For insurers interested in recruiting new employees he offered these tips:

• Have a current website – explain what you do, what your culture is like - what a day in the life of an entry level employee is like and what the work-life balance will be.
• Have a presence on social media - this is where many millennials gather information.
• Offer internships – they let students see what you do and allow them to meet people in the industry. They also create additional opportunities for companies to find more talent.

Higgins says millennials are looking for compensation, career progression, benefits, a work-life balance and the chance to explore other opportunities within a company. “These are what we need to promote,” he emphasized. Higgins recommended sharing this information with employees as part of the company’s value proposition so they can share it with their friends and other individuals they come in contact with.

Awan reviewed the importance of having engaged employees, which differs from employee satisfaction. Engaged employees contribute to the success of the company. They are full contributors. “There is a distinct correlation between engagement and a successful organization,” she explained. “Companies are more profitable if your employees are engaged.”

She also outlined five kinds of employees that can be found in an organization:

• Honeymooners – Employees who are new to the organization or role. They are psyched to be there and happy in their position.
• Hamster – This person jumps on the wheel and thinks he or she is working on things that are important, but in reality they may not be.
• Crash and burners – These individuals have a high level of contribution but a low level of satisfaction and may have been passed over for promotions.
• Almost engaged – These workers have a high level of satisfaction and contribution but could easily be poached by recruiters.
• Highly engaged – These employees provide improved customer service and are the most engaged. They are more productive and positive, and are committed to the organization's success. Highly engaged employees outperform their competitors. They will exceed expectations and succeed at anything they attempt.

Awan said businesses that are trying to recruit new employees should be aware of whether or not their current employees are willing to recommend the company to others. She suggested checking websites like glassdoor.com and vault.com to see what current and former employees are saying about the company. Sometimes there can be helpful comments or actionable items that can easily by addressed.

Standing out

There are a number of programs that companies can employ which will add value and set them apart from their competition. Some of these include:

• Referral policies – What are the terms and conditions for referrals and are employees willing to recommend your company as a place to work?
• Is your pay competitive with other insurance companies?
• Are there opportunities for advancement and promotions?
• Are there fun days – events that create a family type atmosphere and engage employees e.g., bowling night, potluck lunches. Having fun at work leads to better engagement.
• Time off policies – Are there generous sick and vacation time policies?
• Dress code – Does the company allow business casual dress or jeans day Fridays? These are easy and inexpensive programs to administer.

The cost of hiring a new employee includes training, the time to make them productive, lost engagement with customers, more customer service errors, ongoing training for several years, as well as the cultural impact when someone leaves. “It can cost one-and-a-half to two times an employee's salary to replace them,” said Awan, which is why retention is far more cost effective.

When it comes to actions that will help retain employees, she recommended practical actions companies can take such as:

• Seek their input – Brainstorm ideas to increase engagement in your company.
• Recognize their efforts – Celebrate success and promotions.
• Share information – Explain the rationale for any procedural changes.
• Promotions and growth – Work to promote from within the company.
• Value their discretion – Trust your employees to do what they have to do when they have to put forth extra effort for projects.
• Show them you care – Treat them like family.
• Growing the team – Hire the right people for the job.
• Online marketing – Make sure your website is current and tells about your culture. Include testimonials from customers and employees.
• Interviewing process – Have a plan and have an interview team. Include the candidate's supervisor on the team. Be transparent about the job responsibilities and have candidates talk to someone in that role. Don't rush the interview process.
• Get to know your teams – Invite them to one-on-one meetings. Find out what they like about the job. Ask questions like: Do you have any concerns? What will keep you here? What can I do to support your growth and encourage you?
• Explain the company’s organizational goals – Create development guides - e.g., field adjuster training – that shows employees where they need to be and how they will progress through their jobs – i.e., college courses, certifications, how they will keep learning
• Provide mentors – Assign mentors to new employees to help them learn about the company and their role in it. Mentors can also help existing employees prepare for their next position in the company.
• Think about the future – Take an interest in your employees because someday they will be the managers.
• Value communication – Communicate company information to them as soon as possible so they don't get it from other sources or get the wrong information. Make sure to share news with direct reports yourself.
• Use goal setting – Share tactical goals at the beginning of the year so employees understand where the company is headed and their role in achieving its success.

Retaining and training employees

The development of every employee is a shared responsibility between the manager, the company and the employee. “Begin with the end in mind,” advised Higgins. “Know what your goals are and what you need to do to get there.”

He explained that there is a growing gap between position requirements and the skills of the average employee. Higgins stressed the importance of helping employees people obtain the skills they need to be successful in their positions. “Focus on the technical and people skills they need for the next level,” he said. “You want them to be an advocate for their own development.”

According to the Center for Creative Leadership, people gain 70% of the skills and information for their position from on-the-job training, 20% comes from mentors, and 10% from books and courses. He stressed the importance of meeting regularly with direct reports so they understand where they are in each step of the process, and making sure they understand that their development will be ongoing.

Several tools to help companies increase their employee engagement can be found at blessingwhite.com, HCI.org and employeeengagement.com.