Despite a constantly rising unemployment rate - the U.S. Department of Labor last reported it at 8.1 percent in February, compared with 6.2 percent in September of last year - some companies are bucking the trend and adding new staff.
New York Life Insurance Company recruited a record number of financial representatives in 2008. The company increased staff with 3,534 appointments, an increase of 8.4 percent, in the United States.
Over half of the agents recruited in 2008 were either women or minorities. The number of women hired increased 9 percent from 2007, representing 32 percent of all hires. Minorities made up 35 percent of new hires in 2008. In addition, 10 percent of new hires were employed as a result of on-campus recruiting campaigns.
"Our strong growth in agent diversity is a reflection of New York Life's efforts to mirror the communities in which we live and work and the opportunity presented by these growing demographics," said Mark Pfaff, executive vice president of New York Life, in a company press release.
Colonial Life is also experiencing record recruiting and new business sales. In 2008, the company increased sales staff by 28 percent, accounting for nearly 60 percent of new business. In the early part of this year, Colonial Life increased its sales force by another 37 percent, taking 75 percent growth in new business sales.
"With high unemployment rates, we expected to see more people interested in independent-contractor sales positions," Dan Hughey, Colonial Life's senior vice president of national sales said in a press release. "But what has been so positive and exciting is seeing the numbers of new people coming from the financial services industry and other industries who are generating such great sales results. It's a testament to the fact that businesses and their employees need voluntary benefits now more than ever."
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