Fall is one of the busiest recruiting seasons of the year—an important time for the insurance agency marketplace, which is facing a dramatic talent shortfall as aging principals retire.
However, today's hiring market is different from what we've seen in the past, according to a recent article by Bob Corlett, an expert on staffing and recruiting.
Although his comments are focused primarily on the Washington, D.C., hiring environment, which is struggling with the limitations of sequestration, Corlett noted that it is more difficult for employers to find top talent.
Among his observations:
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Fewer potential employees are responding to advertising, especially in areas like accounting, communications, development and marketing, where candidates are being aggressively recruited and don't need to job hunt.
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Top candidates are selective about making a career move. They want more than a paycheck and steady employment. Many insist on flexible work schedules, telecommuting days, and other "soft" benefits.
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Candidates who are serious about a career in their chosen industry want to know that there's a clear career path to advancement at your organization.
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Candidates also are more selective about salary offers, especially in light of the skimpy salary increases most organizations have given over the last 5 years. "Hot" candidates with multiple job offers often expect offered salaries to be 10 percent to 20 percent more than the average posted in salary surveys, Corlett said.
Most of these observations correlate with what we have predicted in the past about attracting and hiring millennials. The comments about clear career paths and work flexibility are particularly resonant.
On a related note, an article from the Harvard Business Review debunks the myth of the "lazy, entitled" millennial. Dan Schawbel's study of millennials and their boomer and Gen X managers found that although managers have a negative view of millennials, the millennials respect their managers' experience and skill. And although millennials may have shorter job tenures (2 years compared with 5 years for Gen X and 7 years for boomers), it's usually because their managers failed to provide a career path or set expectations. Schawbel's study found that 20 percent of managers don't provide annual reviews, and only 12 percent give quarterly reviews. Not too smart, considering losing a good worker can cost a firm an average of $24,000 per employee, Schawbel estimates.
It's going to take a lot of time, mentoring and nurturing to create another "you" who can fill your shoes after you leave your agency. Don't be that short-sighted business that gets its best young talent wooed away by someone more creative, generous and flexible. Good employees are worth their weight in gold. Treat them like it.
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