Insurance and superannuation specialists still hard to find
Insurance and superannuation specialists are still hard to find, even in a softer market. Don’t be fooled, the market may appear to be softening, but low applications across the industry prove that just because the competition for talent isn’t as fierce, it doesn’t mean attracting great talent is easy.
The insurance and superannuation industry was on fire over the past five years. Employment in the category grew by a whopping 28%, according to the Department of Employment. However, this is not predicted to continue and early SEEK data also shows a definite easing in the insurance and superannuation marketplace.
The Department of Employment also predicts that occupations within the insurance sector are set to grow by 4.3% over the next five years. To put this into perspective, that is less than half the national average (which is predicted to be 10%). But don’t be drawn into a false sense of security.
Even though, since January 2013, the ratio of new job ads to engaged candidate supply has swung back in favour of the employer, average application rates remain relatively low for the industry, according to SEEK data. The two biggest challenges facing businesses moving forward will be retention of existing staff and acquisition of top talent as needs arise.
With this in mind, companies that are able to think differently about the way they source the right talent, and how they keep them engaged, will be able to mitigate flight risks within their business.
Key findings from SEEK's Insurance and Superannuation Industry Insights Report
SEEK’s Insurance and Superannuation Industry Insight Report analyses historical and predicted employment trends produced by the Department of Employment, and, supply and demand trends produced by SEEK.
3 most difficult roles to source nationally
- Risk consulting.
New South Wales dominated candidate supply in these hard-to-source disciplines.
3 disciplines attracting the highest salaries
- Management ($95,909–$119,696).
- Actuarial ($83,390–$113,643).
- Underwriting ($87,287–$111,914).
Use SEEK’s Insurance and Superannuation Industry Insight Report to position yourself as a subject matter expert and make clever talent sourcing decisions that will support your business’ future development.