Labour shortage forecast prompts action plan

Already there are signs of mobilization by the P&C industry to stave off a labour shortage forecast by Insurance Institute’s recent demographic census.

Crawford & Company Inc. announced that the study prompted it to hold a career fair at Toronto’s Doubletree International Plaza Hotel.

“This challenging labour market will make recruitment and retention a defining issue for companies seeking a competitive advantage over the next several years,” said Heather Matthews, Crawford’s assistant vice president, who this year launched a succession planning initiative for the company.

Along with the career fair, Crawford has partnered with Workopolis to host a virtual career fair on the recruiter’s Web site.

In its demographic analysis, the Insurance Institute forecasts a dearth of young professionals entering the profession while the median age of a full-time insurance industry employee – both men and women – is early forties; older than Canada’s general labour force that averages the age of 40.

Yet some insurers could get lulled into complacency after the recent release of the Manpower Canada’s Employment Outlook Survey, which enthusiastically disclosed a vibrant hiring climate through the 2008 third quarter but without reference to whether employers were going to be able to fill the positions.

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