This Questpro 2021 Salary Guide has salary data you need to help you make the best hiring and career decisions in a labor market changed by the global pandemic and economic uncertainty. The guide is your starting point as a source for up-to-date insurance salaries, risk management salaries, and pay ranges for many other roles, plus insights into the latest hiring trends.
Get starting salary ranges (Average, High, and Low) so you can see how factors such as experience, skillset, and market demand affect compensation. This survey gives you averages for the US. If you have questions on specific geographic markets or cities, please contact us.
ACT FAST – Skilled candidates can be hard to recruit, even today. Our guide gives you the salary and benefits information you need to act fast when hiring.
RELATIONSHIPS – We have been able to initially recruit active and passive candidates, primarily through networking, getting referrals from candidates we’ve placed and those that we have longstanding relationships with, and engaging others on LinkedIn.
ENGAGEMENT – We have been able to get an initial and qualified candidate for 85% of our client’s job openings. The big issues are in developing rapport, keeping inconsistent engagement of said candidates, high expectation that those candidates will be or begin to apply to positions and ultimately receive multiple offers.
Some skills are more in-demand than others — and can come with a steeper salary expectation. Learn the latest hiring and compensation trends and how adapting to them can help you hire top candidates or land a new job.
CANDIDATE – DRIVEN
As mentioned above, it’s a candidate-driven market, very similar to the hot housing market – expect multiple bids for sellers /multiple offers for active AND passive candidates. And candidates who in the past were getting paid X base salary for Y years of experience are now getting offers 15-35% over that base salary.
BENEFITS / PAID TIME OFF
Do benefits start day one or is there a waiting period? Are companies willing to negotiate vacation time?
EXPERIENCE OVER DEGREES
While many Insurance and Risk Management teams are doing more with less in an uncertain socioeconomic climate, certain sectors such as underwriting, property claims, and nurse case management need the right expertise more than ever. 4 years of degrees have been less of a requirement instead of actual work experience.
In addition, increased demand for remote work is taking hold – large companies are now working 100% remote or at least a hybrid work schedule (2-3 days in the office, the rest from home)
As the demand for insurance and risk management services increases, companies must ensure they have the talent that can meet their expectations. Right now, in the US, the ratio of open insurance-related jobs to each candidate is 42 to 1!
Contact us for specific salary #’s.