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.