Kiwi insurers concerned with accelerating "Great Resignation"

More than four in 10 insurance employers in New Zealand believe the “Great Resignation” will accelerate this year, according to the latest Hays Salary Guide for full-year (FY) 22/23.

The guide found a gap between Kiwi and Aussie employers, with only 20% in Australia agreeing that the “Great Resignation” will intensify. However, employees tell a different story, with 64% of New Zealand employees saying they intend to remain with their current employer, versus 43% for Australian employees.

Across both New Zealand and Australia, the top factors driving employee turnover were uncompetitive salary, lack of promotion opportunities, and negative mental health and wellbeing impacts.

New Zealand insurance employees generally look out for their own welfare, with 52% saying they are more confident to ask for a pay raise this year, and 61% said they would benefit financially if they switched jobs. This likely worked, as 55% of employers said they offered higher salaries than originally planned.

The top three benefits desired by employees are over 20 days of annual leave, more training (either external or internal), and a budget for home office setup or supplies. Meanwhile, employers are currently looking for underwriters, brokers, loss adjusters, claims handlers, and broker support personnel.