Preparing for and looking to the future is an important part of insurance agency management. But, the future may be here faster than you think. Recent estimates predict property and casualty agencies will need to fill nearly 400,000 positions by 2020. Independent insurance agencies face a particularly high need as the average principle is close to 60 years old.
How can you ensure your agency will continue to grow as members of your staff reach retirement?
One way to prepare is adding Millennials (those aged 18-35 according to the Pew Research Center) to your staff now, while experienced staff members are still around.
Getting Millennials in the Door
According to a recent Property Casualty 360 post, Millennials are driven by:
- Charitable efforts
The insurance industry fits each of these needs.
Agencies can easily offer flexibility by allowing staff to make their own hours and work remotely. And, Millennials can expect ample room for growth. Those who start as junior producers can look forward to advancing to senior levels and as possible principles. As for “charitable efforts,” by nature insurance is about helping others through tough times, building relationships, and serving clients.
Many Millennials are also drawn to the independent aspect of the insurance industry. Working for “big business” is a turn-off to Millennials who are looking for a place where they can be seen as an individual and impact their community directly.
Keeping Them Around
Once you’ve got Millennials interested, how do you keep them? The first step is to create an attractive culture. Show you value staff by celebrating successes. Create community by volunteering together or having a simple lunch out as a staff. The power of company culture is strong, and Millennials are looking for a place where they feel respected and inspired.
One of the best ways to retain any employee is in-house mentoring. Assign each new-hire to work with and learn from an experienced staff member.
If you haven’t already, invest in technology that makes your agency run more smoothly. Millennials are digital natives and will look for signs your agency is keeping up with tech advancements. Look to cloud apps and management system capabilities such as Outlook integration and mobile access.
Let Us Help Your Agency Grow
Adding new staff is a major part of growing your agency, and you need a management system that thinks about employee on-boarding. Partner XE serves new staff members with customized home screens, personalized training, and easy to access online tutorials. To find out what else Partner XE has to offer to help your agency grow, contact us at 800.747.7005, Option 6.