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What Makes a Successful Leader?

What Makes a Successful Leader?

In the hyper-competitive insurance industry, to be on top, you must have a sharp team running your organization and you must have strong leaders guiding them to success. Without the right leadership, your company may suffer from increased turnover and lower profit. Luckily, there are a few qualities of successful leaders that you can identify during the hiring process to help determine the good from the bad.

The Costs of a Bad Leader

Just one poor leader can cost your insurance company more than $125,000 per year; a poor leadership team can result in millions of dollars lost. Poor leadership structure can create a 5 to 10 percent productivity drag, which can be detrimental to the culture of the business, resulting in a lack of vision or strategy, a culture of mediocrity and low employee morale. Dismal managers are not motivators, and that won’t work for your bottom line. In fact, a lack of good leadership can cost your company about seven percent of your annual sales, can decrease customer satisfaction and can cause up to 32 percent of your organization’s turnover.

What Makes a Good Leader

It can be difficult to identify a good leader because leadership styles are as unique as the individuals doing the leading. However, according to the Center for Creative Leadership, good leaders can be defined by a few key characteristics: honesty, the ability to delegate, commitment, confidence, creativity and intuition. Successful leaders also possess key traits such as the ability to self-manage, effective communication, being accountable, a passion for fostering innovation and agile learning abilities that allow them to manage a team fairly and efficiently while maintaining, even improving, company culture.

Leaders have a habit of staying curious, meaning they allow curiosity in their employees. They prioritize wellness and have the ability to listen and ask questions when necessary, valuing the health and well-being of the people they work with.

With nearly two decades in identifying and placing leaders in the insurance industry, the recruiters at The James Allen Companies recognize the qualities of successful leaders. If your company is in need of leadership, we can connect you to the candidates that will get the job done. Our access to passive talent who have proven their success gives your organization the foundation for continued growth.

To find out how we can help your business grow, give The James Allen Companies a call today.

How to Create a Top-Rate Salary Range

How to Create a Top-Rate Salary Range

Money can’t buy you love. We believe that to be true, but we also know when it comes to finding candidates to fit into your business, money might be able to get you the best candidates. When it comes to accepting a position at a new company, 43.2 percent of candidates will be convinced to leave their current company for another if it offers them a better salary. If you aren’t offering the right salary to passive candidates, you might lose them. Here are some quick tips to help you determine a proper salary range for open positions at your company.

Determine the Market Rate

When hiring new employees, you need to sell the candidate on your company. You can’t do that when your company is hiring for lower pay than the company they already work for.

To avoid this, it’s important to find out what other companies will pay for the same candidate for the same position or find out what the candidate is currently making. Audit other companies to find out what other benefits they might offer and what the similar position’s duties are. Also, find out where the position ranks in that company compared to where it ranks in yours.

Analyze the Position

Once you’ve completed an audit of similar companies, ask yourself a few questions about the position you’re hiring for. How does this position add value to your company? What are the requirements you’re looking for? What would you expect to be paid for this position?

Look at the requirements and daily assignments and how this employee interacts with the rest of the team. You need to make sure you can fairly determine a compensation plan that is fair to the position. Make it flexible so you can fit it to match the candidates you might hire.

Don’t Forget the Most Important Factor

You’re not just hiring an employee, you’re hiring a person. You have to focus on the technical skills, practical knowledge, experience and personality. You have to determine the value of the individual you’re interested in hiring. Don’t go in hoping to hire at the lower end of the salary range you’ve established. Go in hoping to hire the best candidate that can help your business grow.

At The James Allen Companies, we know that hiring is an important aspect of your job. To help your company grow, you need the best candidates and we can help you find them. By ensuring your offered salary ranges and compensation plans are fair, you can be sure to find the best candidates in the business.

Hiring in 2019: The Struggles and the Solutions

Hiring in 2019: The Struggles and the Solutions

Last week, the Great Insurance Jobs’ 2019 Insurance Industry Employment and Job Outlook report was released, giving us insight into the future of hiring in 2019—and it’s set to be an interesting year. A record-breaking 2.7 million people work in the insurance industry right now and the unemployment rate for the industry is only 2 percent; however, Great Insurance Jobs estimates 400,000 jobs will need to be filled by 2020 due to the high number of people retiring this year.

Here at The James Allen Companies, we are prepared to take this hiring challenge head-on. Based on this year’s findings, we identified 5 of the most pressing hiring issues facing this insurance industry and their resolutions.

  1. Too many unqualified candidates. We know the insurance industry is a great one to be a part of, and more people are starting to catch on. One problem facing the industry is the number of applicants who want to join the party but aren’t qualified for the position, or who lack insurance industry experience. When using common search methods like job boards to find talent, you’re only targeting active candidates. That means you will spend the majority of your time sifting through hundreds of unqualified candidates trying to join the game but not understanding how to play.
  2. Finding qualified people in my area for the right price. Depending on the area you’re in, your options for local talent looking for positions may seem limited. When it comes to compensation, salary grades and relocation costs, finding the proper candidate can seem like a losing battle.
  3. A lack of talent for technology-based careers. Technology-based careers in insurance are growing exponentially. These careers are expected to be one of the top five most in-demand insurance positions in 2019. It can be difficult to find this talent if your company has never had to find it before—and to make things more difficult, every industry needs the same talent. Technology professionals are in high demand in every field, making these positions incredibly competitive.
  4. Inadequate recruitment budgets. Open positions at your company take time and money. Many companies are faced with recruitment budgets that are too low to be effective. Much of those budgets are used determining which talent acquisition and software are worth using since there are so many available. Those who participated in this study also said they had a difficult time convincing high-up management staff to increase the budget to find the right candidate.
  5. Starting pay for sales positions. In the insurance industry, 20 percent of careers are in sales. Much like technology-based positions, other industries are fighting for the best sales professionals out there, leading to aggressive competition. Compensation for these positions have to be compared not just to insurance industry standards, but other industries as well.

No matter the hiring issue, the recruiting team at The James Allen Companies has the solutions. When it comes to investing in new talent, you want to make sure you get the best return, and partnering with our team ensures the best ROI. We face hiring challenges head-on and use our tried and true search methods to find the best candidates for you every time. We keep up with industry standards and know exactly where to find the candidates you need. We stay aware of market trends for pay and compensation to help you make an informed decision when it comes to picking the type of candidate who will work best for you.

By partnering with the recruitment experts at The James Allen Companies, you will have access to the best network of qualified, passive candidates in the market. With access to the best recruiting technology out there, we can find the right qualified candidate for you to keep your business ahead of the game.

Give us a call to discuss the recruitment solutions we can offer you and your business today.