I know there is some debate about whether Back to the Future II shows The Chicago Cubs winning the World Series in 2015 but who really cares when IT HAPPENED just a year later. The best things are worth waiting for. Even if you’re not a Cubs fan you have to admit Game 7, rain delay dramatics, the traveling fans, Wrigleyville jammed packed and Billy Murray SNL may be the best thing to ever happen in baseball.
So, we’re a year off from Marty McFly’s time travel prediction. Big deal. Not everything is perfectly predicted. From a business sense, I thought it might be fun to see what staffing predictions to start 2016 came true. Which ones will we (and your company) still need to wait for?
(The following is a list compiled cited by SHRM and LinkedIn predicting what experts say will be the most prevalent recruiting trends).
Prediction #1: Employer Branding Will Grow
This absolutely came true! Specific to Capstone’s business, there’s no doubt insurance companies and agencies spent considerable time and energy highlighting what makes them a premier employer. 2016 could be called the Year of the Candidate Driven Market. In fact, recruiters believe this 82% of the time while employers are just slightly over 60% confident in that statement (according to MRI’s 2016 report).
The need to effectively brand your agency will not diminish in 2017. Your firm must Identify Brand Ambassadors, Create Original Think-Tank Content and Commit to Fulfilling a Social Media Plan/Calendar.
Prediction #2: Talent Analytics Will Increase
Having trouble sourcing prospective candidates? Have you considered that not understanding your current employees creates problems when identifying new ones? Talent analytics points insurance organizations to decisions based on data rather than subjectivity. It integrates applicant tracking and HRIS systems into the flow of pipeline building. It creates recruiting intelligence which is still a long way from being implemented by more than the Top 5 Global Brokers and Insurance Companies.
Small and regional insurance organizations can tap into this trend for 2017 by analyzing time-to-fill, cost-per-hire and source-of-hire data.
Prediction #3: Sourcing Avenues Will Broaden
Hiring underwriters as account managers was a consistent theme in 2016. Insurance companies have always been a source for well-trained insurance professionals. Connecting with underwriters in the 3-5 years of tenure range who are interested in entrepreneurial, client facing roles was an easy sell for agencies. Most of these hires were millennials allowing agencies to speak to enhancements they’ve made in benefits, autonomy, teamwork and career development.
It remains to be seen if the trend continues for account management talent naturally progresses and exists in large enough volume that hiring non-agency backgrounds could have been strictly out of necessity. We will see this in ever growing frequency within sales. Commercial lines is a safe haven for inexperienced B2B salespeople to gain recurring revenue sales positions. Benefits related firms (health analytics, technology, payroll, wellness) have talented business development candidates that agencies find extremely desirable.