Pensions and Benefits Actuarial Recruiting

The Client

A Global Advisory, Brokerage, and Insurance Solutions Firm
Our client, a leading global advisory, brokerage, and insurance solutions firm, relies on providing their clients with data-driven, insight-led solutions in the areas of people, risk, and capital. Since they have a global footprint that covers over 130 countries and markets, finding talent is a constant challenge. As they launched an effort to fill crucial actuarial positions, they engaged The Squires Group, Inc. (TSGi) in a targeted search effort.

The Challenge

After an initial analysis of the recruiting challenge, we realized that their existing sourcing team and staffing vendors were missing vital details while sourcing these niche actuarial candidates. Their efforts were producing candidates that were moving through the rigorous staffing process but consistently fell short at the final interview stage. The leadership team was growing frustrated with the wasted recruiting cycles, so they were keen to learn more about our In The Perfect Space (ITPS)SM recruiting methodology.

The Solution

Since we had been introduced to the client by a Squires Group Alumni, he was familiar with our ITPS approach and how we break down the critical Can Do, Will Do, and Will Fit factors for every talent search. He was also confident in the abilities of our Senior Recruiting team, so TSGi was approved to search for three critical positions – Global Actuarial Consultant (junior), and two Global Actuarial Associate Directors (mid-level).

As a next step, our senior recruiting team worked with our client to capture the critical requirement details, map out a targeted search plan, and discuss how our ITPS process could avoid the pitfalls of the earlier recruiting efforts.

Since pension accounting is extremely nuanced, our expert finance and accounting recruiting team took a deep dive into researching the industry and the actuarial roles themselves. We also utilized our industry connections, and reached out to another TSGi alumni who was now sourcing for actuarial positions. Through that discussion and follow-up ITPS client discussions, we were able to identify additional key success factors:

  • The actuarial experience needed was in pensions and benefits and NOT in insurance.
  • Specific global experience was vital for these positions.
  • Successful candidates would pass a rigorous 3-4 round process including a panel interview.

The Success

Since our client’s internal recruiting team had sourced candidates for the junior positions, we agreed to focus on the Associate Director position instead. Following our targeted recruiting plan and critical ITPS fit factors, we sourced and recruited the right candidate based out of Dallas, TX. Our candidate offered more than 20 years of actuarial experience with large clients, and global firms with pensions and benefits of more than $50B.

Our candidate made a great impression throughout the recruiting process and aced the panel interview, so an offer would be forthcoming. There was one last challenge though. The initial offer came in 15% lower than our candidate’s expected salary! We engaged in several client conversations to understand the rationale behind the lower offer. Through those discussions, we learned that there was a path into a business development role in this position—which could create fantastic income opportunities for our candidate. While our candidate was thrilled to learn about that path, the reduced salary continued to be an obstacle.

So, we brainstormed with our client, and they agreed to match the difference in salary by providing a sign-on bonus. Our candidate was delighted with the change and confident in their capability to generate additional revenue through their business development efforts and ultimately accepted the new offer.

Since being hired, our candidate has progressed and recently moved into a revenue-generating role through their business development efforts. We were thrilled with the news of his progression and the fact that our client continues to rely on our team for some of their most challenging talent requirements. Together, we can Build GreatSM.

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