HR – UK Insurance Labour Market Trends, July 2024
Pandemic’s Lasting Impact: HR Faces New Challenges in 2024
Key findings:
- The amount of HR vacancies has fallen by 8.1%
- Employee relations roles have increased by 15.2%, across UK
- The total number of insurance vacancies in the UK had declined by 7.3%
- Pension Protection Fund tops the top 20 with a 29.4% increase in HR roles
DOWNLOAD THE REPORT
The pandemic’s long-term impact on the industry is still evident, particularly in how we work. The sudden shift from structured, on-site roles to remote work has altered workplace dynamics, with traditional business principles now being challenged, especially by younger generations. This has created challenges for HR departments as businesses face resistance to returning on-site. A growing productivity gap between on-site and remote teams has made HR strategically central in deciding which teams should be centralised.
Additionally, the post-pandemic recruitment boom has led to a sharp decline in internal recruiter vacancies, yet overall HR roles are expected to surpass 2019 levels, with employee relations emerging as the fastest-growing area. This is according to the latest UK Insurance Labour Market Trends report by Harrison Holgate and labour market data analysts Vacancysoft.
HR Shifts Focus From Recruitment to Employee Relations Since 2019
Since 2019, the HR function has seen a significant shift from internal recruitment toward employee relations. Internal recruitment, which accounted for 19% of HR vacancies in 2019, has dropped to 12% by 2024.
Conversely, employee relations have risen from 25% in 2019 to 28% now, with this shift particularly evident regionally. In London, employee relations roles grew from 20.8% in 2023 to a projected 21.7% in 2024, while in the rest of the UK, they increased from 24.9% to a projected 34.2%. Recruitment remains more prominent outside London, with 9.9% projected in 2024 compared to 15.3% in London.
Non-Life Insurance Roles Rebound in London Amid Sector Contraction
The total number of insurance vacancies in the UK is projected to decline from 1,380 in 2022 to 1,096 in 2024, reflecting a 14.6% drop from 2022 to 2023 and a further 7.0% decline in 2024. This decrease indicates an overall contraction in insurance sector hiring. General Insurance remains the dominant segment, comprising around 75% of the industry from 2022 to 2024. Non-Life Insurance roles, more concentrated in London, reflect the city’s position as a hub for specialty insurance, with the share projected to rebound to 15.5% in 2024. In contrast, Life Insurance HR roles are more prevalent outside London and are expected to decline by 2024.
Pension Protection Fund Leads HR Roles in Insurance for 2024
When focusing on the top twenty insurance companies by their share of HR roles, the Pension Protection Fund is projected to lead in 2024 with a 25% share, up from 14.5% in 2023 and 7.5% in 2022. This increase may be linked to their remote working policy, requiring at least 40% of time spent working remotely. Munich Reinsurance AG, by contrast, has the lowest projected HR share at 5.2% in 2024. First Central Insurance & Technology Group is expected to rise from 5.7% in 2023 to 6.8% in 2024, while NHBC and NFU Mutual are predicted to see declines, reflecting differing HR and business strategies across the industry.
Don’t miss out on the latest trends in Insurance recruitment, download your copy now!
All data featured in this report is available in the Vacancy Analytics platform, which is updated in real-time and allows for interactive analysis, giving you the power to drill into trends to identify the key insights you need to power your business.
If you would like to book in a consultation with us to analyse trends in your market, you can schedule one here.
