An increase in employee retention by only five percent could double your agency’s profits.
That’s a bold claim, but it makes sense when you consider that it takes an agent several years to develop a book of business extensive enough that renewals and referrals are coming in on a predictable basis.
As it stands, employee turnover in the insurance industry averages around 10 percent, making employee retention an important piece of the puzzle of increasing overall customer retention. In short, the longer an insurance employee works for you, the larger their book of business becomes — and the more contract renewals, customer referrals, and profits your agency sees.
As your trusted recruiting advisors, Wizehire coaches want to help you reach the next generation of agents. Guiding you in attracting insurance talent and promising producers, and building a workforce that will help your agency scale more efficiently.
Why employees stay
The Bureau of Labor Statistics predicts we’ll average about 50,400 job openings for insurance sales agents yearly over the next decade. Hiring inexperienced employees and training them to grow with you will become even more important for your long-term success.
Where previous generations focused more on stability and longevity when buying into a company, the current generation of insurance talent relies more on corporate reputation and the feeling that their jobs are meaningful. To make your recruiting efforts more effective, try highlighting your company’s ethics and promoting a fair workplace.
Millennials face economic impacts such as high student loan debt, housing inflation, and cost of living increases that have outpaced wage increases. As a result, people in this generation tend to stay with companies that match their needs in terms of:
- Flexibility – hybrid or fully remote work arrangements
- Quality of life – efforts to support workplace mental health and work/life balance
- Meaningful relationships – a diverse and welcoming atmosphere
- Earning potential – fair pay for the work they do
You can capitalize on this.
An insurance agent is one of the most flexible careers with the highest earning potential that does not require an additional degree and, subsequently, student loan debt. Try emphasizing these benefits when promoting your job openings to reach the high-quality candidates who want to stick around.
Because the job market for insurance is growing at a healthy rate, you can get an edge on the competition by being more strategic about hiring the recruits that you are most likely to retain.
Examine your retention plan
Once you’ve found your ideal fit, it’s essential to align your retention strategies to keep your new (and existing) employees productive and happy.
Here are some good questions to ask yourself as you consider your overall retention goals:
- How long does the average employee stay at your agency?
- What are your current retention strategies (e.g., employee incentives for contract renewal, training and development opportunities, etc.)?
- Are my current strategies working? Are there new ideas I could implement?
- Are my more experienced employees given opportunities to share their skill sets?
- Are my younger employees given opportunities to learn from mentors and apply fresh ideas?
Don’t be afraid to seek feedback from your employees and try something new based on their suggestions. By examining what’s working – and what isn’t – you can hone in on those that create a positive culture while meeting your business goals.
How Wizehire can help with insurance talent
Wizehire’s hiring coaches are experienced in hiring for the insurance industry and tailoring job postings to different demographics. To attract and retain the next generation of insurance agents, agencies can lean on our expert hiring coaches who understand the target demographic and their questions and concerns about entering the insurance field.
Most insurance companies save 50% on hiring costs by working with Wizehire and wind up with quality candidates who produce more sales in the long term. Combining customized insurance recruiting with hiring automation allows you to cast a wider net and find the most qualified applicants. Talk to a hiring strategist to find out how our specialized tools can help you grow your insurance business.