The Global insurance industry continues to offer fast paced and well-rewarded career opportunities across wide ranging business functions in diverse and inclusive businesses. Here, Hays use the data from their Salary & Recruiting Trends 2021 guide to explain the current salaries and benefits in insurance.
Employer activity for the coming year remains strong
90% of insurance employers expect organisational activity levels to increase or stay the same over the coming year, slightly lower than the previous year (93%) but still showing a strong forecast for the next 12 months.
Optimism about the more long-term future, however, has taken a slight dip for employers, with 43% positive about the wider economic climate and the opportunities it might create within the next 2-5 years, compared to almost half (49%) stating this last year. Employee concern around the longerterm economic climate, meanwhile, has seen a significant increase, with over three quarters (77%)expressing concern about their opportunities in the next 2-5 years compared to just over half (55%) last year.
Skills shortages are top hiring challenge
Insurance employers have continued to be challenged by skills shortages this year, with 69% saying they have experienced them in some form. 59% have experienced challenges recruiting for permanent staff within the last year, higher than the UK average of 54%, and over a quarter (27%) have had difficulties hiring temporary workers. 82% of employers plan to hire over the coming year, which is higher than the previous year’s figure (72%). 64% plan to hire permanent professionals, which is also greater than the UK average (55%). A shortage of suitable applicants is seen as the top hiring challenge over the coming year (53%), with 40% also citing competition from employers as a concern.
Increase in remote working welcomed
Covid-19 has prompted an increase in remote working, which has largely been viewed as positive by insurance professionals. Over half (54%) believe it has had a beneficial impact, and over a third (36%) say that in a year’s time they would prefer to be working mainly remotely, with some time spent in the office. 55% cite remote working as an important flexible working option when looking for a new role. Additional benefits that insurance professionals cited as being most important when looking for a new role include health insurance (51%), over 28 days of paid annual leave (46%) and pension provision above the legal minimum (43%).
Earning Potential in Insurance
|Business Function||Entry Level*||Senior roles*||Career Potential*|
|Risk and Compliance||£23,000||£78,500||£143,000|
|Projects, Change and Operations||£35,000||£102,000||£202,000|
*Salaries based on London
The results reported here come from their Hays UK Salary & Recruiting Trends 2021 Guide.