This Questpro 2023 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, more so right now! Our guide gives you the salary information you need to act fast when hiring the
right talent for your company.
RELATIONSHIPS – We have the ability to recruit both active and passive candidates through a variety of methods, including: networking, referrals, industry involvement, LinkedIn engagement, and maintaining longstanding relationships with companies, organizations, and professional associations.
ENGAGEMENT – We have an 85% success rate of getting qualified candidates for our clients’ job openings.
The current candidate challenges include developing trust and rapport, keeping consistent engagement with them, and the high probability that those candidates will continue to apply for or will start applying to positions, which could result in receiving 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
The current candidate landscape is very similar to the housing market –
expect them to receive multiple offers. Candidates are getting offers that
are between 15-35% over their current base salaries. And candidates who
in the past were getting paid a base salary for 1-3 years of experience are
now getting offers like those who have 5-10 years of experience.
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. Also, actual work experience has increasingly become a job requirement and less attention has been placed on educational background/degrees.
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 55 to 1!
Contact us for specific salary ranges by position.