Finding (and keeping) the best people for your agency
Proactive insurance agencies can win in a tough employment market. Here's how...
The Great Resignation. Quiet quitting. The Silver Tsunami.
These terms drive managers crazy because they all point in the same direction: It is more challenging for independent insurance agencies to find — and to keep — employees than ever before.
In this employment market, many companies need to think outside the box about how they stand out with candidates. Competitive compensation and benefits are no longer enough to attract the right people. In job-posting speak, those factors are like “hard skills” — important but not the full picture of what it takes to be successful. Agencies also need to think about their “soft skills” — the intangibles that make them a great place to work.
The insurance industry is in a good place.
First, the good news: Insurance is not part of the disposable income economy. So it is not as susceptible to “belt-tightening.” People cut entertainment, shopping and eating out when money is scarce. They don’t typically cut insurance.
This stability puts agencies in a good position for hiring and retention because jobs across the insurance ecosystem are potentially more secure. With all other variables being equal, offering a job that will be there tomorrow is a useful leverage point.
To navigate this tight employment market, there are proactive steps agencies can take to attract the best candidates and keep the best employees.
To hire the best, tell the best story.
Before posting the next open position, pause to reflect on what makes your agency truly special. Does it offer a positive office culture? Community engagement? Exclusive benefits or interesting perks? All the above?
After this reflection, your agency should proudly tell its story: who you are, what you do, and how you help your community and clients.
Social media platforms are full of independent agencies showing their community engagement, promoting their business, and featuring their employees. Storytelling isn’t limited to large corporations with full-time marketing departments because even the smallest agency in the smallest town has access to powerful marketing and storytelling tools.
At Vertafore, we dedicate resources and time to sharing what makes us unique and a great place to work — and it makes a difference. We are proud of the employees we hire, the customers we support and the culture we create. So we tell the world about it. Any agency can just as easily tell the world why they are special to attract the best candidates and retain the best employees.
To keep the best, welcome employee feedback.
Agencies can’t control economic uncertainties. But they can create an environment in which employees can thrive by gathering — and listening to — employee feedback.
Technology can help agencies gather feedback quickly and efficiently. It allows employees to respond anonymously and express honest opinions. It also gives you clear data to understand your strengths and gaps as an employer, and to see changes over time.
At our company, we ask employees to respond anonymously to a workplace satisfaction survey twice a year to learn how our people feel about their positions, departments and management. The results are always valuable and insightful into what is — and isn’t — working. This feedback has informed everything from significant organizational changes to what we stock in the kitchens.
Developing a true understanding of people’s opinions and experiences is necessary for retaining employees. Agencies that honestly listen to employees’ concerns and address questions set themselves up for positive growth and set themselves apart as a place where people want to build their careers.
Poach-proof your employees with communication and career pathing.
In the past, most professionals had to go job hunting if they wanted a change. Today, headhunters have ready access to employee information online, making workers at all levels more vulnerable to recruiting.
You can’t stop recruiters from reaching out to your employees. But agencies can take positive steps toward keeping strong employees from being drawn away.
It is crucial for agencies to ensure employees understand their value within the organization, that they are seen as individuals, and how their work contributes to the business’s success. Agencies with an employee empowerment culture insist on open communication that welcomes employee input and allows management to develop this level of appreciation. Employees who feel valued are far less likely to leave for another employment experience.
It’s also essential for employees to understand their career path. Clear, consistent communication about an employee’s current and future success keeps them satisfied in their role and focused on what is next. Vertafore hires candidates with the intent of giving them a place to grow and promoting them when they’re ready. We love it when employees move through our company as it is a sign that they are happy and that we are providing the support they need.
Keep a lookout for opportunities to shine.
For any business looking to hire, it’s not an easy time. But the opportunities for growth, reflection and success are out there, too. The struggle is real, but great success comes with great struggle and a clear strategy.
Facing these challenges has created opportunities for independent agencies to deal with the tight employment market and find and retain the best candidates. There are many ways of dealing with this restricted market.
Kristin Nease (knease@vertafore.com) is senior vice president of Human Resources at Vertafore. In this role, Nease is responsible for all things people, including talent acquisition, employee development, engagement programs, culture, belonging, diversity and inclusion, internal communications, and total rewards.
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