Between resignations and retirement, the insurance industry is experiencing a massive talent shortage, and for some organizations the cost has been staggering. With economic challenges ahead and competition for talent high, companies must focus on not just hiring new employees but retaining their most experienced and productive ones. Here are five tips to consider when it comes to your enhancing your talent retention strategy.
1. OFFER OPPORTUNITIES FOR ADDITIONAL TRAINING
Employees love nothing more than an opportunity to expand their skill set and grow professionally. By offering to subsidize their entry into classes related to your industry, or any other form of training program, you can help them to do so. They’ll be charged by the experience, and they’ll bring back skills that they hadn’t possessed when you initially hired them. That’s an investment that can pay off for both them and your business very quickly.
2. RECOGNIZE INDIVIDUAL EMPLOYEES
It’s easy for the executives and top managers at a company to think about their organization as a collection of departments, rather than a collection of employees. But employees who feel like their individual work isn’t being acknowledged may feel demotivated—and less likely to stick around. Recognizing employees for their work, whether it’s through a promotion, a simple notation during a company meeting or any other form of accolade, can give your staff both a confidence boost and an ideal to strive for.
3. INVEST MORE IN EMPLOYEE WELLNESS PROGRAMS
There is no commodity more valuable than good health—so influencing your team to keep themselves in top shape, both physically and mentally, can be a positive motivator that helps them stay engaged and avoid burnt out. There are numerous ways to do this: you could expand your healthcare benefits, offer an on-site gym or wellness center, offer employees guidance on eating and sleeping properly, or devise any other strategy that you feel is appropriate for your workplace culture.
4. RECONSIDER YOUR WORK MODEL
Although the pandemic forced many in the industry to adapt to a new and unfamiliar remote work model, some companies have since elected to return to their offices. This could prove problematic for both current employees and prospective hires, many of whom view hybrid and remote models as offering greater work life balance. Even if a fully remote arrangement isn’t possible, consider what other options you could offer—such as flextime—that would help give more freedom to your employees.
5. REIGN IN FOCUS BY ELIMINATING LOW-VALUE TASKS
Another way to boost the morale at your office is to get rid of the tasks that your employees dislike doing. Data entry is a common example. Employees at insurance organizations spend a significant portion of their day entering information into spreadsheets, documents, and systems. Their insurance expertise often isn’t required for such tasks, and that alone can be enough to demoralize them.
If eliminating or streamlining these tasks isn’t an option, consider delegating them to an outsourcing partner. This allows you to keep the operation running smoothly while your internal staff focus on the assignments that they’re best suited for. They’ll be energized by the fact that they can dedicate the majority of their time to things that challenge them. That will help to increase morale, as well as increase productivity.
If you’re looking to keep your insurance staff focused on engaging work that helps grow your business, visit our Business Process Management page to see learn how we can help pave the way.