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Actuary Hiring Changes in 2024

In the latter half of 2023, the actuarial recruiting field faced challenges due to economic concerns and discussions about a recession. Contributing to the challenges included a lack of flexibility in hiring remote candidates. Unlike 2022, where remote opportunities and increased compensation drove the “Great Resignation,” 2023 saw a shift away from these opportunities. Actuaries prioritized work-life balance through remote work, and the significant compensation increases of 2022 tapered off, reducing the motivation for relocation. Remote positions continue to attract the most applicants today.

Employers emphasized staff retention, making counteroffers to retain remote workers. However, for new hires, companies often required onsite or hybrid arrangements. Looking ahead to 2024, the job market for actuaries will likely remain positive but at a slower pace, influenced by a tightening economy and recent career shifts.

Even considering the tightening market, The Bureau of Labor Statistics anticipates a 23% growth in actuarial employment from 2022 to 2032. Actuaries consistently rank high in various job categories. Automation and artificial intelligence are expected to transform their roles, streamlining routine tasks.

Remote work preferences persist among candidates, challenging employers pushing for office return initiatives. Work-life balance remains a top priority for actuaries and factors like interest rates, inflation, and housing shortages complicate decisions. The preference for remote work, highlighted by the significant gap between job postings and applications on platforms like LinkedIn, creates a market challenges.

Risk management and analyses trends to be aware of in 2024 that you should factor into your career path include changes in the following sectors: Insurtech, Health, Annuity, Health, Catastrophe, Property and Casualty, and Reinsurance. AI and other technology advances are quickening the pace of change and professionals able to demonstrate an understanding of these developments can capitalize.

The 2024 recruiting outlook highlights the ongoing high demand for actuaries. Candidates with strong technology skills, adaptability to emerging technologies, and a focus on communication and business acumen will be sought after. Remote work preferences will continue to shape the hiring landscape, with work-life balance remaining a key motivator.

For clients, the competitive actuarial market poses challenges in hiring. Remote work preferences, coupled with housing market conditions, influence candidate decisions. Creating inclusive and diverse work environments, along with transparent policies, will aid in attracting and retaining talent across generations. As the workplace evolves, commitment to continuous learning remains crucial for leaders to retain top talent.

S.C. International is an experienced actuarial recruiting firm and has the expertise to partner with you on your career journey. If you are interested in learning more about us, you can contact us directly at (630) 963-3033 or search@scinternational.com. You can also visit us at www.scinternational.com/our-jobs to learn more about our current job listings.

S.C. International is looking forward to hearing from you and helping you achieve your career goals!