ALM Benefits Pro| February 07, 2024 The struggle to hire and retain key talent in the benefits community continues. Here’s how to build a more diverse workforce and improve both your culture and results. In an increasingly diverse world, the benefits community is struggling to create a more diverse and inclusive workplace. According to the US Equal Employment Opportunity Commission (EEOC), there are 196,750 officials and managers working for the insurance industry. Of those, the number of women serving as officials and managers topped out at 47.9%. Non-white workers were even more scarce ..read more

Performance reviews are back. According to Korn Ferry, the number of employee performance reviews conducted in January 2024 jumped nearly 30% over the same month last year[1]. And data from software provider BambooHR shows the number of reviews is increasing 15% annually[2]. Why the sudden resurgence? With so many employees working from home, there’s often no opportunity to directly observe performance. Managers have fewer opportunities to give feedback. And digital communications, if relied on too heavily, can lead to misperceptions. Managers and employees alike are grasping for ways to chart ..read more

Anyone in the insurance industry knows that there is a labor market crisis. The industry has long struggled to fill open positions and to attract new talent. Yet recent news from the National Association of Mutual Insurance Companies (NAMIC) predicts the unimaginable – that by 2036, half of the current insurance workforce will retire, leaving over 400,000 openings[1]. Meanwhile, the market continues to grow. According to LIMRA, life premiums in 2023 set new sales records[2], and NAIC reports a 10.3% increase in direct premiums written in the first half of 2023[3]. With increased business and ..read more

With hybrid environments becoming the standard for workplaces these days, more and more companies—and their employees—are navigating return-to-office arrangements. Yet while much has been written about how to bring employees back into the office effectively, I’ve noticed a lack of coverage around what not to do—or what employers are doing wrong when it comes to establishing healthy and effective hybrid workplaces. Anecdotally, I’ve seen a few ways in which employers are making the transition more difficult for themselves and their employees, and research backs up these observations. A few comm ..read more

Attracting job seekers to the insurance industry has presented an ongoing challenge, one that could get a little tougher. The Bureau of Labor Statistics (BLS) data reveal that 216,000 job openings were filled in December 2023 and the unemployment rate held at 3.7%[1]. The labor market in 2023 showed quite a bit of resilience. However, for the insurance industry, there was a noticeable increase in the number of job openings, with the industry losing 2.4% of its workforce from November 2023 through December 2023[2]. It’s a dearth that, if left unchecked, is likely to deepen. Right now, there are ..read more

Traditional retirement has gone the way of the dodo. No longer do employees expect to stop working at age 65—and no longer are companies prepared to lose them, either. The reasons for this are pretty straightforward. According to the U.S. Bureau of Labor Statistics, the country is expected to add 8.3 million new jobs from 2021 to 2031, while the labor force is both shrinking and gradually skewing older. Employers are therefore looking to attract and retain senior workers, with 60% saying they gave a “great deal” or “quite a bit” of consideration to job applicants aged 50 and older in 2022. Mea ..read more

If nothing else, 2023 will serve as a reminder that some temporary measures are worth keeping. As we completed three years of remote and hybrid work models, organizations showed signs of pulling back from what has become a popular, sought-after work model. That became quite a tough sell for their employee base. Hybrid work models have become the norm in many organizations, with many management teams learning how to manage and motivate teams that worked in office, remotely, or a combination of both. Maybe more importantly, flexibility became a crucial business need. As organizations had to pivo ..read more

As remote-work capabilities continue to evolve and hybrid offices becomes the norm, companies need to re-examine their hiring processes to ensure they’re onboarding individuals who can—and will—thrive both in the office and out. Identifying and hiring individuals who will thrive in a remote work environment requires a thoughtful and strategic approach. For example, consider the soft skills that are desirable for success in a remote environment: autonomy, time management, and the ability to stay motivated without direct supervision. Communication and collaboration are also more important than e ..read more

It doesn’t matter who works for you, who your customers are, or what your mission statement says. If you’re operating in a way that quashes innovation, your organization won’t survive. Harsh, but true. Yet time and again, organizations focus on how to bring in the best and brightest without examining the company culture. That’s a huge oversight – innovation drives corporate success. At Wahve, we foster innovation through a number of easy-to-implement steps. Paving the Way for Employees: At our organization, we center every decision on how it will impact the innovative nature of our employees a ..read more

Want to hear something that might surprise you? A 2021 Jacobson Group and Aon study found that 40% of college students were actively interested in a career in the insurance industry. And that’s compared with just 27% in 2018. But will it be enough to fill the growing talent gap in insurance? The Advantages of Fresh Talent At WAHVE, we’ve long believed in the advantages that young talent can bring to the industry. In addition to bringing a fresh perspective to the industry, the next generation offers: Tech ability: Millennials, Gen Z, and Gen Y are tech-savvy by nature. They have a short ..read more