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Workforce Trends: Finance and Insurance

FI recruit young workers_504x504_150217
Like many industries, the insurance industry is suffering from a rapidly aging workforce. With a large percentage of workers set to retire over the upcoming 15 to 20 years and a distinct lack of new talent entering the industry, the skills gap is more dire and competition for fresh talent is higher than ever.So it should come as no surprise that some insurance companies are pulling out all the sto ... Read More
FI women in workforce_504x504_150217
Recently, a lot of attention has been paid to the fact that women are underrepresented in the executive ranks of the financial services industry. In a December 2014 article, Marketwatch highlighted a report by consulting firm Oliver Wyman that showed that among leading financial services firms, 96 percent of financial services CEOs are men and more than 33 percent of executive committees still con ... Read More
FI talent strategies MAs_504x504_150217
A recent report shows that some of the trends currently defining the insurance industry include the acquisition of weak firms by stronger enterprises, as well as the consolidation of existing assets in order to expand operations and strengthen market position. In general, the focus of acquisitions lies on acquiring firms that are good cultural matches and whose products integrate well with existin ... Read More
FI TSCM service_504x504_150107
Since the Global Financial Crisis, regulatory institutions in the United States, Canada, and Europe have been working to instate new regulations for the finance and insurance industry. Regulations such as the Volcker Rule and the Dodd-Franck Act in the U.S. and the Markets in Financial Instruments Directive in Europe are intended to protect consumers—as well as entire economies—by requiring financ ... Read More
FI rightsizing TSCM_504x504_150107
In this post-Global Financial Crisis era, finance and insurance institutions in North America and Europe are faced with increased regulations pertaining to capital requirements and the demand for transparency. As a result, many enterprises are still experiencing a drawn out restructuring of their organizations in order to compete in this redefined industry.In this evolving financial landscape wher ... Read More
Invest Human Capital_504x504_150107
The global insurance industry is growing. Economic recovery after the recession is prompting better returns and gradual growth in the United States and Europe, while emerging countries with blossoming economies are rapidly becoming more interesting as markets for a variety of insurance products.Thanks to this global growth, the insurance industry now has a greater need for human capital. However, ... Read More
FI TSCM_504x504_150035
According to the U.S. Bureau of Labor Statistics, many occupations in the finance and insurance industry are set to grow over the next seven years. By 2022, the demand for insurance sales agents will grow by 10 percent; the need for securities, commodities, and financial services sales agents will increase by 11 percent; and the demand for accountants and auditors will rise by 13 percent. Likewise ... Read More
FI adaptable regulatory talent_504x504_150035
Since the Dodd Frank Wall Street Reform and Consumer Protection Act was signed into law in the United States in 2010, finance and insurance organizations have faced increased scrutiny from the government and are obligated to comply with more stringent regulations. At the same time, the Dodd-Frank Law also allowed nonbank financial institutions to be designated systematically important financial in ... Read More
FI talent online insurance_504x504_150035
Recent data from Statista shows that the number of Internet users worldwide has grown from 394 million in 2000 to 2,923 million in 2014. And with everything from work to social lives moving increasingly online, it’s understandable that people’s shopping habits are doing the same. In 2014, worldwide B2C e-commerce sales totaled approximately $1,471 billion, an increase of $238 billion from the year ... Read More
FI five factors attract talent_250x250_A0005
In the competition for finance and insurance talent, employers need to know as much as possible about what motivates workers in order to tailor their acquisition and retention strategies accordingly. Fortunately, Kelly Services® annual survey, the 2014 Kelly Global Workforce Index™, provides some insights into what talent consider when evaluating job offers. What follows are the top five motivator ... Read More
FI online talent communities_250x250_A0005
Online talent communities are forums where talent and employers can interact about matters related to industry insights, career development, work environment, job opportunities, etc. They’re becoming increasingly important as a way for employers to connect with active and passive candidates, allowing them to build greater talent pools that include a variety of labor categories.Research shows that ... Read More
FI global companies attract retain_250x250_A0005
As many finance and insurance companies are looking to expand their workforces, they need to adapt their acquisition and retention strategies to meet the needs and preferences of today’s talent. A useful tool in this endeavor is the 2014 Kelly Global Workforce Index™, a worldwide survey about talent’s preferences and requirements in regard to work that—among other things—posed the question of what ... Read More
FI reducing turnover 250x250
