Money in the bank

So... the “R” word is in all of the papers, but, as far as I can tell business is as usual (although more cautious) with our clients.

While being particularly concentrated in the commercial lines P&C side, I’ve not noticed a marked drop-off on the personal lines side, or the life and health side, either.

A Lloyd’s exec recently stated (10/08) that he sees our industry as being “recession—proof”.

I would add the caveat that according to many recent industry reports, some are ailing (I won’t name names)!

Life goes on... and if you hide your head in the sand, it can pass you by.

There are likely many great buys (some say the best ever) in the stock market.

I say that if you’re good at what you do, there are a number of great career opportunities out there for you as well.

Harvey Dorland

Money in the Bank

The good news is that the elections are finally over, holidays are quickly approaching and, it looks like the soft market that’s been driving all sides of the commercial insurance sector crazy may finally take a turn early next year.

Reinsurer and carrier underwriting results have dramatically deteriorated over the past year, excess reserves seem to have been depleted, and investment income for many has gone into the loss column.

Under normal circumstances I would see this tightening of the market (rates) to bode well for those of us in this sector, as all sides (retail, wholesale, carrier) start making more money.

But... the economy will have to stabilize before real improvement becomes noticeable.

Harvey Dorland

Money in the bank

Many of you will face the opportunity / dilemma of the possibility of relocating one or more times during your career, or afterward.

My experiences have been that as long as you are “open” to your new community and neighborhood, and that you recognize that there are likely going to be some differences regardless of where you go, everything will be fine.

It’s the openness and genuineness that will make any move end up being generally smooth.

Friends that you had before will continue as friends, as long as you continue to keep the lines of communication on-going.

And... you’ll find a wealth of new ones in your new neighborhood and office.

You’ll have a new invigoration to your life:

· New people

· New places

· New home

The experience can actually be a very positive influence for you... as long as you don’t fight it every step of the way, and can let loose a bit about yesterday in lieu of looking ahead towards tomorrow.

Kind of interesting in that on the retirement side some 420,000 people go out of State each year.

Harvey Dorland

Money in the bank

Only captains are supposed to go down with their ship!

Kind of interesting to see what has happened recently, with more expected to come.

Some of our largest, and arguably, most prestigious financial conglomerates, have been taken over, or just disintegrated before our eyes.

In many instances the “captains” are gone, and those that have been manning the oars and lifeboats, so to speak, have been left to salvage the remains.

For the loyalists, many of their stocks have plummeted along with the ship, yet they still hang on.

Why!?

Yes... I’m sure there are as many individual reasons as there are individuals involved in the question, but the bottom line is that there are many financially secure, well managed, and well funded companies out there, who are still looking for talented people up and down their hierarchies.

Some who stay on board will be fine, but if you haven’t yet taken the time to reevaluate your future situation, and see if there are greener and more secure pastures, I would suggest that with the soft market likely to continue for a while, your time may be running short. (Fewer positions).

So... consider giving yourself some peace of mind by at least checking out your options.

Harvey Dorland

Money in the Bank....

Another example of my “learn something new” suggestion comes to mind with the following:

While clients are generally negative with resumes that show a steady pattern of job movement (good recruiters have been at work!), many are also negative, believe it or not, with those that have never made a job change!

The stated reason is that these candidates have typically only learned one way of doing things (nothing new), and may likely find themselves having a difficult time learning a new culture and embracing the changes that are typical with career movement.

Harvey Dorland

Money in the Bank....

Everyone's goal, regardless of what their position is, should be to learn something new each day.

I've been recruiting for a long time, and I still take delight (almost glee), when I run into something new that I can add to my knowledge base.

Could be something that has to do with business, or it could be something non-business related.

Doesn't matter.

It gives me a new sense of accomplishment in what otherwise might have been just another mundane day!

It's exciting, and it should be for you also.

Everyone should have a little bit, at least, of an inquisitive mind, and be open to new ideas and learning.

It will not only reinvigorate you on a regular basis but it will also do the same for your career.

Time and again I get references on candidates that say they have 10 years of experience times 1.

In other words... while they've been in the industry for 10 years, their knowledge base hasn't progressed past the first year.



More later.



Harvey Dorland

Money in the Bank....

Job applicants are stretching the truth less frequently on their resumes, but more creatively these days.

Some 40% of resumes, according to 3000 hiring managers who were polled, had a lie of some sort on them (down from 57% in 2000).

38% exaggerated their job responsibilities, 10% listed academic degrees they hadn’t earned.

At even 40%, this is a terrible figure.

Be forewarned... that these untruths , if uncovered after you have been hired, can (and often will) result in being fired.

I had a insurance defense attorney candidate some years back who almost lost their new job when it was discovered they had understated (not overstated) their prior salary, in fear that what they had been making was more than the new employer would want to pay!

Harvey Dorland