Michigan Insurance Labor Market

Michigan Insurance Jobs

Labor Market Update – Where are all the people?

As we approach the end of 2023, the insurance job market continues to be strong.

As Michigan Insurance Recruiters, we find the biggest challenge is still how to attract and retain talent. We often field questions and complaints about this from both employers and jobseekers.   

Michigan has witnessed a notable decline in its population for the last decade and is ranked second-to-last in the country in population growth currently. We have an aging demographic and are not seeing enough new people enter the industry to keep up with the demand and therefore many departments are short-staffed. Additionally, there are other factors affecting the talent pool that we as Michigan Insurance Recruiters see:  

Brain Drain - As the seasoned professionals leave the industry and retire, we are losing that source of knowledge to pass on.

Hard Market & Claims– More time and effort and hours spent handling accounts, negotiating with carriers, and fielding phone calls from policyholders.

Skills Mismatch and Training – Most companies are not equipped to train and develop staff.  Many companies are expecting more out of existing staff and that creates turnover and a competitive job market.

Early Retirements – On the heels of COVID and due to burnout, many people are retiring early.

Lack of child and senior care services – Many jobseekers want to work but simply cannot due to family obligations.

Increase in illness and medical leaves with current staff.

Despite all these challenges, the GOOD news is we are seeing some companies adapt and think outside of the box to attract talent. Aside from creating a cloning machine or magic wand, we find the following to be beneficial recruiting efforts:

Most importantly, be flexible on the required experience needed and have resources to train and develop staff.

Move quickly with your hiring process as it’s still a competitive employee market.

Consider allowing more than the standard hybrid remote days for the right person. You will have the benefit of expanding your net and seeing more qualified candidates.

Provide a competitive salary and know that counteroffers will happen.

Offer a better work-life balance. Many candidates are moving for more time off and better culture.

Have an open and direct dialogue about expectations of the position and a smooth onboarding process.  

Trust your Michigan Insurance Recruiter has a good pulse on the market and can provide you with unique ideas and solutions.