For advice on the Marine, Transportation and Aviation market, support with your hiring strategy or guidance on finding a new role, contact Drew.
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client blogs Commodities: the race into clean energy markets
With organisations looking to fulfill their net-zero pledges, as well as the continuing development of ‘new energy’, the race into clean energy markets is on. While the last few years have been macroeconomically turbulent, clean energy continues to grow as businesses shift their focus. One recent report forecasts “electric power, synthetic fuels, and hydrogen will represent 32% of the global energy mix by 2035 and 50% by 2050” (McKinsey: Global Energy perspective 2022), signalling a huge growth opportunity for companies ready to take the plunge.“We know Clean Energy is a sound investment in the future, globally speaking, but recent developments in the market will position those ready to back the movement as industry leaders. The technology is there, once organisations supply the capital, the sky is the limit,” says Geoff Guerin, Strategy and Sustainability Director at IDEX Consulting.Clean power markets have come a long way, renewable energy has become a focus for established electricity markets, moving into new domains. In America, solar continues to be the leading technology in the pipeline, “accounting for 59% of all clean power capacity in development” (American Clean Power: Clean power quarterly market report Q1 2023). Closer to home, we look at three trends spurring the growth of clean energy markets, and what investing in the sector promises in the next few years. Carbon market appealThe rapid expansion of carbon markets can be partly explained by organisations looking to fulfill their net zero pledges. Nationally Determined Contributions (NDC’s), a climate action plan to cut emissions and adapt to climate impacts have been a useful aid. Each country participating in the Paris Agreement, for example, is required to establish an NDC and update it every five years. As a result, “80% of the G20 (the world’s largest economies that account for around three-quarters of global emissions) have submitted new or updated NDCs” (World Resources Institute: Making sense of countries’ Paris Agreement climate pledges). The knock-on effect of such huge commitments has created opportunities for energy companies. NDC’s have spurred the compliance market, but voluntary carbon markets are also on a growth trajectory. Demand mostly comes from businesses aiming to compensate for their carbon footprints, corporations with sustainability targets, and those who see an opportunity to trade credits for profit.New energyThe last few years have seen the emergence of ‘New energy’ commodity markets. Critical minerals and hydrogen are on a path to displace conventional hydrocarbons, particularly given “renewables are now cheap – cheaper often than coal, oil, and gas” (IPCC: Climate change 2022 Mitigation of Climate Change). The latest developments include huge improvements in hydrogen production technologies, particularly in efficiency and capital costs, with an example being steam methane reforming. The emergence of alternative production technologies such as electrolysers have added to this, with one recent study confirming: “these technological changes, along with decreasing costs of renewable power, are increasing the viability of hydrogen” (IPCC: Climate change 2022 Mitigation of Climate Change). Not only can new clean hydrogen economics open avenues for renewable providers, they also present an opportunity for growth. Thanks to a $3 per kilogram tax credit, last year saw ‘clean’ hydrogen become price-competitive with higher carbon ‘grey’ hydrogen across much of America (Deloitte: 2023 renewable energy industry outlook), meaning energy companies committed to sustainability are paying less to do so. Deloitte go on to advise, “while challenges such as a lack of infrastructure still make hydrogen uneconomic for some uses, new IRA-driven economics may present pathways for renewable energy developers and producers to benefit in 2023”.Across the UK, Carbon Capture, Usage and Storage (CCUS) continues to be “an important area of focus if the UK is to capture economic growth opportunities during its transition to net zero emissions” (LSE: 2023 What is the UK’s approach to carbon capture, usage and storage (CCUS)?). The CCUS value chain promises to deliver significant energy abatement, while also creating opportunities to export related technologies, products and services from the UK. This growing global demand presents an opportunity for comparative advantage in unlocking wider economic benefits from CCUS. Yet, aside from the significant economic opportunity, the CCC brand these technologies as “a necessity not an option for the UK to achieve net zero emissions” (Climate change committee: Net zero – The UK’s contribution to stopping global warming), spelling a double-edged incentive for companies to get on board. ConvergenceWhile a global economy free of fossil fuels is the ultimate goal, progress is capped by supply, meaning the race to clean energy markets inevitably involves market convergence. Within the context of the net-zero agenda, oil and gas operators seek sustainability, given the importance of gas to complement renewable power generation. McKinsey advise: “It’s important to acknowledge that hydrocarbons will be part of our energy mix for at least the next 30 years. Whether we like it or not, the reality is that mankind will need hydrocarbons for our energy needs for many more decades” (McKinsey: A new way to support clients through the energy transition). The goal, then, is to aid oil