6 Ideas for Attracting and Retaining Insurance Industry Talent – ​​InsuranceNewsNet

Two and a half years ago, insurance companies were working hard to retain their employees after the COVID-19 pandemic plunged the world into a sudden recession.

Pam Stampen

Then, in 2021, we faced a new challenge: the “Great Resignation” prompted millions of employees to seek greener pastures as they quit their jobs. Many executives believed that hiring levels would soon return to their usual pace, but so far that is not the case. In other words, it is difficult to find good talent. This is especially true in the insurance industry, which requires a skill set that includes problem solving, organization, analytical skills, and customer service.

Many organizations in our industry are trying to figure out how to recruit the right people to fill their positions. While employees are certainly salary driven, they also want to work for an organization that makes sense. With that in mind, here are six ideas to boost your candidate pools and entice your current employees to stay with you.

1. Make sure your company’s values ​​and purpose are clear. Insurance companies focus on their customers, helping people and organizations through tough times. It may seem obvious to you, but is it evident in everything you do? Do you highlight your company’s values ​​during job interviews?

Empower your employees to help the communities where they live and work, not only by handling claims, but also by rolling up their sleeves and working side-by-side with customers to mitigate their risk and rebuild after a disaster. When employees feel like they’re making a difference in your business, they’re more likely to stick around, even if another organization offers them a great deal.

Give your employees the chance to participate in committees that reinforce the good work you do. They will feel personally owned and invested in the organization, which can translate to better employee retention.

2. Offer career paths within your company. Recent graduates and near graduates want to know there is room to grow if they join your organization. Show them that you will provide opportunities for them to further their education, for example by offering professional coaches or subsidizing continuing education courses. Depending on the size of your business and the quality of talent, you can even map out possible career paths for them to grow.

3. Showcase your company’s unique benefits and culture. And, if you don’t already benefit from unique advantages, offer them! Yes, health insurance and a retirement plan are essential, but nowadays many insurance companies offer their employees much more than the basics. For example, some allow employees to donate paid time off to another employee facing a personal challenge and requiring additional time off. Employee assistance programs are also a big added benefit, especially these days when mental health issues are at an all-time high.

When potential employees interview at your company, they also want to know about your company culture. They will spend much of their waking time working for you, and they crave community. You can create that sense of belonging for them, so they feel surrounded by trusted friends and neighbors instead of co-workers. This is especially important for young people, who may be starting somewhere new and want to feel connected.

4. Offer flexibility. Now that the world has seen that working from home is possible in many situations, work will never be the same. The insurance industry, in particular, is a great place to offer flexibility. A hybrid work environment is a way to give employees the best of both worlds: time to perform independent work from home, while creating an in-person environment to collaborate, mentor, and socialize as a team.

5. Redefine employee productivity. Twenty years ago, many companies considered their employees to be productive if they completed a certain number of tasks at the end of the day. As working hours have become more flexible, many insurers’ definition of productivity has also changed. They consider the value of an employee based on their results, rather than the number of hours worked or the number of “things” they have created.

Imagine you have a choice of two salespeople: one works 50 hours a week and is able to close the deal an average of five interactions per week. The other only works about 30 hours per week, but usually closes the deal on at least 10 interactions per week. Which employee do you prefer?

6. Recognize good work. Even the most productive and happiest employees need a boost once in a while. Managers often call for a particularly good job – but what if you have a manager who doesn’t do it consistently? You risk burning out that person’s team because they’re not getting positive feedback. Instead, you could have a company-wide system for rewarding employees who have worked particularly hard. Make positive feedback part of your culture, so it doesn’t depend on the manager.

Even the highest paid employees won’t stay if they don’t see the value in the company they work for. You believe in your business, so make sure your employees do too. Make your company the place everyone wants to work and you’ll soon find that you have your pick of quality talent.

Pam Stampen is personnel manager at Church Mutual Insurance. She can be contacted at [email protected].

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Keith P. Plain