The insurance industry will soon face a shortage of workers, so agency owners need to start recruiting now.
The insurance industry may be hit with a shortage of workers sooner than it thinks. According to McKinsey, a quarter of the industry’s workforce will be nearing retirement age as early as next year.
To replace those departing workers, independent agency owners must kick start their recruitment efforts now — or be woefully understaffed in the future. But how do insurance agencies attract the top talent into the fold?
Instituting several strategies will provide agency owners with the the superior talent they need to remain profitable. Although you should focus on attracting millennial candidates with long careers ahead of them, these tips can lure talented applicants from all age groups.
Hire the best salespeople: The insurance industry requires many skills, from accounting to underwriting, but salesmanship is probably the most important. Above all, look for great salespeople, not necessarily someone familiar with the industry. Knowledge of the industry can be learned on the job through a training program or mentor.
Use social media: Be proactive and reach out to candidates on social medial channels like Facebook, LinkedIn, and Twitter. Do virtual interviews through Skype or a public chat via social media. Not only do these platforms engage prospects where they’re active, such methods position your agency as a modern workplace, as well.
Get personal: At some point during the recruitment process, you will bring the candidate in for a face-to-face interview. Instead of having them talk to only the HR person or yourself, set aside time for a peer-to-peer interview where they speak with prospective co-workers about the job, its benefits, and the role of insurance in their clients’ lives. This gives candidates a sense of what working in your agency will be like on a daily basis and why they would want to work for you. It’s also a good opportunity to highlight the tech tools they’ll be using on the job, which particularly piques the interest of millennials.
Establish internships: Employ interns from local universities that offer courses on insurance or risk management. You can screen internship candidates beforehand by asking professors about students who exhibit leadership potential and a strong inclination to work in the insurance field. You should also participate in college job fairs and speak to students about the insurance industry during guest seminars.
Offer incentives: If you want your employees to perform at the highest level, you must motivate them to do so. In addition to providing competitive salaries and good benefits, offer top talent incentives beyond a commission. These bonuses can either be monetary or a trip. Another tip: pay the same commission percentage for new business and renewals so your new agents are incentivized to develop lasting relationships with clients.
Insurance is a rewarding career. Its products and services insure a family’s financial future, protect homes and business properties, and analyze emerging risks like cyber security. Your agency and the industry in general is going to need talent to provide those tools. Now is the time to start recruiting before the talent gap grows wider.