and gas businesses in decarbonising their operations, while also transitioning to other fuels. This will allow the continuous supply hydrocarbon-based fuels, but with far fewer emissions. The convergence of traditional oil and gas companies with newer energy models ensures a seamless transition from one to the other in the coming decades.This convergence spells another growth opportunity within the energy sector. Businesses willing to underpin decarbonisation with capital will see real gain, particularly due to “the strong business case of renewables coupled with enabling policies sustaining an upward trend of their share in the global energy mix year on year” (IRENA: 2023 Record growth in renewables achieved despite energy crisis). For insights on the market, or if you’re looking for support or advice with your hiring strategy or next career opportunity speak to one of our IDEX Energy & Commodities specialists. Sources:American Clean Power: Clean power quarterly market report Q1 2023Climate change committee: Net zero – The UK’s contribution to stopping global warmingDeloitte: 2023 renewable energy industry outlookIPCC: Climate change 2022 Mitigation of Climate ChangeIRENA: 2023 Record growth in renewables achieved despite energy crisisLSE: 2023 What is the UK’s approach to carbon capture, usage and storage (CCUS)?McKinsey: A new way to support clients through the energy transitionMcKinsey: Global Energy perspective 2022World Resources Institute: Making sense of countries’ Paris Agreement climate pledges
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Client How IDEX enabled £56.7m business Clear Group boost revenue and growth
With climate change destabilising once-reliable areas, to global conflicts, the last few years have been challenging for the insurance industry. In spite of this, M&A activity in the specialism continues to be the next step for many businesses. Deloitte report that “demand in the broker segment remains consistent year-on-year” (Deloitte: 2023 insurance M&A outlook: balancing uncertainty with optimism) with Clyde & Co partner Eva-Maria Barbosa agreeing: “In the face of stark economic pressures – inflation, rising energy costs, and looming recession – insurers remain focused on growth opportunities” (Insurance business: 2022 Insurance M&A hits highest growth rate in 10 years). Having acquired businesses in the last few years, Heath Crawford & Foster (HCF), insurance brokerage, approached IDEX with further expansion in mind. Founded by Paul Weinberg in 1982, HCF spans Heath Crawford & Foster Ltd, ABA Insurance, and Merenda & Co Ltd. Within the last three years the company’s stature has doubled, standing at an impressive £18 million in gross written premium. Meanwhile, UK based chartered insurance broker Clear Group were on a similar growth trajectory and were looking for partners to support them with their growth objectives.The deal saw Paul Weinberg and his fellow directors bringing a 34-strong team to Clear Group. Providing commercial insurance and employee benefits solutions to a range of sectors including household, motor, fleet as well as after the event insurance, the business was ready for their next step. Below, we detail our approach to facilitating the exciting yet formidable partnership of two key insurance players.Our approach Foremost, our main objective was to work with HCF and Clear Group to establish their needs, understand their vision, and factor-in their long-term goals. We spent a considerable amount of time with both companies to better understand their ethos and values. Once established, the work of carving the best deal for both companies could begin. “As M&A specialists, we understand that a successful deal is built on more than attractive figures for those businesses involved. IDEX works diligently to preserve the ethos, cultural values and long-term ambitions of whoever we work with, while also ensuring they’re equipped with the capital to drive their brand into an exciting future” comments Colin McKenna, Client Solutions Director at IDEX Consulting.Working closely with both businesses was a priority for us. The deal involved multiple parties, considerable capital, and complex financial and legal requirements, therefore ensuring all parties were engaged and worked well together was key. Since our solution is based on pairing businesses whose values and cultures are compatible - as opposed to blindly following favorable numbers - the transition was ultimately a seamless one.Why they chose to work with us Between them, our consultants have 80 years of knowledge and experience, and this has been paramount when inevitably high risk decisions have to be made. Our in-depth knowledge of the market, established network of over 1,800 UK brokers and track record of success, means companies who work with us are left with no doubt about the advice they’re given or the decisions they make. “IDEX continue to demonstrate their skill in sourcing and introducing high quality broking businesses that are aligned strategically and culturally with Clear. Buyers and sellers interests are fully understood and well managed throughout the process, leading to very successful outcomes for all parties” says Paul Beck, M&A Director, Clear Insurance Management.Furthermore, our tenure in the market has resulted in enhanced credibility; we’re honored to hold a solid reputation with the completion of 12 complex transactions this year for some of the UK’s leading insurers. Our commitment to building longstanding relationships means the process of matching companies results in a likeminded symbiosis. Using our wealth of expertise allows us to get under the skin of the business, understanding what the