Your international recruitment and jobs for actuaries and actuarial students.

Yet many of us may have recently found ourselves in situations where we seek to move our careers forward, and yet suitable opportunities appear to be lacking, or employers show little interest in our skill sets. How do these experiences fit with the information that international research is feeding us?

In many cases, such experiences will have a negative effect on our self esteem and leave us feeling despondent and unworthy. We hear regular referrals to talent shortages and yet find ourselves rejected at every turn. Self confidence takes a dive and we may find ourselves edging tentatively towards the oft trod Highway of Despair.

This is where we need to stand back and try to understand what is really meant by the ‘Talent Crunch’ and how employers are responding to it within the current global economy. Firstly it needs to be said that, globally, employers are actually finding it easier to fill their vacancies this year than was the case in 2007. However this picture is skewed by the Americas where the change has been pronounced. In the Asia Pacific and European regions, employers are finding it almost as difficult now to find the right people to fill their vacancies as it was last year.

It must be borne in mind, though, that a talent shortage refers not so much to a shortage in the number of people available, but rather a shortage of the right people, with the requisite skills in the places where they are needed. While, in the actuarial field, it is undoubtedly a jobseekers market, employers show a definite preference for experience that is relevant to the local markets and they also want to see local language skills. Add to this the fact that they are far more risk averse than in the past due to the importance of keeping costs down in a very tight and competitive environment, and our jobseeker’s market is not quite as wide open as it first appeared. In short employers are searching for a demonstrated track record in relevant technical and soft skills and ideally experience of the local market. They are less likely to take a risk on somebody who doesn’t have the proven skills or somebody who looks as if they might jump ship too soon. Employers will always back away at perceived risk and would rather struggle on until they are desperate than take on somebody who may not work out.

You also need to understand that generally there are two ways that a talent shortage can be addressed. Facilitating economic migration, prolonging working life and investing in training are all ways in which governments and employers can seek to increase the supply of talent in their region. However the favoured way of responding to the talent crunch when economic conditions are tight is to reduce the demand for the skills that are in short supply. This can be done in a number of ways such as redesigning jobs to streamline the tasks done by highly skilled workers, thus passing the more mundane work to those parts of the workforce having less specialised skills. This will stretch the highly skilled employees further and, at the same time, keep them more challenged. Another way of achieving the same end is to outsource certain functions to companies where skills can be leveraged. It is this slimming down approach that has given rise to the negative experiences that many jobseekers may have encountered recently when searching for new employment opportunities.

Knowing more about the talent shortage therefore puts one in a better position to tackle that next career move. Taking responsibility for your own career and thinking one step ahead of the market is the key to success. And this, as an actuarial professional, is a skill that you have been trained in!

Technological advances mean that once hot skills grow rapidly cold. In the general market, a skill cycle that once ran for three years, now barely lasts nine months. However there is a never ending treadmill of demand for new and emerging skills that result from this compression. While this cycle moves more slowly in the actuarial field, it is important to ensure you are developing skills that give you a unique selling point in areas where demand outstrips supply. For example, those at the forefront of new risk management and risk modelling techniques are sought after and there are not enough actuaries with a proven track record in these areas. Also, the burgeoning general insurance market in Asia is finding it hard to source experienced non-life actuaries.

It is essential that you, as an employee, take the initiative in maintaining and enhancing your skill levels in order to remain attractive as a candidate. This means making use of any training opportunities offered by employers (even if there are no financial incentives associated with this), identifying alternative career paths in the event your own becomes obsolete and remaining aware of what is happening in the global market.

Recruitment agencies can be a valuable source of information on trends within the employment market and it is a worthwhile exercise to spend time browsing the vacancies on their websites even if you are not currently seeking a change. This will provide insights into what skills are currently in demand in which locations, helping you to make relevant choices as you hone your skills for the next stage of your career.

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