Finding the future leaders of your agency
Chances are your agency will be doing some hiring in the near future. With 1 in 4 agents retiring by 2018, you need to hire some fresh new talent. Attracting and keeping the right people is vital for the future success of your business. Unfortunately, your agency and the insurance industry as a whole, are not doing well at attracting young agents. A study by Reagan Consulting found that only 6% of hires in the insurance industry were recent college graduates. Here are 5 tips to buck this industry trend and successfully recruit and develop top young talent:
1. Always be hiring
The study by Reagan Consulting also found that the percentage of firms under-hiring is likely in the range of 55-60%. Not hiring enough is a common problem that can impede the growth potential of your firm and limit the number of chances you have to find a great new employee.
2. Be open to diversity
Diversity can encompass many things such as age, gender, culture, and experience. With 65% of hires coming from within the industry, there is a real diversity problem. Here are some types of candidates your agency should consider to help diversify your team:
- College students
- Army vets
- Mid-career professionals outside the insurance industry
- Candidates from underrepresented cultures
Nicolas Aubert, CEO of Willis GB, calls on the insurance industry to embrace diversity: “Diverse teams get better results. They can challenge ideas, make us more innovative, more competitive and ultimately more successful. Having a diverse workforce makes good business sense. Strength lies in differences, not in similarities.”
3. Update your core values
A growing trend (especially among millennials) is the desire to work for a socially responsible company. Millennials are 25% more likely to stay with an organization if they can identify with the organization’s sense of purpose.
4. Mentor fresh talent
In order to show new talent that you have their best interest at heart, establish a mentorship program. A mentorship program drastically improves loyalty and decreases employee turnover. Young professionals who intend to stay with their current company long-term are twice as likely to have benefited from a mentor who had shown them the ropes.
5. Have the latest tech
Having an agency management system that gives agents tools that are accessible anywhere, on any device is crucial for attracting millennials. 75% of millennials say they would prefer more opportunities to work remotely in order to boost their productivity.
Having the latest technology is a priority for the best agents, regardless of age. There are just too many benefits of using a modern AMS and rating system to consider an agency without them.
- An AMS saves hours of repetitive processes, allowing producers to focus on finding new clients and keeping current ones happy.
- Rating software gives agents the ability to give a quote in minutes.