Introduction
In today’s dynamic job market, attracting and retaining top Loss Adjusting talent requires more than just offering a competitive base salary.
This report provides an analysis of the salary and benefits data collected from our own database of loss-adjusting professionals in the insurance sector. The insights are based on responses to a recent survey aimed at understanding compensation, benefits preferences, and key considerations when evaluating potential employers.
By analysing this data, you can craft a more competitive benefits package that aligns with current candidate priorities, attract and retain top talent who value these specific benefits, and optimise your recruitment budget by focusing on benefits that truly resonate with candidates rather than offering less-valued perks.
Salary Insights
The survey reveals a diverse range of basic salaries among loss-adjusting professionals:
- 41-50k: 12.5%
- 51-60k: 12.5%
- 61-70k: 37.5%
- 71-80k: 12.5%
- >80k: 25%
Key Insight: The majority of respondents (37.5%) earn between £61k and £70k, with a significant portion (25%) earning over £80k. This indicates a strong earning potential within the sector, with a notable proportion of professionals at the higher end of the salary spectrum.
Most Valued Benefits
Respondents identified the following benefits as the most valuable or enjoyable in their current packages:
- Work-life balance/flexibility: 26%
- Parental leave: 36%
- Bonus scheme: 13%
- L&D/Support: 13%
- Company car: 6%
- Holiday purchases: 3%
Key Insight: Work-life balance and parental leave are the top benefits valued by professionals, highlighting the importance of flexibility and family-friendly policies in retaining talent in the loss-adjusting sector.
Least Valued Benefits
The least valued or enjoyed benefits include:
- Benefits portal/discounts: 57.1%
- Death in service: 13.3%
- Healthcare: 16.3%
- Bonus structure: 10.2%
- Pension: 3%
Key Insight: Benefits portals and discounts are seen as the least valuable, with over half of the respondents (56.667%) indicating dissatisfaction. This suggests a need for companies to reassess the value of such offerings and possibly redirect resources to more appreciated benefits.
Top Considerations for Evaluating Employers
Beyond compensation, professionals consider the following factors most important when evaluating potential employers:
- Bonus: 60.6%
- Company car: 16.2%
- Flexible working: 13.1%
- Pension contribution: 10.1%
Key Insight: Bonuses are the top consideration (60.6%), indicating that performance-related pay is a significant motivator. Flexible working and pension contributions are also important, though to a lesser extent.
Conclusion
The survey provides valuable insights into the compensation and benefits preferences of loss-adjusting professionals in the insurance sector. Key takeaways include:
- Salary Trends: A significant portion of professionals earn between £61k and £70k, with a notable number earning above £80k.
- Valued Benefits: Work-life balance and parental leave are highly valued, while benefits portals are not.
- Employer Considerations: Bonuses are a top priority for professionals when evaluating potential employers, followed by company cars and flexible working options.
These insights can help employers in the loss-adjusting sector better tailor their compensation packages and benefits offerings to attract and retain top talent.
For a discussion into the market, please reach out directly to Valerie Baranova.