Most insurance staff plan job move: Hays
30 January 2023
Just 43% of insurance employees in Australia intend to remain with their current employer beyond this financial year, a survey by recruiter Hays found.
Insurance industry turnover is being driven mostly by uncompetitive salaries, lack of promotional opportunities and negative mental health and wellbeing impacts, the latest Hays Salary Guide says.
It found 56% of Australian insurance professionals surveyed said they would benefit financially from moving, reflecting that loyal employees are “acutely aware of the monetary benefit of changing jobs,” local MD Nick Deligiannis said.
Hays says employers have lured new hires with attractive offers that exceeded the average salary increases awarded to existing staff. These high offers are now “fuelling pay equity concerns” for existing employees, who may “pay a price” for their loyalty.
The Hays survey found 67% of Australian insurance employers had offered higher salaries than planned and looking ahead, half plan to award pay rises of up to 3%.
“Any pay discrepancy between new and tenured employees can impact employee engagement, productivity and turnover unless you address it quickly,” Hays says.
“Ensure the starting salary is justifiable in the context of similar positions within the team, and share the data, formula or rationale used to calculate pay levels so employees understand your approach.”
The top five insurance roles employees need to fill in Australia are claims assessors, underwriters, contact centre agents, brokers and technical claims managers.
Hays says additional leave, more flexibility and time for upskilling are sought-after non-salary perks.
See the salary guide here.