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.
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.
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.