How to attract talent during a talent shortage
Now more than ever we are noticing a lack of experienced insurance brokers, assistants and claims handlers in the market. There are several factors influencing this.
- a shortage of companies willing to take on graduates and put them through their tier 1 and 2 training
- business owners retiring and taking their knowledge with them rather than imparting that knowledge onto the younger generation
- the attractiveness of insurance as an industry to school leavers and grads unless they already know someone in the industry
- restrictions on migration brought about by Covid - we used to see talent coming in from the insurance hubs such as London and Singapore
- lack of backpackers at the ready for temp and contract claims roles in catastrophe season.
As a result of these factors there are more vacant jobs than usual in the insurance market and competition is strong to attract and retain talent. PageUp posted this graph which shows the increase in jobs being advertised in Australia.
PageUp also noted that offer acceptance rates are falling – currently sitting at 95% compared to 97% in 2019. Their research showed that 63% of jobseekers would reject a job offer after receiving a bad candidate experience. Candidates are applying to multiple jobs, going to multiple interviews and often end up with more than one offer on the table. Current employers are counter offering big money to keep their employees engaged and, in some cases, it's turning into a bidding war.
So how do you attract talent?
Writing a strong ad.
Your ad needs to pack a punch and be easy to scan on a mobile device. Bullet points are easy to scan through, your potential candidates are likely watching Netflix and searching for jobs at the same time. Back when we were in the office, peak times for job boards were Mondays after 5pm while people were travelling on public transport. So get that ad up there on a Monday!
Ensure the job board you choose makes the application process easy, many offer a 1 click application with resume attachment and a direct connection to your email address from the ad. Any bullet points, short descriptions and taglines need to draw attention. These points need to set your business apart from the rest. List benefits such as:
- Free parking
- Onsite day care
- Flexibility/WFH arrangements
- Profit share/equity
- Clear career progression
- Exposure to new product lines
- Paid education
- Paid club memberships
- Bonus schemes
- And ALWAYS put the salary on there!
Creative ways to find candidates.
- Use your network, ask for referrals, ask your staff for referrals. Pay a referral fee as an incentive.
- Advertise on multiple job boards, you could use the local newspaper for rural appointments, Advisr Jobs, Insurance News, LinkedIn, Seek or Indeed.
- Offer job share to attract part timers
- Consider using candidates from other product lines and train them on the job
- Consider grads for junior roles
- Partner with a dedicated recruiter to get your brand out there and map the market for you. Recruiters use multiple relationships, platforms and databases that you won't have access to.
Get your brand out there.
As a recruiter, when I'm selling your business as the next step in a candidate's career, the first thing they will do is google your brand. The search results, including your website, Advisr profiles and LinkedIn profiles are the first impression they get of the business.
Take a look at your website, try to be objective - what does it say about you? Your website should be easy to navigate and up to date. It should clearly have your logo, specialities, and products/industries you service, maybe a few testimonials and perhaps even your lovely faces.
Social media is another big one, professional platforms such as LinkedIn and Advisr are a source where candidates can find out about your brand in the market, who your competitors are, what your customers say and the calibre of staff already working for you. On Glassdoor previous and existing staff members can write reviews and rate the business. Candidates will research your business before coming on board so ensure your brand is out there and reflected in a positive light.
It's a tough market out there, but if you consider these tips when you have a vacancy it'll help you get your brand out there and attract the candidates you need.
To connect with us, head to Blake Oliver Consulting.
Advisr does not provide advice and does not hold a financial service license (AFSL). All information above has been provided by Blake Oliver.