New research from Hays Insurance reveals over half (55%) of insurance professionals are planning to move jobs in 2016, with a third (34%) moving in search of better pay and benefits.
The Hays UK Salary & Recruiting Trends 2016 report, which includes survey results from over 1,300 insurance employers and employees, shows confidence is high in the industry with almost four fifths (77%) of insurance employers expecting business activity to increase and 79% planning to recruit staff in the next year. With so many employers looking to recruit it is important that they are offering the right benefits in order to help attract the talent they need to support growth.
Insurance employees prioritise over 25 days annual leave (61%) flexible working (61%) and above statutory pension (51%) when looking for a new job. Over half (52%) of employers said they offer employees a cycle to work scheme, yet only 3% of insurance professionals said this was an important benefit. Almost two thirds (63%) of employers said they offer childcare vouchers yet only 8% of insurance professionals felt this was an important benefit when considering a new role.
The insurance industry is starting to feel the impacts of a demographic change and therefore must find ways to attract new talent. Our report reveals that aside from salary, Gen Y places the most importance on career development (44%) followed by benefits package (15%) when considering a new role. In contrast baby boomers cite work life balance (25%), job security (18%) and benefits package (17%) as most important and only 2% consider career development. This highlights how varied the motivations of the changing workforce are and the importance of having a benefits package that appeals to all potential employees.
Our research found that almost two thirds (62%) of Gen Y want more than 25 days annual leave, followed by flexible working (57%) and financial support for professional study (50%). However, only 16% of baby boomers and 29% of Gen X were concerned with financial support for study when asked which benefits are important to them when looking for a new job. Only 8% of baby boomers thought onsite subsidised facilities was an important benefit while 25% of Gen Y cited this as important, further highlighting the differences in motivations between generations.
Paul Davey, Director at Hays Insurance, commented:
"Business confidence is high in the industry, but skill shortages and the competition for talent continue across insurance. Our findings show that salary and benefits were the main motivation when moving jobs for insurance employees. If organisations are unable to increase salaries in 2016, adapting their benefits offering could help to retain these staff.
Gen Y employees are saying they are motivated by financial support for studies, flexible working and more days of annual leave. If the industry is to attract more employees from this generation, employers must acknowledge that benefits offered are often as important as salaries. In order to attract the talent they need organisations must adapt their offering or they will lose out.”
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About Hays UK Salary & Recruiting Trends 2016
Data compiled using data gathered during 2015 from Hays offices across the UK, based on job listings, job offers and candidate registrations. Survey responses from 20,000 employers and employees from organisations of all sizes throughout the UK.
Hays plc (the "Group") is a leading global professional recruiting group. The Group is the expert at recruiting qualified, professional and skilled people worldwide, being the market leader in the UK and Asia Pacific and one of the market leaders in Continental Europe and Latin America. The Group operates across the private and public sectors, dealing in permanent positions, contract roles and temporary assignments. As at 30 June 2015 the Group employed 9,023 staff operating from 240 offices in 33 countries across 20 specialisms. For the year ended 30 June 2015:
– the Group reported net fees of £764.2 million and operating profit (pre-exceptional items) of £164.1 million;
– the Group placed around 63,000 candidates into permanent jobs and around 200,000 people into temporary assignments;
– 23% of Group net fees were generated in Asia Pacific, 41% in Continental Europe & RoW (CERoW) and 36% in the United Kingdom & Ireland;
– the temporary placement business represented 58% of net fees and the permanent placement business represented 42% of net fees;
– Hays operates in the following countries: Australia, Austria, Belgium, Brazil, Canada, Colombia, Chile, China, the Czech Republic, Denmark, France, Germany, Hong Kong, Hungary, India, Ireland, Italy, Japan, Luxembourg, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Portugal, Russia, Singapore, Spain, Sweden, Switzerland, UAE, the UK and the USA