Randstad's WorkMonitor Report Finds Natural Disasters are Making an Impact on the Insurance Jobs Industry

Share Article

Randstad's WorkMonitor report has found that 2011's slew of natural disasters are having a direct impact on recruitment on the insurance market. Heavy losses from catastrophe payments means that insurance firms are making a greater number of redundancies and hiring more cautiously.

Natural disasters are having a direct impact on the insurance jobs market, according to Randstad’s quarterly Work Monitor Report.

Last year saw an unprecedented number of natural catastrophes across the globe – including the Japanese Tsunami, flooding in Thailand and a heavy hurricane season in the U.S. Owing to these disasters, insurers are now paying out heavy catastrophe losses. Inevitably this means insurers are hiring cautiously in an already uncertain insurance jobs market.

The Workmonitor found high insurance payments were putting pressure on international insurance brokers to make redundancies in the second half of 2011. Catastrophe payouts have also translated into a loss of bonuses at the beginning of 2012.

The greatest impact that the report found was an increased time to hire, as employers demanded to see more of candidates’ capabilities during the interview process.
Natural disasters may only be part of the issue, as Randstad’s report also found other factors at work.

With the advent of Solvency II and tighter EU regulations and capital requirements, syndicates may begin amalgamating into consortiums in order to avoid capital adequacy issues. There have already been a number of takeovers and mergers to-date and this is expected to cause serious movement across the insurance jobs sector over the coming year.

From April, an increase in candidates is anticipated, an effect of bonuses being received in Q1. In addition, workers re-entering the insurance job market from redundancy have driven insurance jobs salaries down, although this trend has been seen mostly in the top, executive end of the market.

An increase in benchmarking on behalf of clients has also been evident. Randstad has found no evidence of counter offers this quarter, which may indicate that staff retention or skill shortages are not an issue within the insurance market at present.
However, there is good news for skilled and experienced insurance professionals, as unlike many other industries, workers are being rewarded with salaries that have increased in line with inflation. The insurance jobs market is looking up for graduates too, as employers tempt high calibre candidates with attractive starting salaries of around £25k.

The Randstad Workmonitor Report
The Randstad Workmonitor was launched in the Netherlands in 2003, then in Germany, and now covers 32 countries around the world, encompassing Europe, Asia Pacific and the Americas. The Randstad Workmonitor is published four times a year, making both local and global trends in mobility regularly visible over time.

The Workmonitor Mobility Index, which tracks employee confidence and captures expectations surrounding the likelihood of changing employers within a six month time frame, provides a comprehensive understanding of job market sentiments and employee trends. In addition to measuring mobility, also employee satisfaction and personal motivation, as well as a rotating set of themed questions are part of the survey.

The quantitative study is conducted via an online questionnaire among a population aged 18-65, working a minimum of 24 hours a week in a paid job (not self-employed). The minimal sample size is 400 interviews per country, using Survey Sampling International. Research for the first wave in 2012 was conducted from 20 January to 14 February, 2012. The report is available at http://www.randstad.co.uk
About Randstad Financial and Professional
Randstad Financial & Professional is the specialist recruitment firm for accountancy & finance, financial services and legal professionals within the UK. We have a strong track record across permanent, temporary, contract and interim recruitment across the financial and legal industries.

We work with the world's greatest employers in the private and public sector and every day we handle thousands of career opportunities, from entry level positions to heads of department.

At Randstad Financial & Professional we pride ourselves on being the ideal recruitment partner. We offer an honest and open service, coupled with the experience that over thirty years of professional services recruitment brings across a network of UK offices.

About Randstad
The Randstad group is one of the leading recruitment & HR services providers in the world with a top five position in the UK and a top three position in fifteen countries including the US, France and Germany. In the UK, Randstad’s business lines serve the public and private sectors across Accounting and Financial services; Business Support;Construction, Property and Engineering; Education; Health and Social Care; Interim Management and Search; Human Resources; IT; Legal; Retail; Sales, Marketing and Creative; Student and Worker Support and In-House and Managed Services. At the end of 2011, Randstad had 1,930 corporate employees in the UK, working in 255 locations. UK revenue in 2011 was €789 million. Randstad was founded in 1960 and is headquartered in Diemen, the Netherlands. Randstad Holding nv is listed on the NYSE Euronext Amsterdam. For more information see http://www.randstad.co.uk and http://www.randstad.com.

Share article on social media or email:

View article via:

Pdf Print