What is the Current State of the New York Actuarial Job Market?
The role of an Actuary is fundamental to business stability. These professionals examine potential risks and calculate financial costs using mathematics, statistics, and financial theory. Beyond calculation, Actuaries help businesses implement strategies to minimize these risks effectively.
Because these roles require highly specialized skills, hiring in this field remains a global challenge. Our New York Actuarial team is currently tracking significant shifts in the job market, specifically regarding hiring obstacles, talent retention, and the strategic use of contractors.
Olivia Chrzanowski, Associate Vice President, notes that staying ahead of market trends is the key to delivery. In recent years, the industry focus has centered on technology and regulatory change.
The Primary Drivers of Employee Attrition
Attrition is a natural element of business growth, yet understanding why employees leave is vital for planning a successful counter-strategy. While you cannot stop attrition entirely, identifying the root causes allows you to protect your workforce.
Current data shows the top reasons for attrition include:
- A lack of clear progression opportunities.
- Salary structures that are no longer competitive.
- Rigid on-site work requirements.
Employees consistently value growth and career development. This includes promotions or company support to gain new qualifications and skills.
Overcoming the Biggest Actuarial Hiring Challenges
Within the Actuarial market, businesses frequently struggle with losing candidates to competitors, searching for niche skillsets, and meeting demands for aggressive compensation packages.
Partnering with a specialized recruitment agency provides the expert market knowledge needed to navigate these hurdles. At Oliver James, our recruiters maintain long-standing relationships with Actuaries across the US. This allows us to access a wider talent pool and find the specific expertise your business requires.
Effective Strategies for Talent Retention
Retaining talent is a significant challenge, particularly when seeking a niche skillset. To secure their best people, the businesses we partner with are adopting several key approaches:
- Increasing flexible working options to support work-life balance.
- Implementing strategic salary increases.
- Enhancing additional benefit packages.
Why Businesses Are Turning to Actuary Contractors
Hiring contractors offers a range of immediate benefits for your organization. Contractors are proven subject matter experts who can quickly fill gaps during peak periods while passing their expertise on to your permanent team.
In the current New York market, businesses utilize actuary contractors for:
- Modeling and valuations.
- BAU (Business As Usual) work.
- Implementing new regulatory frameworks.
Contractors often have short or zero notice periods, providing an excellent way to test a new skillset before committing to a long-term hire.
Olivia Chrzanowski, Associate Vice President, emphasizes that as companies optimize actuarial technologies to drive efficiency, we find the top-tier talent necessary to meet goals in a cost-effective manner.
Find Your Next Actuarial Solution
Whether you are facing attrition or need to scale your team with specialized contractors, we can help. Contact our New York team today through our recruitment office to discuss tailored solutions for your business.
