The Covid-19 pandemic has suddenly crippled the way individuals live and organizations function. During and post-lockdown, many businesses have pushed themself to operate remotely to ensure business continuity and seamless customer experience, and the insurance industry was not an exception.
However, compared to others, the insurance industry has adopted the new normal quickly and delivered an exceptional customer experience even during the lockdown.
The ongoing economic slowdown and talent shortage has a compound impact on the insurance industry hiring. As insurance companies are leveraging modern technologies and expanding their digital landscape, companies are more likely to hire candidates with advanced skills to meet their evolving needs.
We are known for the best technical assessment and scoring candidates according to their skills and expertise. Amzur strives to hire top-notch technical talent in-house to transform your workplace into the industry’s leading innovation center.
– Sam Velu, Director of Key Accounts, eTeki
According to The Jacobson Group report, the U.S insurers are willing to continue their current workforce and hire in the coming months. The survey revealed,
43% of insurers have adjusted their hiring plans amid the covid-19 outbreak.
More than 83% of U.S insurers are likely to hire skilled talent in the next few months.
The insurance industry has proven relatively stable in comparison to the overall economy, and insurers continue to compete for top talent,” Gregory Jacobson, co-CEO of Jacobson. Though the employment rate continues to grow in the next 12 months, the insurance industry hiring will be at a significantly slower pace, he further added.
The global insurance industry is undergoing a transformation by creating new opportunities in the technology domain. If you are unsure about the emerging tech roles and struggling to hire resources, get in touch with us to get an hour of free consultation on resource assessment.
Challenges of insurance industry hiring:
It is a candidate-driven market where companies are aggressively competing for highly-skilled tech talent. As a hiring manager you should focus on your brand, culture, mission, technology stack, benefits, and growth while engaging and hiring talent. Moreover, they will be evaluated by candidates throughout the recruitment process. If your process fails to nurture them, it will become a roadblock to hire the right talent.
Unfortunately, most SMEs in the insurance industry struggle to strategize their hiring process to fill open positions at the right time and gauge the reasons that hamper their hiring efforts.
Human Resources play a vital role in attracting and hiring talent and driving success to an organization. With the recent advancements in technology, companies are undergoing a massive transformation, and HR teams finding the tech talent-hiring quite challenging.
Comparatively, the insurance industry hiring challenges are unique and vary depending on numerous factors. Have a look.
1. Internal factors:
They include Infrastructure, workforce planning & management, training & development, cost management, and globalization of the workforce.
2. External factors:
The external factors include government regulations, dynamics of the market, and evolving customer and employee demographics.
3. Other factors:
Talent retention, raising costs of training and replacement, bringing workplace diversity, and increasing talent crunch are the influential factors of the insurance industry hiring.
Ex: Cybersecurity and data privacy:
Compared to other industries, cyber attackers heavily target the insurance industry due to the large volumes of user’s personal and financial data. So, to save the data from intruders, there is a growing demand for cybersecurity and data protection experts in the industry. On the other hand, evolving insurance data security model laws will have considerable impact on hiring tech talent.
How to solve the hiring challenges in the insurance industry?
As the trend towards remote work has increased dramatically amid uncertain times, companies must revamp their talent acquisition strategies to analyze and hire.
Hiring the right talent could be the ultimate solution to address the mounting tech talent acquisition challenges. Hiring right means:
- Right workforce mix
- Right sourcing channel
- Fit-for-purpose hiring
- Invest in smart recruitment solutions
You can hire skilled tech talent either by using your internal recruitment team or by outsourcing to a reliable IT staffing solutions provider. Remember, while outsourcing your staffing needs, it’s always suggestable to collaborate with industry-specific tech talent providers rather than a general staffing solutions provider.
Virtual recruitment strategies: A new hiring normal post-Covid19
As the Covid-19 pandemic continues to affect the world, businesses are looking for various ways to stay productive and competitive. Especially in the face of unprecedented challenges, talent acquisition, management, and retention have become crucial challenges.
As there were limitations imposed for one-on-one meetings amid Covid-19, most business owners and HR teams adopted virtual meetings and remote recruitment strategies. With the enormous rise of virtual recruiting strategies, video interviewing platforms have become popular to analyze and recruit skilled candidates.
Undoubtedly, virtual recruiting strategies have made what would have seemed unorthodox, and impractical is now an accepted reality. Due to its plethora of benefits, virtual recruiting became a new normal for hiring talent anywhere across industries.
In the insurance industry, technology has become vital in various aspects, including hiring and business operations. And, the companies have been busy interviewing skilled candidates through virtual interviewing platforms these days.
The virtual recruiting strategies not only keep the hiring pipeline moving, but also improves the candidate experiences and boosts your employer branding. With a virtual hiring or video interview process, you can assess a candidate’s experience, expertise, and can check his candidature as easily online as in person. Furthermore, it can save time and cost for both the hiring team and the applicant.
Know the top software engineering archetypes in the Insurance industry.
Top virtual recruiting strategies
As a hiring manager, to connect with skilled resources, you can leverage the following virtual recruiting strategies. They will help you in eliminating unnecessary steps in the traditional hiring process and make it more efficient.
