A study from McKinsey & Company found that 25 percent of professionals in the insurance industry will retire by 2018, leaving a large talent and experience gap in the industry. So how do you plan for that alongside any and all current openings for immediate hires?
CSG’s Direct Hire Solutions assists companies with an extensive candidate search and selection process to fulfill their critical direct hiring needs. We work nationally with expertise that spans top executives, middle management and technical level positions. We can provide assistance with a variety of insurance product lines to include Property and Casualty, Life, Health, Disability, Annuity and Pension. We will provide you with a service that is of the highest degree of confidentiality, professionalism and integrity.
We are able to assist companies on their Direct Hire needs on a contingency, retained or
engaged/contained basis. Below you will find details pertaining to all three searches.
When a search firm operates on a contingency basis it means the firm will only earn a fee if the firm is responsible for identifying and presenting the hired candidate(s) to the client. In a contingent search there is typically no exclusivity to the arrangement; the client is free to work with other search firms or source candidates on their own. Usually in a contingent search the job specification tends to be less structured – more fluid – allowing for a greater breadth of candidates who could potentially “fit.” More effort, though, is expended by the client in assessing fit with the job. The fee is typically a percentage of the new hire’s first year compensation, earned when a candidate accepts a job offer and due within a specified time after the new employee starts.
This means the search firm has structured a contract signed by the client defining what will be provided in the way of outcomes and responsibilities for both the search firm and the client. The contract in a retained search typically calls for exclusivity for the search firm much the same way a company might expect to experience when retaining an accounting firm to perform an external audit, or a law firm to handle a particular legal matter. The fee is broken down into installments. The initial portion of the fee known as the “retainer” is due at time of acceptance of the assignment. Often another installment is due within a specified time frame during the search. Regardless of whether a second installment is agreed upon, the final payment is either due within a specific time frame after the new hire’s start date or when the search is concluded in some other fashion by the client.
This is a customized option. It is a hybrid arrangement taking elements of both the Contingent and Retained arrangements. The contracted recruiter has the search exclusively. Therefore, the search can be customized to the client organization’s needs, with the search professional providing a consultative service throughout the process. Under this option, the search firm receives a “retainer” fee. However, the search firm will only earn a placement fee if the firm is responsible for identifying and presenting the hired candidate(s) to the client. The retainer fee is deducted from the total fee at time of hire or fees are reduced off of the standard percentage to take into account the retainer fee under certain arrangements. An example of this arrangement would be a monthly retainer fee paid by a broker client for an ongoing search for producer and account manager talent in a region of the country.
Our Recruiting Process
An important element to your search is our thorough understanding of your operation, specifics of the position, as well as the environment and management style in the department. This is accomplished through in-depth initial consultations as well as ongoing and regular client communication.
Our approach is to partner with our clients to determine the exact qualifications and skills needed in a prospect. We interview candidates extensively to ensure their experience and needs are appropriate for the job and culture offered by our client.
Our recruiting is conducted through referrals, networking with professionals in the disciplines and businesses where qualified candidates are most likely to be and other sourcing techniques. We do not rely on unsolicited resume flow or blind ads.
Extensive Search Criteria
Our insurance search assignments start with our extensive database and comprehensive networks. Because of our recruiting efforts, many new names are added weekly to our databases and existing records are updated routinely. Our inquiries are made in strict confidence, and your company is not identified until a candidate expresses a definite interest in the position.
When a candidate expresses interest in the opportunity presented, we evaluate them on the basis of their qualifications and work history. We strive to bring you candidates that are a fit not only technically, but also from a philosophical standpoint. Further, through careful candidate consultation, we pinpoint the candidates that are committed to making a career move.
Meeting Your Assignment Profiles
We present for interview only those individuals who best fit the assignment profile. After the interview(s) we will debrief both you and the candidate, then follow-up to ascertain the candidate’s interest and provide additional information as needed.
At your request, we will assist in composing and extending the offer, though our approach is typically to have the client extend the offer once we have reviewed it with you. After the offer is extended, we stay in contact with the candidate and any significant other in their household to resolve remaining issues and facilitate a prompt acceptance and early starting date.
For more information and to discuss your upcoming Direct Hire needs please contact us.
CSG’s Additional Recruiting Solutions: