65.0. Salary Guide and Market Insight reedglobal.com

Transcription

1 Salary Guide and Market Insight 2013 reedglobal.com

2 Introduction Welcome to the Reed Insurance Salary and Market Insight 2013: a comprehensive report into your market, containing useful reference material and guidance to assist you in the increasingly complex task of recruiting and retaining high-calibre talent. Drawing upon independent research, the report provides valuable insights into the attitudes and concerns of Insurance professionals in the UK today. It also includes a comprehensive set of salary figures that were compiled using data gained from Reed Insurance assignments, professionals registered with Reed Insurance and in conjunction with reed.co.uk the UK s number one job site. I hope the information in this guide provides you with helpful insights and valuable guidance for the resourcing challenges in our market. Our specialist consultants are always happy to meet and discuss how we may be able to support you with whatever resourcing challenges you face, and answer any questions you may have regarding particular issues such as local market expectations and the depth of the talent pool. All of us here at Reed Insurance hope this guide helps you with your recruitment and retention strategies for the year ahead, and we look forward to working with you throughout Best wishes Ian Bull Divisional Manager Reed Insurance reedglobal.com

3 Methodology Our Salary and Market Insight has been compiled using data from several sources, including: Assignments managed by Reed Insurance. Salary information from a cross-section of Insurance professionals registered with Reed Insurance and reed.co.uk Salary information from vacancies in the Insurance sector on reed.co.uk The data presented on Satisfaction & Stability and Talent Management & Reward has been provided by an external and independent research agency. The research was carried out using an online panel of 1,492 UK employees and employers working in a variety of industry sectors and job levels. Once the results were compiled, we were then able to breakdown the responses by looking at the specific area of Insurance. Footnote All research conducted by Opinion Matters adheres to MRS Codes of Conduct (2010) in the UK. Within these parameters, there are guidelines that ensure all research is carried out in a professional and ethical manner. Furthermore as members of ESOMAR and AIMRI Opinion Matters abide by the ICC/ESOMAR International Code on Market and Social Research. Opinion Matters is registered with the Information Commissioner s Office and is fully compliant in accordance with the Data Protection Act. The company is also certified under Quality Assurance Scheme IS

4 Overview Challenging but rewarding The Insurance and Financial Services markets were hit particularly hard in 2012, which not only made it difficult for specialist employers to maintain headcount and actively manage their talent, but also for industry professionals who were looking to develop their careers. However, at the end of Q4 the level of vacancies was showing a definite positive trend which would indicate the market was improving. One of the key factors behind this depressed marketplace was the poor performance of the stock markets, where insurers and financial services companies have substantial funds invested. As 2012 progressed, so did the turmoil on the European stock markets, fuelled by continuing uncertainty regarding the Eurozone s ability to withstand such a deep and prolonged crisis though had started well, with steady growth broadly across the general Insurance and financial services sectors. However, before the end of the second quarter the volume of vacancies had declined, in part as a result of a typical, seasonal recruitment slow-down in the summer months. Interestingly, we noted that salaries remained broadly stable during this period. Trading conditions throughout the sector remain challenging, with employers maintaining a very cautious and even more rigorous approach to their recruitment activity. As a result, hiring cycles have extended as would-be employers introduce additional phases in order to help them make sure they are in a position to identify with confidence who they believe to be the best candidate from what have become much lengthier application lists. With the Insurance market depressed for much of 2012, the Administration side of the market was understandably flat, and is expected to remain so. All change There have been and are ongoing huge changes to the sales side of Financial Services, triggered primarily by a variety of miss-selling issues and subsequent investigations by the Financial Services Authority (FSA). The FSA s significant and far-reaching Retail Distribution Review (RDR), lead to the creation of the RDR framework, which introduced important safeguards for consumers and came into effect at the end of December 2012 at which point it impacted all advisers in the retail investment market, regardless of the type of firm they work for. The new structures and working practices for IFAs are widespread and challenging; affecting banks, product providers, Independent Financial Advisers, wealth managers and, in turn, recruiters. The most important element of the new RDR framework is changes to the professional standards for advisors, who will need to meet the continuing professional development requirements (CPD), as well as holding the requisite professional examinations. This is one of the candidate compliance and qualification verification checks that Reed Insurance s team of expert recruiters will undertake on behalf of their clients. Specialists Overall some of the Commercial Markets (Property and Liability) showed a hardening of rates in the last quarter resulting in increased premium income. We have also seen more M&A activity, especially on the broker side of the market as it continues to consolidate. Demand for specialists in niche Non Marine lines such as Errors & Omissions (E&O), Directors and Officers (D&O), Employers Liability, Public Liability, Trade Credit and Professional Indemnity, remains hard to predict as the market is tied very closely to the state of the overall economy - as these offerings are so closely linked to the wider economic and business conditions. The area of the market most likely to be impacted is the personal lines market (Motor in particular), where rising claims have a negative effect on costs and consequently also on the number of opportunities. Looking ahead Moving forward into 2013, we expect to see certain commercial Insurance sectors pick up, in particular: Energy - Oil rigs, pipelines exploration (Upstream) and Refineries (Downstream) Marine Insurance (Hull and Cargo) Non-marine Insurance Commercial risks Overall we anticipate there will be a gradual growth in vacancies across all skill sets, with the Claims market experiencing a traditional seasonal peak in activity over the historically more inclement winter months. Reed Insurance will continue to work in key vertical market streams, so that anyone seeking advice will be able to speak to a recruitment expert with an in-depth knowledge of the current market trends in that particular sector. Finally of course even in a vacancy driven market, there will always be opportunities for the most talented Insurance professionals. The real reason for using the specialist skills of Reed Insurance. reedglobal.com

5 is the workforce in your organisation? Satisfaction & Stability How stable is the workforce in your organisation? The Job Market Insurance Very Stable 17% 26% Stable 55% 50% Unstable 16% Very Unstable 0% 3% 33% Two thirds (67%) of respondents with recruitment responsibility for Insurance professionals said the workforce in their organisation was either stable or very stable. By contrast, one third (33%) said they felt their workforce was unstable compared to 19% within the job market as a whole who view the workforce as either unstable or very unstable. Where are all the job seekers? The map to the right shows how the percentage of job seekers (those currently employed but seeking a new role, and those planning to look for a new job in the next 12 months) varies throughout the United Kingdom. ern Ireland just tops the list, with exactly half (50%) of respondents either actively looking or planning to look for a new role in the next 12 months. Only a quarter (25%) of those surveyed in said they were actively looking, although a further 25% said they were planning to look for a new role in the next 12 months. 40% 50% 39% 39% 44% 42% 47% 43% 50% 43% 41%

6 Satisfaction & Stability How satisfied are you in your current role? How satisfied are you in your current role? The Job Market Insurance 13% Unsatisfied 24% 5% Very unsatisfied 17% Very satisfied 21% Neutral 14% Unsatisfied 8% Very unsatisfied 17% Very satisfied Neutral 41% Satisfied 40% Satisfied Approaching three fifths (57%) of Insurance professionals are either satisfied or very satisfied in their current roles, while just ecure do over you one consider in five (22%) your current are either role unsatisfied to be? or very unsatisfied in their current position. How secure do you consider your current role to be? The Job Market Insurance Very Secure 16% 14% Secure 58% 63% Unsecure 21% 15% Very Unsecure 5% 8% More than three quarters (77%) of Insurance professionals said they felt either secure or very secure in their current role, which was slightly higher than the cross-sector average figure of 74%. Less than one in four (23%) Insurance professionals said they were either unsecure or very unsecure in their current role. Top 5 concerns about stability in the workforce 1. Low morale 2. Threat of redundancy 3. Ongoing pay freezes 4. Better opportunities elsewhere 5. Migration of talent to other countries 50% 33% 33% 30% 10% reedglobal.com

7 Are you worried about losing talented individuals from your organisation? Talent Management Are you worried about losing talented individuals from your organisation? Finance and Accountancy Exactly half (50%) of respondents with recruitment responsibility for Insurance professionals said they were worried about losing talented individuals from their organisation, which compares favourably to the cross-sector average figure of 61%. 50% No 50% Yes the following methods is your organisation deploying to or even grow talent levels? Which of the following methods is your organisation deploying to maintain or even grow talent levels? 2013 Training and Development 60% Internal promotion 47% Flexible working 39% Recruitment Incentives and Benefits None of the above 16% 35% 37% Training and Development again clearly topped the list, with 60% of respondents with recruitment responsibility saying they used training and development. Nearly two in five (37%) said they used recruitment as a tool to grow or maintain talent, which moved it to fourth - behind internal promotion and flexible working. Meanwhile one in five (16%) said they did not deploy any specific methods to grow or maintain talent levels.

8 Talent Management Do you have skills gaps in your organisation? Do you have skills gaps in your organisation? % 16% Don t Know 43% Don t know 49% Yes Yes 46% 35% No No Not unexpectedly, given the fact that Training and Development topped the list of methods deployed to grow or maintain talent, more than two in five (43%) respondents with recruitment responsibility said they did have skills gaps within their organisation. However, this has fallen from 49% in the previous year. Are skills gaps having a negative impact on your organisations performance / growth potential? Are skills gaps having a negative impact on your organisation s performance and growth potential? Yes 66% 51% No 19% 28% Don t know 6% 30% The impact of skills gaps on an organisation s performance and growth potential has become a much bigger issue this year, with two thirds (66%) of respondents with recruitment responsibility for Insurance professionals saying that skills gaps are having a negative impact. This was a 15 point increase on the 51% who last year said skills gaps were having a negative impact. Top 5 perks received in the last 12 months 1. Bonus 49% 2. Pay rise 47% 3. Training 47% 4. Staff entertainment 44% 5. None of the above 27% reedglobal.com

9 Broking Personal Lines, Commercial Lines Broking Personal Lines Broker Technician 0-2 Yrs Broker Technician 3-5 Yrs Broker Technician 6-10 Yrs Broker Technician 11+ Yrs 48,000 So Midlands & East Anglia & Wales 13,000 So Broking Commercial Lines Account Handler/ Broker 0-2 Yrs Account Handler/ Broker 3-5 Yrs Account Handler/ Broker 6-10 Yrs Account Handler/ Broker 11+ Yrs Suth East Account Director 6-10 Yrs Account Director 11+ Yrs 39,000 72,000 72,000 46,000 59,000 53,000 58,000 58,000 59,000

10 Non Sales Non Sales Senior Compliance Junior Compliance Senior Paraplanner Junior Paraplanner 120, ,000 Manchester / West Yorkshire Newcastle / East Wales Technical / Specialist Admin (Pensions, Eb Group Risk / Pensions) Sales Support Senior Qualified Sales Support Junior Non Qualified Sales Support Non Qualified Manchester / West Yorkshire Newcastle / East Wales Training & Competence Complaints Handler 42,000 45,250 Manchester / West Yorkshire Newcastle / East Wales reedglobal.com

11 Consultative, Advisory Consultative Broker Consultant IFA Tied Sales Adviser / Banc assurance Multi Tied Adviser 52,000 52,000 42,000 52,000 Manchester / West Yorkshire Newcastle / East 46,000 42,000 47,000 47,000 Wales Advisory HNW / Wealth Adviser Corporate Adviser Specialist Adviser (Group Risk, Gpp, Eb, Group Pensions) Manchester / West Yorkshire Newcastle / East 63,000 63,000 Wales

12 Claims - Commercial Lines Claims Technician 0-2 Yrs Claims Technician 3-5 Yrs Claims Technician 6-10 Yrs Claims Technician 11+ Yrs Claims Manager 3-5 yrs Claims Manager 6-10 yrs Claims Manager 11+ yrs 46,000 42,000 48,000 59,000 42,000 48,000 reedglobal.com

13 Claims - Personal Lines Claims Handler 0-2 Yrs Claims Handler 3-5 Yrs Claims Handler 6-10 yrs Claims Handler 11+ yrs 13,000 13,000 Snr Claims Handler 0-5 Yrs Snr Claims Handler 6-10 Yrs Snr Claims Handler 11+ yrs Team Leader 0-5 Yrs Team Leader 6-10 Yrs Team Leader 11+ yrs Claims Manager 6-10 Yrs Claims Manager 11+ yrs 49,000 54,000 47,000 42,000 42,000

14 Underwriting - Personal Lines Underwriting Technician 0-2 yrs Underwriting Technician 3-5 yrs Underwriting Technician 6-10 yrs Underwriting Technician 11+ yrs 13,000 13,000 13,000 12,000 12,000 Underwriter team Leader 0-5 yrs Underwriter team Leader 6-10 yrs Underwriter team Leader 11+ yrs 39,000 41,000 Underwriter Manager 0-10 yrs Underwriter Manager 11+ yrs 44,000 41,000 53,000 46,000 39,000 39,000 46,000 39,000 reedglobal.com

15 Underwriting - Commercial Lines Technician 0-2 Yrs Technician 3-5 Yrs Technician 6-10 yrs Technician 11+ yrs 41,000 39,000 Underwriter 0-2 Yrs Underwriter 3-5 Yrs Underwriter 6-10 yrs Underwriter 11+ yrs 48,000 52,000 42,000 13,000 41,000 Senior Underwriter 0-5 yrs Senior Underwriter 6-10 yrs Senior Underwriter 11+ yrs 57,000 71,000 71,000 86,000 46,000 48,000 44,000 56,000 49,000 39,000 56,000 48,000 Regional U/W Manager 0-10 yrs Regional U/W Manager 11+ yrs Commercial U/W Manager 0-10 yrs Commercial U/W Manager 11+ yrs 62,000 71,000 67,000 80,000 67,000 81,000 67,000 86,000 52,000 62,000 57,000 57,000 67,000 57,000 71,000 44,000 61,000 51,000 59,000 49,000 66,000 48,000 48,000 58,000 49,000 61,000 72,000 65,000 51,000 67,000 59,000 53,000 69,000 47,000 49,000 61,000

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