Risk advising a 'candidate-short area'

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Looking around for another job this month? Right now there is strong demand for risk advisers with experience, recruitment firm Hays regional director Nick Murphy told Wealth Professional.

“As with the whole life insurance sector, it’s a candidate-short area, so anyone that can show they have strong experience should do well,” said Murphy.

Companies had been “plugging the gap” over the last couple of years by hiring short-term contractors or increasing other employees’ workloads, but since the federal election there has been more confidence in the market and hiring rates have quickly risen, Murphy said.

The Hays Quarterly Report for insurance reads: “In an increasingly candidate-short market, particularly within the life insurance space, employers are offering above market salaries to attract and retain staff.”

This goes for risk advisers too, Murphy said.

“If they’re good – absolutely. There’s a big shortage of candidates with experience. So if you can show previous success, you can definitely get above market salary.”

For risk advisers looking around for more work, Murphy said differentiating yourself from others is the key.

“You must be clear about achievements and what impact you have had with your work. So not just saying, ‘my firm is growing’, but saying what individually you’ve contributed.”

Risk advisers can afford to be pickier when the demand is higher.

“When going for other job offers, don’t just look at the base salary but also consider work-life balance and the terms of the commissions scheme, if there is one,” Murphy said.

Life insurance experts as a whole are in greater demand, with life insurance claims assessors, product actuaries and group life administrators all sought after this year, the insurance sector report shows.