Here’s an interesting yet alarming fact for you:
In the past year, about 49 percent of Millennial workers expressed that they would quit their job within the next two years. While only half of this percentage answered otherwise. This study conducted by The 2019 Deloitte Millennial Survey has therefore arrived at the judgment that Millennial employees are: (a) “disillusioned” with the settings of traditional institutions, (b) “skeptical” of the business motives, and (c) “pessimistic” about the social and economic progress of the company.
Among the industries involved in this issue are different insurance agencies that experience one of the highest rates of employee turnover per year. Research shows that for every 100 young job seekers who will join the insurance industry this year, only 11 of them will stay in the job in the next three years. In a nutshell, 89 percent of young insurance agents are quitting in 36 months.
There are basically three disconcerting reasons for these young agents quitting their jobs: either they don’t feel valued enough, they are not equipped with the technology they need, or they are not happy with their compensation.
If you are the type of employer who cannot afford to lose one more agent, maybe it’s about time that you start out with a good recruitment and retention plan. Follow these strategies to put you ahead of this competition.
Attract new hires by using your existing young agents.
This is similar to an observation on the interplay between bait and prey, wherein the bait is your existing young agent while the potential ap is his prey. The truth is that your young agents make a better bait than your “more seasoned” executives. Try to include young agents in the interview process. If the candidate sees that young agents in your company are authorised to recruit people, he or she will be confident that there are others at the same age as them, who can be positioned in the recruitment process more than playing the task of a life insurance agent alone.
Build their trust.
Millennials are less likely to trust their employers; so, demonstrate how trustworthy you are. Try to connect with them and listen to their issues and concerns. As a good employer, you must learn to handle problems that rank among their top priorities and be able to come up with the most appropriate solutions. Just always be open and show your willingness to help to secure their trust and create a positive workplace culture where they would love to stay for longer years and even decades.
Give them the right tools they need.
“There was no room for growth in my previous company.” and “I don’t want to stay in a dead-end job.” are probably the most common lines of young employees, trying to nail a job interview question from a new company. To prevent your agents from saying such things behind your back, let them grow while they are still in the company. Offer sales training and other related opportunities for their continuous learning and for them to further their career goals and professional development.
Make them understand what loyalty means to you.
We all want to see the results of our hard work. Hence, compensating your employees for a job well done and for their loyalty to the company is a very important part of a retention plan. Give your employees what they deserve for selling policies and simply staying under your employment for many years. Commissions, rewards, and incentives are some of the key factors that make the employees feel valued and become more confident about their job.