18th Annual WDC Insurance Salary Report: Thoughts & Takeaways
As you may have already received, we released last week via LinkedIn and direct mail, our 18th Annual Insurance Salary Report covering the WDC/Virginia/Maryland region for the period ended December 31, 2021. Just email me at firstname.lastname@example.org if you did not receive a copy.
This data is based on data collected from our 2021 placements and prospective candidates. The post-COVID-19 economic stimulus, economic recovery, inflation uptick, and general unwillingness of senior top talent to make a move in these uncertain times have put significant upward pressure on compensation levels since the beginning of the year and continued into the second half.
Salaries are up 11.9% compared to the same one-year period in 2020.
Thoughts & Takeaways: There continues to be a War on Talent in every respect:
1. The Post Covid-19 economic government stimulus plans, economic recovery, inflation uptick, and the general reluctance of top talent to make a change in this period of uncertainty is creating a critical shortage of top talent in the WDC and surrounding markets.
2. Firms that offer senior staff remote work options are able to attract and retain top talent.
3. Remote work technology and support is a difference-maker in terms of the ability to successfully implement remote work environments.
4. P&C professionals continue to significantly less than their Employee Benefits counterparts but the gap is closing now.
5. In the past five years, EB account manager salaries have increased by 22% in large agencies and 31.1% in small agencies.
6. In the past five years, P&C account manager salaries have increased by 12.2% in large agencies and 18.1% in small agencies.
7. EB account managers and producers make, on average and with the same experience level, approximately 20.3% more than their P&C colleagues. EB is clearly the place to be – if you are motivated by money.
8. M&A activity in the WDC region is creating some movement at the top range of the job market.
9. Employees with industry certifications MAKE SIGNIFICANTLY more money than those without.
Your feedback is greatly appreciated. Last year’s comments were awesome which, in fact, led to a total redesign of the visual optimization aspect of this newsletter!
We look forward to serving you in 2022!!