Making the right insurance hire in 2023
If 2022 has taught us anything, it’s that finding the right hire for your team is incredibly important. With a potential recession looming and uncertainty among industry leaders, it’s vital your team avoids continued turnover and prolonged openings. The right people in the right positions can help you navigate any economic fluctuations and situations that may arise, driving your progress and placing you a step ahead of your industry competitors.
So, just how can you make a lasting hire and avoid the pitfalls of high employee turnover?
The importance of making the right hire
Before you can determine how to best find and hire the right people, you have to understand what it looks like when someone isn’t a fit for their role. Employees who aren’t quite a fit may show signs of burnout, workplace dissatisfaction and decreased performance.
Early in 2022, for instance, we saw a number of professionals turn into job hoppers, largely based on the ability to receive higher pay or greater flexibility after experiencing dissatisfaction with their current position.
Although we may not see high levels of job hopping in 2023 due to the general recession expectations among employers and professionals, it’s still important to find the right candidate who can and will remain a part of your organization for the long haul. If a recession does occur, even a mild one, you’ll want to begin navigating it with the right talent aboard your team.
Otherwise, you may find yourself occupied with hiring instead of establishing a plan and guiding your team toward success. And, remember, hiring a new employee costs around 1.25 to 1.4 times the base salary, and it will only climb from there with a poor hire.
Tips for how to make the right hire
Making the right hire isn’t always easy (see: job hoppers, quiet quitting, high turnover, etc.), but the issues associated with it can be mitigated. As we’ve learned from this past year, flexibility is key for both employers and professionals—many professionals desire flexibility in their schedules, and employers need to show a willingness to adopt/work with hybrid and remote schedules. Furthermore, pay and quality of life will continue to be two of the largest driving factors in attracting and retaining top talent as professionals expect to be compensated for going above and beyond.
While pay, flexibility and vacation time are highly important for attracting highly qualified candidates they aren’t the only factors that will help you find and retain the right talent. Here are a few additional tips on how to make the right hire:
- Ace the job description: An accurate job description goes a long way in attracting the right candidates to the position. Don’t just recycle an old description—consider what success looks like in the position, including soft skills, and go from there.
- Transparency: Transparency in the hiring process, potentially including pay transparency, can ensure the candidate’s goals and expectations align with your own.
- Perfect the timeline: Rushing a hire to simply get someone in the position benefits nobody—the candidate may suffer because they are underprepared or a poor fit and your organization will suffer the consequences of making hire that’s simply not right. However, taking too long can exacerbate the problems of a prolonged opening and stress other members of your team. Find the right balance of time to make the right hire.
- Review, then proceed: Quality is more important than quantity, so there’s no need to interview 20 people if you can rule out poorly qualified candidates before the interview stage. Consider starting with an initial phone screening or questionnaire before scheduling face-to-face interviews, and work review into your process. There’s a reason you build a strategy for hiring, make sure you stick to the steps that work and build out time to carefully review candidates before proceeding.
How a recruiter can help
It should be no secret that a recruiter can help you find top talent—it is our job after all. However, many don’t realize the breadth of our knowledge and services. Recruiters, especially those with expansive years of expertise within the industry, understand the complexities of the hiring process and work both with and for you in the search for top talent.
Recruiters who work in a specific niche, such as General Search and Recruitment with the insurance industry, also have a deep understanding of your specific industry and what it takes for professionals to succeed. This allows us to get to the “why” and gain a deeper understanding of potential candidates, exploring the shared goals of organizations and professionals to avoid the dreaded mis-hire.
We’ve placed candidates who have experienced immense success and grown with a company—not against it.
Additionally, recruiters are able to tap into different talent networks than the average hiring manager. LinkedIn and Indeed surely are good tools, but they don’t provide the depth that a recruiter can. In a time where making the right hire, avoiding job hoppers and establishing the path towards success are vitally important, you’ll want a recruiter on your side who can tap into passive talent, finding the professionals who are leaders in their field and can transition to leaders in your organization for years to come.
Making a lasting hire—the right hire—is of the utmost importance in 2023. However, you don’t have to navigate a potentially tumultuous hiring market alone. Our leadership, Mike McDonough, has worked the industry for more than 40 years, navigating complex economies and building a network of insurance talent that includes the talent you need to thrive. Reach out and see how we can help you make the right hire in 2023.