According to a recent report, only 10 percent of Millennials in the finance and insurance industry intend to stay in their current positions for the long term—that’s almost 10 percent less than the average across all industries. Knowing that Millennials already make up over a third of the workforce and are set to comprise half the workforce by 2020, this lack of engagement should concern employers ... Read More
FI attract top IT talent 250x250
In November 2012, CBS 46 confirmed that American insurer Nationwide’s network had been hacked, possibly exposing 30,000 policyholders in the state of Georgia to identity theft.One and a half years later, Bloomberg reported that from June to mid-August 2014, J.P. Morgan, the largest bank in the U.S., was targeted by hackers who took advantage of an overlooked flaw in the organization’s online prese ... Read More
FI holistic workforce mgt 250x250
Due to the 2008 recession and the subsequent changes to the regulatory landscape, many finance and insurance companies experienced costly reorganizations in the past years. During this time, traditional cost-cutting strategies—including layoffs—were frequently employed as stopgap solutions to keep operations running. But now, in an improved economic climate with an increasingly competitive labor m ... Read More
FI onboarding enagagement 250x250
According to the 2014 Kelly Global Workforce Index™, less than two-thirds of finance and insurance talent agreed their current employers facilitated their assimilation into their organizations by means of onboarding programs—i.e. processes to help them adjust to the operational and social aspects of their new jobs. Of the talent who did experience onboarding programs, 83 percent agreed the experie ... Read More
FI big data attrition 250x250
No employer likes to hear its employees are thinking about leaving. Unfortunately, the 2014 Kelly Global Workforce Index™, a survey of almost 230,000 workers worldwide, shows that 65 percent of finance and insurance talent are planning to look for another job with the next 12 months. Though this statistic is sobering, there’s an important lesson to be learned here: by gathering big data about empl ... Read More
FI contingent talent mgt 250x250
In the finance and insurance industry, where competition is high to find the best employees, talent acquisition is evolving into a more strategic function of business. More and more, talent is being recognized as a critical resource for achieving a competitive advantage in the industry—a fact that not only applies to contracted employees, but also to the contingent workers who make up 30 percent o ... Read More
FI advancing careers 250x250
Employers in the finance and insurance industry face the significant challenge of attracting and retaining skilled talent. With the important changes to strategic and technical talent requirements that are a consequence of new regulatory requirements for financial institutions both in the United States and Europe, it’s key for employers to keep attrition rates low, especially in today’s highly com ... Read More
FI clear employment brand 250x250
It’s no news that the finance and insurance industry is struggling to meet talent demands. And while traditionally salaries, benefits, and other financial rewards were considered to be key to attracting top talent, today’s workers approach their job searches with a more holistic view.This isn’t to say financial rewards aren’t important to talent anymore; they are. In fact, for 88 percent of financ ... Read More
FI talent recruiters 250x250
How do most finance and insurance workers find their jobs?No, it’s not through companies’ websites. It’s not through word-of-mouth. And though over a quarter of all finance and insurance workers secure their jobs through online job boards, that’s not it, either.The correct answer is through recruiters. According to the 2014 Kelly Global Workforce Index™, a total of 34 percent of global finance and ... Read More
FI lean talent recruiting 250x250
According to the Bureau for Labor Statistics, though the financial and accounting fields in general will grow by 2022, some professions show a higher than average growth. For example, in the U.S., financial analyst; accountant; auditor; and securities, commodities and financial services sales agent professions are all predicted to increase by between 10 and 13 percent, compared to eight or nine pe ... Read More
FI mining multi gen 250x250
Baby Boomers, Generation X, and Millennials: today’s workplace can consist of workers with age differences of more than 40 years. The oldest grew up with black and white TV and drive-in movie theaters; others saw the advent of mobile phones and the Internet; and the youngest have been using social networking and devices as part of their daily lives for as long as they can remember.Clearly, this me ... Read More
FI SWP compliance 250x250
Financial institutions in the U.S. have a difficult job to do. After recent crises that affected not only organizations, but also hundreds of thousands of private individuals, they’re now faced with the significant challenge of restructuring their organizations in order to comply with recent amendments to the Dodd-Frank Wall Street Reform and Consumer Protection Act (DFA). Similarly, member states ... Read More

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Need help finding the best solution to your workforce challenges in the finance and insurance industry?
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Need help finding the best solution to your workforce challenges in the finance and insurance industry?
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