The facts are clear. The economy is uncertain. It remains to be seen how widespread layoffs in the public sector will impact the unemployment rate and the economy. However, the threat of a recession means consumers are playing it safe. While we aren’t there yet, two consecutive quarters of negative GDP growth typically indicate a recession. How does this affect the job market in traditionally stable industries like insurance and wealth management? Companies are less likely to negotiate with candidates who are demanding higher salaries to leave their current roles. Moreover, economic uncertainty is forcing companies to reconsider salary premiums. For hiring managers, this is the moment to secure top-tier talent without breaking the budget.
Market-driven salary offerings are more rigid than before. The pay gap between those who switch jobs and those who remain in their roles has nearly disappeared.
2023 Salary Increase Trends:
February 2025:
The facts are, economic uncertainty influences the job market. Layoffs for non-essential workers, and minimal salary negotiation for essential roles, are the expectation in an economic downturn.
Take note, hiring managers. Specifically, the insurance and wealth management industries can leverage this trend to attract top-tier talent previously inaccessible due to higher salary expectations.
Some industries are traditionally stable in the face of economic uncertainty. Insurance and wealth management, for example, maintain resilience when inflation hits hard. When other companies are managing layoffs, these industries can effectively compete for high-quality candidates. Companies offering senior finance roles compete for top talent, indicating financial stability and willingness to invest in talent.
Act now and leverage this moment to invest in premier talent previously too expensive or unavailable.
Position your organization as attractive amidst salary normalization.


"This is the least expensive time to acquire new talent in the post COVID era because you don’t have to pay a premium to bring in external talent right now. Traditionally, companies were paying a 20-30% premium for talent, now the market is showing there’s no switching cost to make this talent upgrade from a low performing employee to someone with more skills and experience.”
-Scott Noga, Managing Partner with Lyneer Search Group
Times are always uncertain; however, hiring managers can retain premier talent, even while the wage gap for job seekers and job stayers narrows.
The window could be small. While the timing is right, hiring managers should seize it.
The opportunity to hire top talent at a bargain won’t last forever. The time to act is now—before this window closes.
Lyneer Search Group empowers businesses and professionals in the
insurance and
wealth management industries by delivering tailored executive recruitment solutions that prioritize quality, trust, and long-term success. With a deep industry focus and an extensive network of premier talent, we connect the right people to the right opportunities, driving transformative growth for companies and careers alike
Source: atlantafed.org
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