Change Management – Insurance, UK Labour Market Trends, September 2023
Change vacancies on track to hit record levels
- Non-IT Change roles up 9.2% on last year
- Life Insurance firms recruiting the fastest, up to 17.6% share
- 23.5% of all roles are now location-neutral
- Aviva is the company to watch, with volumes up 61.5%
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According to the 2023 forecast, (Non-IT) Change vacancies are poised for remarkable growth, with a projected increase of 9.2%. As a result, vacancies this year on track to hit record levels, with a forecast of 113 versus 103 last year according to the latest UK Labour Market Trends report by Harrison Holgate and labour market data analysts Vacancysoft.
General Insurance continues to dominate the sector, accounting for the largest share of vacancies. However, the estimated 66.7% share for both roles combined in 2023 represents a slight decrease from 2022’s 72.8%. In contrast, the Life Insurance sector is set to expand its presence in the job market, with an estimated 17.6% share of vacancies in 2023, surpassing the 2022 figure of 12.6%.
Looking at the regional activity, London as the largest region, experienced a peak in 2022. However, it is expected to face a significant -19.9% decrease in vacancies in 2023. Despite this drop, London is anticipated to maintain a substantial 38.2% share of vacancies, signalling its continued importance as an insurance hub.
Finally, Aviva is poised to lead the way in 2023. Their projected 61.5% increase in these roles signifies a robust commitment to adaptability and innovation, setting a high bar for the industry.
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