Dealing with talent acquisition is like getting hit by a steamroller: You have plenty of time to get out of the way, but you'll get flattened if you don't.
Unfortunately, many agency owners have been moving in slow motion on hiring and retaining new talent. Every year we watch the needle creep higher on the age of the average agency owner, which is currently at about age 56, according to IIABA's most recent “Agency Universe” survey. The tidal wave of retirements during the next 10 years will leave many agencies without a pipeline of incoming leadership—and the issue is especially acute for small to midsized firms.
Reagan Consulting finds that successful agencies equip producers for success, create a culture of accountability, and recruit and develop new producers. However, even successful agencies say they consistently struggle with No. 3. “Most have not properly assessed the level of hiring needed to sustain their growth objectives or to perpetuate private ownership,” according to Reagan's recent Producer Recruiting and Development Study. “And when agents and brokers do hire, the success rate is far less than it could be.”
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