1. Virtual job fairs:
Job fairs are the traditional and even an effective way of attracting qualified resources. But, now, due to limitations on community gatherings, you can conduct online job fairs and attract skilled candidates.
As you migrate your recruiting online, you can attract candidates by
- Promoting your event across all your digital platforms
- Having the right online event hosting platform in place
- Follow-up with attendees and conducting interviews remotely
2. Video interviewing software:
In the age of remote recruitment, video interviewing software is instrumental in breakthrough geographic barriers and limiting scheduling disasters.
Video interview software can help:
- Conducting interviews from anywhere, avoiding delays and scheduling conflicts
- Increases staff productivity and offers utmost flexibility to conduct more interviews in a short time
- You can connect in seconds, without add-ons or training
3. Social media:
Social media, especially, LinkedIn is one of the best places to find skilled resources across the globe. Moreover, it is the best go-to-place for hiring managers to find and engage with potential candidates. Making social media hiring as part of your recruitment strategy can considerably optimize your budgets and time-to-hire.
40 million people use LinkedIn to search for jobs each week. [source]
Benefits of virtual talent acquisition strategy: Revamping insurance industry hiring process
Candidate experience is always a debatable and deserved topic in the recruitment process.
In the insurance industry, especially with the rise of millennials and Gen Z workers, candidate experience has become vital, starting from the initial interaction to onboarding. On the other hand, for SMEs with little time and money, virtual recruitment has become the most sought-after solution to reach a large pool of skilled candidates, engage, and hire them.
1. Ensures hiring continuity:
As said earlier, the Covid-19 pandemic has crippled every industry in some way. With the rapid advancements of technology in the insurance industry, the need for tech resources has increased exponentially high in recent years. By having a virtual recruitment process in place, you can continue to find and onboard the best talent.
You can continue the hiring process as long as you have a stable internet connection and the right virtual recruitment tool. Therefore, regardless of downtimes, you can hire talent to fill the talent gaps in your team.
2. Saves time and cost:
Virtual recruiting enables you to screen more candidates in a short time — it further reduces the time spent on the ToFu (top of the funnel) of the recruitment life cycle.
Similarly, sourcing and screening candidates is a time and resource-intensive process. The virtual hiring process alleviates the burden of screening every resume and allows you to focus on business growth strategies.
3. Brings the best talent and innovation:
Diversity brings innovation. Unlike the traditional hiring process, virtual recruitment strategies enable you to access global talent. As the insurance industry deals more with customer data and security, there is a surge for data analysts and security experts now.
With the insurance industry hiring strategies going online, remote hiring can help you get skilled employees from different parts of the world. As companies are trying to gain the attention of millennials, social media helps them connect with the right people in a short time.
According to the New World of Work survey report published in August 2020, 62.2% of businesses moved fully to a remote work environment – and 32.3% partially remote – when the pandemic hit. [source]
4. Improves millennial hiring:
According to Nielsen, millennials account for nearly a quarter of the U.S population — about 77 million. A generation of this size will certainly have a significant impact on every industry, including the insurance sector.
As most baby boomers are likely to retire in the coming years, most insurers are revamping their hiring strategies to attract and recruit millennials and Gen Z workers. Millennials are more likely to attend interviews online to eliminate unnecessary commute and costs associated with it.
If you can promote your remote hiring strategy, you can attract the best and skilled tech resources for your open positions — further drives efficient hiring.
Know the benefits of remote working teams and hiring for SMEs.
How can you embrace virtual recruiting?
If you have limited internal resources, you can collaborate with an experienced IT staffing outsourcing company with virtual or video interviewing platforms. They will support every step of your recruiting workflow, starting from virtual event promotion to candidate sourcing, candidate engagement, interview scheduling, video interviewing, and evaluation.
As they work on strategizing and hiring talent, you can focus on business growth strategies to drive bottom line efficiencies.
Are you ready to explore virtual recruitment strategies to grow your team?
In times of unpredictability, technology enables us to keep connecting with skilled resources from various parts of the globe, and virtual recruiting has become a savior for many growing businesses.
If you are an insurance business owner and actively looking for skilled tech resources, it’s time to revamp your hiring strategy with remote interviewing platforms.
As an award-winning and leading insurance IT staffing solutions provider in Tampa, Florida, Amzur has a proven experience in finding the best talent for emerging tech requirements. We always foresee the emerging trends and customize talent acquisition strategies to ensure you have the right talent in place.
Our IT staffing services are accentuated by a modern video interviewing platform to screen and hire the best technical candidates faster. We bring experience and expertise together to build a cohesive and strong team.
Amzur has the best recruitment process in place to meet growing hiring goals, improve the candidate experience, and save the firm’s cost and time. Our technical assessment of applicants further makes your hiring decision easy and efficient.
Ready to transform your IT hiring process?
Are you ready to leverage video interviews to hire talent remotely? Then, you should be aware of proxy candidates to make it more efficient. Read this blog to know how to identify fake candidates while screening.