seller is looking for and paving a way to achieve whatever goals they set out to meet.The partnership of HCF and Clear Group is testament to this. Paul Weinberg acknowledges: “I’ve followed the Clear journey for many years and have always been impressed by its people and the way they do business. Joining forces with Clear now is absolutely the right thing for the growth and future of the Heath Crawford Foster business” with reports agreeing, “This latest acquisition aligns seamlessly with Clear Group’s ongoing commitment to building a robust and sustainable business platform” (Reinsurance News: Clear group expands its reach with acquisition of Heath Crawford & Foster holdings ltd).The results Heath Crawford & Foster has doubled in size. In 2022 Director Paul Weinberg told Insurance Age that the plan was to double again by 2027, and partnering with Clear Group has certainly facilitated this goal. With offices in Watford, Manchester and Southend, the merge has enabled HCF to enter new market locations, establishing their brand and presence across the UK. To add to a growing presence, HCF have developed their proposition and reputation and are quickly becoming thought leaders in their field. For advice on selling, or finding the right partner to take your business to the next level, contact Colin McKenna, Client Solutions Director at IDEX Consulting. Sources:Deloitte: 2023 insurance M&A outlook: balancing uncertainty with optimismInsurance business: 2022 Insurance M&A hits highest growth rate in 10 yearsReinsurance News: Clear group expands its reach with acquisition of Heath Crawford & Foster holdings ltd
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client blogs The changing landscape of M&A in the Legal sector
Mergers and Acquisitions (M&A) activity has historically been a less active and competitive area of the legal sector, especially compared to other industries, such as wealth management or insurance. Although larger corporate transactions would typically be announced due to their high-profile impact, many law firms looking to merge or acquire have always progressed in relative privacy, supported by a carefully managed PR strategy. However, over the last few years post the pandemic, M&A deals for legal firms has increased, with global mergers, such as Clyde & Co and BLM and smaller deals, like Howard Kennedy and Corbett & CO, hitting the headlines. In fact, research by Hazlewoods, independent accountancy and business advisory company, found that, “the number of law firm mergers in the UK has jumped 23%...from 99 in 2021 to 122 in 2022” (Hazlewoods: Law firms using mergers to shed excess office space). Given the challenges brought on by the financial climate, operating costs and mounting pressures to repay the government’s COVID scheme, it’s not surprising that firms are looking at ways to drastically improve operational activity, advance their growth and stay competitive. According to research, as we approach the second half of 2023 the uptick in dealmaking is only set to accelerate. “Many firms are recognising that if they want to grow at pace, organic growth might not be enough alone. Growing by acquisition provides law firms with considerable opportunity to gain market share, invest in innovation and attract new talent with enhanced compensation”, says Matt Green, Founder and Chief Executive Officer of IDEX Consulting.So, with enthusiasm clearly high, what factors could continue to drive M&A transactions across the profession and what might it lead to?A saturated market With the number of law firms across the UK increasing, especially with the entry of smaller businesses and high street practices that service private individuals and local areas, the market is becoming extremely competitive. Smaller businesses often have to spend a great deal of time attracting new clients, sometimes to the detriment of the quality of service they provide to current clients. According to Thomson Reuters, “it’s becoming harder for many law firms to differentiate themselves, with a good deal of legal work being commoditised into standard packages. [There’s also] a new impetus of competition arising from aggressive investments being made in the UK by law firms in the United States that want to grow their share of the market in the UK and Europe” (Thomson Reuters Institute: 2023 State of the UK Legal market).The desire to merge with a larger firm who can take on more administrative and business development activity and invest in resource and talent, is becoming more attractive to smaller firms. Ian Johnson, Associate Partner at Hazlewood, highlights the opportunity for larger businesses, “Consolidator firms looking to scale up or expand their geographic footprint through acquiring smaller firms will find there are a lot of opportunities to do so at the moment”(Hazlewoods: Legal update: Law firm mergers fall but deals are set to bounce back).Growing costs The cost-of-living crisis, rising energy bills, and other socio-economic challenges is having a significant strain on law firms, as they try to balance profitability, increasing operational costs and employee demand for higher salaries. A cost-of-living survey shows that law professionals want financial help from their company but with inflation increasing by around 8%, this isn’t always possible. As law firms look to grow and enhance their profitability, M&A transactions are becoming more of an appealing option. Succession planning The legal profession faces an ageing population of owners, with many private practices led by professionals who are approaching retirement age. Naturally, leaders at this age may look for financial stability and an exit path. According to the Solicitors