Maintaining a business with top producers in sales has its benefits, but can also have its disadvantages and risks. One problem many companies have, especially in the insurance industry, is keeping top sellers in-house and not losing them to the competition.
While there will always be a few people every now and then who may leave to work elsewhere — for personal reasons, relocation or other unpredictable factors — it is important that you do your best to retain top talent at your agency. Unsure of how to go about keeping your agents happy with their workplace? Here are a few great tips to consider that may have them sticking around for years to come, or better yet, invite other top producers to come join the team.
Provide Training and Education
Although agents are required to take a lengthy licensing exam before being allowed to sell insurance, chances are they haven’t studied a whole lot since then. The agencies that retain the most skilled and talented producers are also often the ones that continue to offer tools for success and furthering education. Take some time to show your team members how much your company values workers who continue to challenge themselves in order to be the best they can be.
Some agents have likely joined your team having previous sales or marketing experience, but there are likely new things they can learn from each other and from external sources. Support them by providing incentives to attend conferences, take extra courses at a local college or giving them books about the industry. Remember: Your agency is stronger when individuals feel empowered, educated and valued.
Create a Mentorship Program
This option can have countless benefits for your agency. From boosting overall morale, teamwork and engagement, to building relationships and showing appreciation for more experienced workers at your agency, mentorships can bring your agents together in a fruitful and exciting way.
You can even use mentorships to create connections between insurance vets and new hires. By doing so, you can bridge the common gap in knowledge of industry experts and younger talent who may also have useful tips on utilizing newer technologies and marketing platforms, such as social media.
Offer Incentives and Rewards
For many people, especially the competitive ones working in sales, incentives and rewards are great motivators to work hard for and achievements to feel proud of once reached. Whether you offer extra compensation for reaching certain tiers of closed sales each month, recognize them with small awards and gifts or provide opportunities for advancement, a little can go a long way in making your agents feel loyal to your company.
Don’t lose your top talent to companies that let their agents work flexible hours or work remotely when they need to. Within reason, you may want to allow those who work better in the mornings to come in earlier and those who work better in the evenings to work later shifts.
For those who commute to your office from another city or have families, you may also consider allowing individuals to work from home from time to time. This allows you to still have people working during busy days or weeks, and doesn’t force those who need to stay home or travel for emergencies to take paid time off or sick leave. While you would need to set up rules and guidelines for your agents to follow, being flexible as an agency has many benefits that can greatly outweigh the risks if done properly.
Learn More About ASI
ASI is one of the largest homeowners insurance carriers in the United States. Through a network of independent agents, the company offers home, condo, renters, dwelling fire and flood insurance in over half the country, with plans to cover the rest by 2017. Find out more at AmericanStrategic.com.