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Address your company’s turnover rate head-on

Address your company’s turnover rate head-on

Let’s be real. The insurance industry isn’t immune to turnover concerns. Rates vary industry-wide, but it’s important to address your company’s turnover rate head-on. At The James Allen Companies, we want to help you take a proactive approach, and that includes recognizing troubling signs and looking for fixes.

Looming concerns

The job market is tightening and Baby Boomers are set to retire, meaning a major talent crunch is on the horizon. This is nothing to ignore. In the United States, as many as 10,000 Baby Boomers will retire per day between now and 2030, and there simply aren’t as many workers coming up in the field to replace them.

More granular

Industry-wide, the trends are concerning. On a company level, you have options when it comes to taking steps to help guard against falling victim to the crunch. Your company’s culture is central to that strategic approach. 

Your company’s culture drives your employee behavior, and whether that culture is welcoming and supportive or not will directly impact your retention rate—and your bottom line. There’s a lot of talk about company culture, and a lot of factors feed into it, but at its core, your company’s culture is how the employees interact with each other and think about the company. The more supportive the culture, the more likely employees are to stay on long-term.

After the Baby Boomers retire, Generation X and Millennial workers will be filling positions. Workers in this age bracket tend to place a higher premium on workplace satisfaction, and culture plays a major role in that.

Another, related, factor

By far the most important factor in employee turnover in general is a chance to advance—so why not give your employees an opportunity to improve their skills while remaining employed with you? We talked last week about allowing education opportunities, and that’s a great way to demonstrate to your employees that you care about their personal and professional development.

Whatever your needs, whether motivating your existing team or bringing on a new team member who will help build your vision, The James Allen Companies can help. Our expert staff has more than 30 combined years of finding the professionals who will fit your organization’s needs, and in that time, we’ve seen a lot of how a good business operates. Contact us today to find out more about how we can help.

Motivate Your Team

Motivate Your Team

Employee motivation is incredibly important to team morale, but it’s not always apparent how to achieve it. Some companies put forward efforts such as adding game equipment or free snacks, but an air hockey table is not necessarily the most professional look for many insurance offices—and may become a distraction. 

But employee motivation and increased productivity don’t have to be mutually exclusive. In fact, one can often drive the other. Making a workplace into a professional, yet comfortable, ecosystem can help established employees thrive, and be a welcoming environment for new hires.

Fortunately, motivating your team can be accomplished in a few different ways:

Communicate, communicate, communicate

I stress this often with my own team. Without communication, you don’t have much of a relationship, and in this industry, relationships are paramount. Nine times out of ten, when there’s a problem, it can be traced back to a lack of communication.

To shore up your communication practices, start by showing employees the direct results of their efforts. If you have a client who tells you, even in passing, that your team member did something well that translated to success on their part, let your employee know. 

Be more observant, too. When you see your people doing things right, let them know. Recognize achievements, especially if they seem small. 

Tailor your management style

I tend to have a more hands-off approach to management, but that’s easier to achieve because my team members are all seasoned people who understand my expectations and have already set their own personal goals. If your team isn’t there, or needs a refresher, it’s important to provide more support and guidance. As a manager, your role is to be a resource for your people. And according to a recent Gallup poll, only 2 out of 10 workers strongly agree that their performance is managed in such a way to motivate them to do outstanding work.

Provide growth opportunities

If you give your people the chance to learn more about the industry or about techniques that can be widely applied, you’ll see a host of benefits. They’re more likely to see an issue with fresh perspective. There’s also less room for an employee to feel stuck. While there is always a chance someone might move on after receiving quality training, the worker will likely appreciate a workplace that invests in them.

At The James Allen Companies, we believe that a motivated team is a powerful force for your company. With some simple tweaks to your management style, and some attention to communication and recognition, you can help build morale in your company culture. For more information or for help in building a team of powerhouse employees, contact us today.

Creating a Company Mentor Program

Creating a Company Mentor Program

The hiring process can take a lot of time and energy, but once the hire is made, the real work begins. Helping new employees become acclimated to their new work environment is crucial to their success. Even the best of self-starters need a chance to be introduced to their new career or they’ll start to feel bored and insecure. To make this integration process easier, consider starting an employee mentor program that gives your new hires a guide for their first few months and helps them establish a firm foundation in their new role—and room to grow. 

Benefits to Employee Mentor Programs

Mentor programs have led to massive success in many organizations. In fact, 70 percent of Fortune 500 companies have some sort of employee mentor program in place. Mentors provide an in-depth look at company culture and answer questions that give new hires a head-start to understanding their new business.

