In the old economy, job applicants competed for a limited number of positions. But with unemployment now reaching record lows, organizations are having to compete for candidates’ attention.
This dynamic is especially concerning for the pooling industry, which is expected to see significant retirements by 2022. Even more alarming is the projection that 75 percent of executive-level positions will experience turnover by 2028.
The Jacobson Group, a company specializing in insurance recruiting services, recently published an article with suggestions on how to navigate this so-called “candidate-driven” labor market. Though geared towards the commercial insurance industry, the piece contains relevant insights for pools as well.
Specifically, the article recommends focusing your hiring efforts on those professionals who are somewhere between “passive and happy” and “actively looking for a new role.” To connect with these people, Jacobson recommends the following:
- Be proactive with potential candidates. Go out and search for talent you think would be a good fit for your organization – and tell those potential candidates why you think so. In the process, ask them questions to learn what might motivate them to leave their current jobs.
- Act fast and be flexible. Since qualified candidates tend to get many offers quickly, keep the process moving. Limit the number and length of interviews, and don’t take too long to make an offer. If possible, simplify the decision-making process.
- Think beyond salary. Overall pay is important, but so are benefits, perks, flexibility, the opportunity to work remotely, etc. Find out what your preferred candidate’s needs are, and craft your offer to meet them.
- Expect that candidates’ current employers might try to entice them with a counteroffer. Prepare for this by asking questions in the interview process to understand what might convince candidates to stay where they are. Adjust your offer accordingly.
There’s a common theme to these recommendations: understanding what motivates potential candidates (who are often of the younger generations) and using that knowledge to appeal to them.
To help your pool better understand different kinds of potential employees, we recommend the following resources (all produced by AGRiP 2018 Generational Resident Kim Lear):
- The Generational Training for Pools workbook will help you understand, respect and even appreciate differing generational perspectives on professionalism and the workplace.
- These assessment tools can help gauge your pool’s readiness to recruit, retain and lead multiple generations in the workplace.
- In this webinar, Ms. Lear teaches pools how to prepare for a workplace and membership environment that includes multiple generations.
- A recent issue of Intelligence provides key insights into finding your next pooling executive. These include focusing on job outcomes and competencies (rather than a job description), the importance of writing and technology proficiency, and fitting your open executive role to your potential candidates.
Pools should also take advantage of initiatives like Stories that Set Us Apart. The videos in this series can be used to create a compelling first-person video pitch to college career counselors, recruiters, and job hunters that illustrates the uniqueness of a career in pooling over the commercial insurance industry. Create a video for your organization as a whole (or for a specific position), embed it in a job listing, and share it on your social media channels.
For more, you can read the full Jacobson Group piece (via downloadable PDF).