Sneak Preview: 2023 Insurance Salary Report
As many of you know, we are getting ready to release our 19th Bi-Annual Insurance Salary Report for the WDC Region. In connection with our surveying and polling, three issues continually surfaced. They are:
Overworked & Overpaid: Compensation for both the Property & Casualty and Employee Benefits both took off during and after the Pandemic. I will provide the actual numbers and percentages in the salary report to be released in early July. They are startling.
The issue now is that compensation levels have risen so high that there is very little, if any, upside remaining. Since January, increases have been flat.
In fact, what is happening now is that employers are doing more with less (staff). If I had a nickel for every person that told me, “Rob, two account managers from my firm retired or quit, and they have not been replaced…I am now doing the work of several people…”
This is one of the primary reasons why insurance service and support are leaving their firms now.
Remote Work Still Rules: For insurance service and support staff (not producers), remote work is now the #1 benefit more than compensation. We keep track of this when we interview candidates. Many don’t even want to work hybrid. And those clients who are offering a remote work environment are magnets for top talent while reducing their cost since these hires are coming from outside the WDC Beltway.
That said, this segment is generally in the $60k – $115k range. Career-minded employees that want to get ahead and rise to the executive level want to be in the office more. They understand that to be a leader and manager you have to show up. I see the importance of remote work environment segmented along those who want to get ahead and those that just want a job.
Counter-Offers: Top talent still rules. Between 2003 and 2022, we had six candidates accept counter-offers. Since January 2023 we have had five accept counter-offers. This is insane.
Two of the employers actually called me to say the same thing, “We are not letting our top talent walk out the door.” It is true. Insurance firms are letting the 80% walk out the door, but will do just about anything to retain the 20% that represent top talent.
We are actually seeing more resumes now, but from mostly active and under-qualified people – the 80%. Unfortunately, for them, neither I nor my clients are interested in the 80%. Acquiring and retaining top talent is even more difficult and important than ever.
I will more details in the salary report to be released on Friday, July 7th.