Regulation Authority (SRA) who collected data across the UK from approximately 186,890 law professionals working in 9,677 firms, 13% of all lawyers are aged between 55-64 and 22% are aged between 45-54(SRA: How diverse is the solicitors’ profession?).Private equity investment Private equity (PE) has also been a key influencer for M&A deals with investors looking to build their portfolio and capitalise on new products and businesses. With current levels of saturation and fragmentation impacting law firms, plus growing discussions around succession planning, market conditions present a good opportunity for PE investment. Research shows that investors are looking to buy into smaller boutique firms that specialise in one or two areas, such as commercial, family or employment law. Is it a seller’s market?With many potential acquirers ready with money to invest, there is a huge amount of opportunity for firms to take advantage of a full merge or acquisition, or venture capital funding. According to research, global investment is currently at it’s highest level in history, in fact three times above the 2008 figure(Legal futures: An end to the M&A boom?). This provides a huge opportunity for firms looking to grow, despite the current challenging economic climate.If you’re looking for advice with a potential sale or acquisition, or just an informal, confidential chat, contact Matt Green, CEO of IDEX Consulting onmatt.green@idexconsulting.comor 07974 859 860. SourcesHazlewoods: Legal update: Law firm mergers fall but deals are set to bounce backHazlewoods: Legal update: Law firm mergers jump 23% from 99 to 122 in past yearHazlewoods: Law firms using mergers to shed excess office spaceHazlewoods: Legal update: Mergers and acquisitions in the legal sector Lawyer monthly: The legal sector’s revolution will not be televisedLegal futures: An end to the M&A boom?Norton Rose Fulbright: M&A Outlook 2023SRA: How diverse is the solicitors’ profession?
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client blogs Flexible Working Bill: what you need to know
It’s been 27 years since the Employment Rights Act changed the UK’s work environment, and spring 2024 will see the first significant amendments to the bill come into effect. From summer this year UK workers will be able to request flexible working from day one of a new job. Currently, employees must be employed for at least 26 weeks before they’re able to make a flexible working request. Changes also include: Permission to make two statutory requests in any 12 month period, as opposed to the existing one request Businesses will need to respond to requests within two months, rather than the current three months deadline Employers will need to consult with an employee before rejecting a flexible working requestWhat’s more, the amendment will require employers to provide a substantial reason for any flexible working request rejection. While this may not seem like a huge stride for some businesses, there are otherwise no consultation requirements under the current policy. The new flexible working act covers working hours ranging from part-time, term-time, flexi-time and compressed hours, as well as the adjustment of start and finish times to support work and home responsibilities. Alongside impacting the when for employees, the bill also impacts the where, taking into consideration location of work.People Managementreport the policy does not create an automatic right to flexible working. In essence, the only thing the bill guarantees for employees is the right to request flexible working. It’s important to note that it doesn’t amend the existing statutory grounds for refusing a flexible working request, such as: The burden of additional costsDetrimental effect on ability to meet customer demandInability to reorganise work among existing staffInability to recruit additional staffDetrimental impact on qualityDetrimental impact on performanceInsufficiency of work during the periods the employee proposes to workWhy it’s important According to research from the Chartered Institute of Personnel and Development (CIPD), “6 percent of employees changed jobs last year specifically due to a lack of flexible options, and 12 percent left their profession altogether due to a lack of flexibility within the sector. This represents almost 2 and 4 million workers respectively”. They go on to report, “65% of employers provide some kind of flexibility to their front-line workers. However, there’s significant unmet demand from workers for more flexible hours arrangements, such as flexitime, term-time working, compressed hours, job-sharingand annualised hours” (CIPD: Flexible and hybrid working practices in 2023).The numbers are clear, professionals across sectors continue to prioritise flexible working, with many choosing to leave their role altogether if these needs aren’t met. Our 2024 Salary, Benefits and Skills Guide findings show 60% of employers plan to recruit in the next 12 months, and 45% of employees are considering changing jobs, so demand for talent remains high. The ongoing war for talent will hit businesses who do not provide flexible working options. Whilst flexibility is key, it’s important that it works for both employer and employee to ensure business delivery is not affected and customer expectations are still managed effectively. Wired report, “The government decided against more radical proposals that would have brought about a significant legal shift, such as requiring all jobs to be flexible by default", says Colin Leckey, a partner in the employment team at law firm Lewis Silkin. "Employers can still say no to flexible working requests on the same basis as before, although they’re