Insurance workers reveal career priorities. What’s yours?

Published: 22 Jan 2015 By REED

Insurance Job Market 2015

  • Job satisfaction and work-life balance trump salary as the most important aspects of working life
  • Insurance workers are the second most likely to have moved employer seven times or more over the course of their career.
  • Breakdown across the ages reveals changing priorities when it comes to work and play

With research revealing workers in the insurance industry rate job satisfaction and work-life balance as more important than salary, recruitment specialist REED is urging employers to give consideration to their recruitment and retention strategies.

The poll of over 1,600 workers by YouGov, in association with the launch of the REED 2015 Salary Guides, questioned workers on their attitudes to work, career aspirations and regrets. It found 41% of insurance workers claimed that good job satisfaction is the single most important aspect of working life, followed by the need for good work-life balance (31%), showing it’s no longer just about the salary package which had just 12% of the vote.

Results revealed – what matters most across the ages

18-24                    Salary and benefits (38%)

25-34                    Job satisfaction (31%)

35-45                    Work-life balance (31%)

45-54                    Salary and benefits (25%)

 55+                      Job satisfaction and work-life balance (joint top – 32%)

Career carousel

The poll also revealed that although 89% of workers in the insurance sector are satisfied in their role, just more than 1 in 10 (11%) will be looking for a new job in the next 12 months. 

While nearly more than one in five workers (18%) in insurance have stayed loyal to the same employer over the course of their career, almost twice as many (31%) have moved workplaces more than seven times – the second highest of all sectors. When asked why they changed employer, workers reported better prospects for promotion (45%), better salary (40%) and boredom with their current role (27%) as the top three motivators.

Tom Lovell, group managing director at REED, said: “In a candidate-led market such as this, employers in insurance need to think hard about how they attract and retain staff. What this research shows is that although salary is very important, now we’re out of the recession it’s no longer just about pay – employers need to consider many other factors, such as flexible working and how they can offer the greatest job satisfaction.

“Our research shows that in the last 12 months, 6% of insurance workers received some form of pay rise, and more than one in ten (12%) have received training. However, with 23% having received no benefits, the fact that 11% are planning to look for a new role over the next 12 months is hardly surprising. Employers need to start taking action and think wider than just the salary package.”

The REED 2015 Salary and Market Insight report can be obtained at www.reedglobal.com/salaryguide

For further information please contact:

Megan Coulson on 0121 713 3550/07557256050 or email megan.coulson@mccann.com

Gemma Perks on 0121 713 3829/ 07796 996035 or email gemma.perks@mccann.com

Ian Stanley on 0121 713 3939/07974266458 or email ian.stanley@mccann.com

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