Mentors can also provide ongoing support after the first few months of employment. Managers have a huge impact on their employees. Seventy percent of workplace engagement is influenced by an employee’s relationship with their manager; however, only two percent of managers provide the continuous feedback people crave. Mentors can give additional support, feedback and encouragement managers can’t always supply. This makes employees, especially new ones, feel comfortable, learn from mistakes quicker and develop a stronger team mentality. With a mentor behind them from the start, employees are more satisfied at work, more likely to seek new challenges and stay with the company for more time. 

Building Your Mentoring Program

Building a successful company mentor program takes a lot of trial and error. What’s important to remember is, every new hire is different. Some may want a mentor on a more permanent basis while others may only want a guide for their transition. Either way, successful mentor programs start with selecting the right people.  

Mentors serve as a bridge between organizational and individual needs so it’s important the people you assign as mentors are empathetic leaders who can help new employees establish goals and feel secure in their new role. Mentors should want the responsibility of being a guide for new hires, not required to so make sure you have interest from current employees before jumping in. 

Run a survey to get information about what each potential mentor would teach their protege, what their career goals are and how they plan to communicate with them. Ask new employees what they want to learn from a mentor and what their interests are. From your pool of potential mentors, match them to a mentee based on similar communication styles and goals. 

Give mentors clear expectations on what information they need to provide including company mission and policies, insight on day-to-day assignments, cultural norms and potential struggles. Provide a list of things for new hires to do in their first few months so they don’t feel bored or left out.

Encourage mentors to ask new employees about their interests, motivators and career goals. By connecting on a personal level, a good rapport can be established creating a better relationship, and providing support for any future conversations that might be more difficult. Also, encourage mentors to provide feedback so that mentees can learn quicker. 

Most important, don’t force a mentor and mentee relationship. Whether it’s because there is no personal connection between them or because a mentee simply doesn’t want the extra help, pushing relationships will only result in additional headaches. The relationship must be beneficial for both parties for your mentor program to succeed. 

At The James Allen Companies, we are proud to provide our clients with top-level candidates who make a difference in the insurance industry. We find candidates who will be game-changers in your organization, but it’s up to you to encourage them to stay. By implementing a company mentor program, you have a better chance of keeping the star candidates you hire. Give us a call and one of our experienced insurance recruiting specialists will help you get started.

Where, Oh Where, Have the Candidates Gone?

Where, Oh Where, Have the Candidates Gone?

Last week we addressed a disturbing trend that has taken the insurance industry by surprise. Ghosting, as it’s called, is what happens when candidates drop out of the hiring process without notice. However, instead of getting frustrated or ignoring the problem, insurance companies need to face it head-on by looking at the reasons why they’re losing candidates. One of those reasons could be the hiring process. Without the right process, you will lose more candidates than you gain. Fortunately, we at The James Allen Companies want to help.  

Where Your Hiring Process is Going Wrong

If you’re seeing candidates dropping like flies, there’s likely a problem with your hiring process. One of the biggest reasons candidates drop out is because the process is too long

When dealing with top-level candidates, many of them are only on the market for 10 days because they’ve either accepted a counteroffer or were recruited by another company, so you don’t have much time to win them over. If your hiring process involves lengthy applications, multiple interviews and long waiting periods, they’re going to jump ship. Studies have found 60 percent of professionals won’t finish your job application because it’s too long or too complicated. When dealing with passive candidates presented by a recruiter, the need for an application is minimal because already know they’re qualified, but if you still insist on an application, you could find yourself losing candidates.

Then there’s the interview process. On average, interview processes last about 24 days which means you spend almost a month of interviewing candidates. Eighty-seven percent of candidates think participating in more than two interviews is unacceptable so if there are too many interviews, you’re going to find candidates are turned off by your business and seek other options. 

That’s just how your process is upsetting your candidates. A lengthy process can also upset your bottom line. The more time you leave candidates on the line, the more money you lose because a job isn’t getting done. A long, convoluted process can also have a negative impact on how people view your business. In the professional world, word travels fast. When a candidate reviews a company, a negative experience during the hiring process may raise red flags to other potential candidates. 

If you’re finding candidates aren’t holding on until the end of the hiring process, don’t fret—there is a solution. By partnering with top-tier insurance recruiting agency The James Allen Companies, we can help you tackle these problems and keep candidates on the hook. We provide feedback on job titles and descriptions to help you attract more candidates. Our recruiters take the guesswork out of hiring by reaching out to candidates within our network of specialized professionals. We schedule interviews and keep candidates informed so they feel comfortable throughout the hiring process. Keep your hiring experience a positive one by contacting The James Allen Companies today.