encouraged to deal with them more quickly and efficiently and have a more positive attitude to them"(Wired: The UK’s new flexible working law falls short).Provide clarity and encourage honest conversations Research published last year by coaching service Careering Into Motherhood found that 38% of working mothers had not asked for any flexible work, with 46% believing that asking for it impacted future opportunities for promotion (People Management: 2023 Working mums fear ‘fake’ flexibility as two fifths complete work tasks out of hours, study finds). To add to this, another study by Timewise found that while nearly half of UK workers would like to take advantage of the new rights to flexible working, 21% wouldn’t request it, and 30% remained unsure (Timewise: half of workers will consider using new Day One Flex rights. Are you ready?).Putting the strength of the upcoming bill aside, there is clearly ambivalence across the UK’s workforce; there are no prizes for guessing this likely stems from existing stigma. For many businesses there is still work to do to ensure employees feel comfortable in exploring various working arrangements with their employer. It’s essential that employers encourage honest conversations and provide clarity on specific policies to manage expectations, accommodate personal needs and ensure that any request works for the employee, employer and customer demand. For help and advice on your hiring strategy or if you’re considering a new career opportunity speak to one of our IDEX consultants who will be happy to help.Sources:CIPD: Flexible and hybrid working practices in 2023People Management: Everything employers need to know about changes to flexible working lawsPeople Management: 2023 Working mums fear ‘fake’ flexibility as two fifths complete work tasks out of hours, study findsTimewise: half of workers will consider using new Day One Flex rights. Are you ready?Wired: The UK’s new flexible working law falls short
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general insurance General Insurance 2024 Salary, Benefits and Skills Guide
With the release of the 2024 Salary, Benefits and Skills Guide, we’ve compiled everything from the latest salaries for a number of insurance roles, in-demand skills for the profession and expert commentary from our insurance consultants on what employers and professionals need to be aware of this year. What’s happening in 2024With interest rates soaring over the past twelve months, firms have clambered to retain their talent by raising salaries – with most increasing across the board by 15-20%. Naturally, this is not sustainable, so much of the focus this year will be on how businesses can attract and retain talent through means other than compensation. Likewise, the stabilising of salaries will bring less attrition as professionals see fewer opportunities to abandon ship for better pay, bringing with it a trend of lateral movement.As has often been the subject within insurance news, climate change continues to impact the profession – but perhaps not in the way most expect. Rapid climate change affects risk profiles in particular, highlighting a lack of data to price risks accordingly. As a result, brokers look to build data labs in an effort to combat the issue – this promises a new stream of business opportunities in the form of industry convergence through mergers and acquisitions, as well as a wealth of fresh datacentric job roles for the profession.With a projected 50% of the insurance workforce due to retire by 2028, according to the Bureau of Labor Statistics, the war for talent won’t wane in the year ahead. Leading up to the great retirement, findings as far back as the 2019 Labour Market Study by the Jacobson group and Aon plc indicated a strong rise of insurance jobs in the years ahead, projecting a growing demand for underwriting and technology jobs in particular, as well as claims management.The talent war means businesses in 2024 will bid for insurance claims investigators, loss control consultants, brokers, agents, actuaries, customer service representatives, adjusters, regulators, processing clerks, claims examiners and junior and senior underwriters. As mentioned, increasing convergence and digitalisation will also bring a demand for risk management and careers that aren’t traditionally insurance-oriented, such as data science, business operations, marketing and sales.While such high demand is undoubtedly good for those looking to move in the new year, professionals are increasingly focussing on ways to stand out. Similarly, the competition for insurance businesses will continue to be fierce, leading to many exploring alternative ways to attract the very best talent.Our insightsWe surveyed over 100,000 employers and employees across the UK and internationally, compiling accurate data on 600 roles across 40 different specialisms. With sections detailing the most in-demand skills for professionals looking to stay ahead, to data-led sector specific market outlooks and predictions for businesses deciding their next move in 2024, the 2024 Salary, Benefits and Skills Guideis our most comprehensive guide to date.In addition to that, each sector in the guide is underpinned with detailed commentary by our experienced consultants for each of the specialisms in the profession. Sections include Claims, Risk Compliance, InsurTech, UK Retail Broking and more. This offers useful context on the data and statistics collected, as well as shedding light on some top industry tips from the experts themselves.Whatever your goals, our insights will ensure you stay informed for an exciting growth trajectory in 2024. Sign up here for free access to the full report now.
