Strengthening Your Claims Talent Pipeline

The problematic shortage of skilled workers has been top-of-mind this year as our industry demographic shifts. With 20 percent of the insurance workforce at 55 and older, according to the Bureau of Labor Statistics, a significant portion of the industry is preparing for retirement. As industry employment crawls out of its nearly five-year downward trend, incumbent talent is sparse.

Yet the industry is ready to hire again. According to the “2012 Insurance Labor Outlook Study” conducted by The Jacobson Group and Ward Group, 51 percent of insurance companies intend to increase staff this year. This speaks to market conditions and the optimism in the industry. However, it presents a challenging and competitive recruiting environment. Survey respondents listed claims as the second-highest in-demand role, while also naming claims positions as moderately difficult to fill. For companies to strengthen their claims talent pipeline, now is the time to recruit, train and retain.

Recruit

Attracting the next generation of recruits means it’s time to get creative. Consider alternative solutions such as temporary staffing or nontraditional backgrounds. Look outside the box; sometimes inherent skills trump experience when looking for a long-term hire. A sizeable amount of the entry-level candidate pool has likely never even considered a claims position. How can you reach this untapped talent?

Open up your channels of communication to reach potential candidates. Social media presents an excellent opportunity to tap into large networks of job seekers. The benefits from social networking platforms are two-fold: you can seek out potential candidates, and they can find you.

Employer branding is extremely important to today’s job seekers. What message are you sending? Make your value as an employer known. Your corporate culture should be discernible throughout your recruiting messages. This will attract the right talent and can lower your rate of unsuccessful hires. Find long-term hires that are looking to grow with the company. Ensuring continued loyalty requires maintenance long after the offer is accepted.

Train

One of the unfortunate implications of the economic downturn was that training fell to the wayside as companies looked for places to cut budgets. Only 21 percent of employees received employer-provided training in the past five years, according to the “Accenture Skills Gap Study 2011.”

Make sure new hires receive appropriate training and absorb the knowledge of tenured staff before it is too late. Accelerated leadership tracks are becoming commonplace, as employers prepare for succession gaps caused by Baby Boomer retirement.

Organization-wide career development programs are important for cultivating your staff. Understand employees’ individual career plans, and involve each employee in the career planning process. Make sure each employee has the tools needed to be successful. Defined goals will ensure that the career development program is on track.

Retain

The job market is heating up and so is the competition. Make sure the time and money you’ve invested in hiring and training is not lost. The cost of turnover is too high.

The engagement retention paradigm deserves your attention. Ensure that your employees are engaged by devoting time and consideration to employee morale. Empower your employees! Celebrate and value your corporate culture. Remember to show recognition. Reinforce the right behavior. Pass company culture down the ranks by cultivating mentorships.

Take advantage of the current labor market and look at it as an opportunity. Recruit, train and retain to build your talent pipeline and get a leg-up on the competition. Emerge from the talent shortage ahead of the game.