I recently gave a presentation along with a colleague to all the attendees of the HR & Finance Summit of the National Association of Mutual Insurance Companies, NAMIC.
Taking a deeper look at compensation trends in a specific market segment is often enlightening, and it was in this case as well. Using data gathered from the Q2 2013 PayScale Index as well as the 2013 Compensation Best Practices Report, we were able to highlight some trends specific to the insurance industry, along with some guidance for managers on how to make sense of that data. Key takeaways:
- Retention Concerns–even higher in Insurance: While 59% of respondents to the 2013 CBPR Survey named ‘retention’ as their top HR concern, 67% of Insurance industry respondents did.
- Hot Jobs: The hottest job (position with the strongest wage growth for the past 8 quarters) is ‘Operations Manager’ with 27.3% salary increase. Other Insurance Industry hot jobs (where salary growth has eclipsed the national trend for the same period) include: Claims Adjustor, Senior Business Analyst, Insurance Broker, and Insurance Agent.
- HR vs. Finance: While both HR and Finance jobs have seen an upward trend in salary over the past 8 quarters, the trend has been stronger for Finance jobs.
What are the insurance industry compensation trends you have witnessed in your organization?