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client blogs 2024 IDEX Salary, Benefits and Skills Guide
Our most comprehensive guide to date, the 2024 Salary, Benefits and Skills guide is here. This year we invited over 100,000 employers and employees across the UK to share their thoughts on salary and bonus packages, in-demand roles and how they are differentiating themselves in the market to attract and retain top talent. Covering UK salary and benefit packages for over 600 roles, the most in-demand skills, as well as the latest training and development solutions, this guide is a must-read for businesses focussing on talent acquisition and retention in the new year. What’s more, our in-depth review of new and emerging workplace trends, alongside detailed employment predictions for the next twelve months will ensure businesses are ahead of the game with their hiring strategy.So what did we find? Well over half of employers surveyed expect turnover to increase over the next twelve months, with 60% stating they’re planning on hiring new talent in 2024.59% also reported a moderate or extreme skills shortage in the past twelve months. This perfect storm of an already noticeable skills shortage paired with increased demand for talent, forecasts a competitive 2024 for organisations across sectors. 92% of employers have offered employees a pay rise in the last twelve months, perhaps due to 78% of the same employers reporting salary-related resignations. Potentially a direct result of the above paired with an already volatile economy, employee retention continues to, and quite rightly should be, on the top of an employer’s agenda. With soaring energy and property costs, alongside rising inflation, employers report a concern that salary increases may not be significant enough to match expectations. So what else can be done? 76% of employers surveyed use their employee value proposition (EVP) as a means to attract talent. In fact, a surprising 18% of those surveyed are trialling, or have trialled, a four day work week. While completely restructuring the work week may be too big a change for the majority of businesses, our report contains some practical ways organisations can drastically improve their EVP and showcase themselves as employers of choice. Here’s a sneak peek:Be transparent around salaries– Perhaps the easiest tactic to implement and yet one with measurable pay-off; not only does transparency help manage expectations, it also helps foster an engaged and positive workforce. A substantial 81% of employees stated their employer is not transparent about pay levels, it’s something businesses should certainly not overlook.Review your benefits package– With the current climate proving challenging for businesses to increase salaries, there are several other ways employers can compete for top talent. Employees continually report flexible working as a top priority. Much like salary transparency, flexible working isn’t necessarily costly to implement but it is a powerful tool for embedding employee satisfaction company-wide.Invest in training and development – 40% of employees report looking for more practical support with their professional development. Given the challenges of an increasingly widening skills gap, up-skilling existing employees is not only a fantastic way to increase morale and loyalty, but a practical way for employers to ensure the skills are there for business targets to be met.But what do these figures look like within specific sectors? Our guide focuses on the General Insurance, Financial Services and Legal specialisms, while also offering detailed insights on verticals like energy and commodities, wealth management, claims and broking. Choose a specialism, find a niche and explore our guide to better position your business for an exciting 2024.Access the full exclusive report here.
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blogs What skills do you need as an insurance Account Executive?
Insurance provides financial protection against a wide range of risks and uncertainties. However, navigating the complex world of insurance can be challenging, which is why many individuals and businesses rely on the expertise of an insurance Account Executive.An insurance Account Executive is a professional who works for an insurance company or broker and is responsible for managing a portfolio of clients. Their primary role is to provide advice, support, and solutions to clients to ensure they have the right coverage for their needs and their assets are protected.“Ultimately, the role of an insurance Account Executive is to help clients manage their risks and protect their assets, whether they are a business or an individual. They play a critical role in ensuring businesses have the right insurance coverage to protect against unforeseen events and are able to recover quickly if something goes wrong.We’re seeing an increased demand for skilled Account Executives, especially for those with good commercial knowledge and technical experience. Many clients are currently looking for professionals with strong soft skills where they’re able to offer a consultative approach, ask the right questions in the right way, and be an active listener. All of this will help those in the role to identify opportunities and influence effectively”, says Alex Callinan, Managing Consultant.Key responsibilities Account Executives are the first port-of-call when it comes to claims, renewals and advising a client on the best policy for their lifestyle, needs and budget. They typically need to have excellent customer service and a knack for building relations. They also require extensive knowledge of the insurance landscape and how to best adapt to the needs of the client.A key responsilbity is relationship building, this involves understanding client needs and personal circumstances, assessing their risks and insurance needs, and subsequently developing a tailored insurance solution that provides adequate coverage at a competitive price.To achieve this, an insurance Account Executive will typically spend a significant amount of time meeting with clients, either in person or virtually, to discuss their insurance needs and provide advice and support. They will also be responsible for negotiating with insurance underwriters to secure the best possible coverage and pricing for their clients.In addition to managing existing client relationships, they will also typically be responsible for generating new business. This involves identifying and pursuing new sales opportunities, either through referrals or by proactively reaching out to potential clients.What do you need, to be successful?Communication, negotiation, influencing and relationship building skills are key for this role. Account Executives need to be able to build rapport with a wide range clients and have the ability to explain complex insurance products in simple, and easily understandable language.They must also have a deep understanding of the insurance industry, including the various products and services available, as well as the regulatory and legal frameworks that govern the profession. This knowledge and market insight enables Account Executives to provide informed and accurate advice to their clients and importantly to ensure they are compliant with all relevant regulations and requirements.In addition to these core skills and responsibilities, those in this role must also have strong commercial acumen. This involves understanding the broader business context in which their clients operate, including their competitors, market trends, and economic factors that may impact their insurance needs.The role of an Account Executive is certainly a rewarding one, with no day the same, it offers variation, exposure to lots of different markets and a range of career opportunities. For those who are passionate about developing new business, finding solutions to challenges and partnering with clients and businesses, this career path can be highly fulfilling and rewarding. View our available insurance Account Executive roles. Interested in learning more? Why not chat to one of our specialist consultants who can share more information on our roles and talk to you about your options.
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"Whilst working with Alex, she has shown professionalism as well as a passion for not only SJL’s needs but also for the candidate’s best interests...
Rob McKechnie
SJL Insurance Services
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"I dealt with IDEX Consulting when recruiting a new member for our support team. I was really pleased with the help and advice they provided which...
Doug Pritchard, owner PFP Wealth Planning
PFP Wealth Planning Owner
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"Emma made a very daunting, complicated process a smooth and effortless one. Emma was always easily contactable outside of office hours and a plea...
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Emma Delli-Bovi, Business Director Legal Private Practice
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"Since her initial contact with us last year, Emma has very quickly become one of our top recruitment partners on the PSL by consistently providin...
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Emma Delli-Bovi, Business Director Legal Private Practice
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"Emma helped to guide me through a relocation to a new city. She had a number of contacts which opened up some unadvertised roles for me to apply ...
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Emma Delli-Bovi, Business Director Legal Private Practice
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"I was exceptionally fortunate to have Jonathan as my recruiter in my recent experience relocating back to the Middle East. Jonathan was professio...
Jonathan Turner, Executive Director Legal Private Practice
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"Jonathan has assisted us with the selection of candidates for a number of our more challenging roles and I have always found him to be highly cus...
Jonathan Turner, Executive Director Legal Private Practice
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"Jonathan is a consummate professional. He knows the Middle East market inside out and everybody involved in it. Jonathan's client care skills are...
Barrister and Senior Associate
Altamimi & Co
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"From start to finish my experience of working with Emma was first class. She was given a difficult task, that many other recruitment consultants ...
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Emma Delli-Bovi, Business Director Legal Private Practice
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"I contacted Jack to look at opportunities with local firms and he was fantastic exceptional from start to finish. He was proactive which is often...
Jack Lawlor, Business Manager
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"I have been dealing with IDEX for the last few years and they are one of the best recruitment consultancies I have ever dealt with. In what is a ...
Managing Director
MPA Financial Management
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"IDEX Consulting helped with my recruitment needs in finding key hires within the company. They were incredibly proactive in finding candidates an...
Kevin White
deVere Group Head of UK Financial Planning