BenefitsPRO Expo Preview: Thinking ahead, change is happening faster than ever
As agency leaders and sales professionals, we must pay attention to HR trends to get ahead in today’s job market.
Many employers, including brokerage firms, are struggling to recruit and retain top talent. While not every firm is able to use a recruitment firm due to sometimes high costs, there are some best practices that agencies can follow. Many reports that we see and hear show turnover is at an all-time high in this employee-friendly market and we are seeing higher than ever employment solicitation from recruiters.
Some quick facts: • The Bureau of Labor Statistics (BLS) states that as of 1/2023, there were 10.5 million job openings. • In one recent month, there were 6.1 million hires and 5.9 million employment separations. • The finance and insurance industry accounts for 4.9% of job openings, 2.2% of hires, 2.8% of employment separations (seasonally adjusted).
Be sure to check out Susan Rider’s Administration session, “Think Big: Change is Happening At a Pace Never Experienced Before” at the BenefitsPRO Broker Expo on May 8 at 11:50 a.m.
After attending my session at the BenefitsPRO Broker Expo, participants will leave with an action plan that includes successful strategies for the ever-changing industry of insurance.
As competition increases, brokers are looking for more ways to stay ahead of their competitors but are also experiencing challenges in recruitment and retention of their staff. As client expectations are increasing, and many clients have new and advanced complexities related to compliance and HR needs, agencies must look to the future.
As agency leaders and sales professionals, we must pay attention to HR trends to get ahead in today’s job market. We are seeing small enrollment numbers in risk management and insurance programs across the country and our industry is not doing well mentoring the next generation of employee benefit professionals.
What is your recruiting culture? • Does your company brand come through in the job ad and simplicity of your application? • Does your recruitment process take too much time? • How many layers of interviews do you require? • How do you communicate career development and career journey options during the interview process? • Many states are moving towards pay transparency. Do you post your pay bands for each role? • Do internal and external candidates know what it takes to get to the next level?
How do you communicate the working culture of your organization to candidates/applicants? • Work environment • Management • Leadership • Communication process • Workplace practices
If you are a hybrid or remote workplace, are you fair and consistent across all levels of the organization?
Finding new team members who possess skills, knowledge and experience may be the easy part of recruiting. How is your team prepared to set them up for success from the moment you engage with them?
Related: Benefits pros come together to move the industry forward
Together, we will explore: • How to recruit for high performing talent • Where to search for talent • How to compensate talent (varies in each market) • Where to seek professional development and soft skill development of our current and future staff that is relevant for the work we do • The value of participation in industry meetings like BenefitsPRO, NABIP, NAIFA, and SIIA. We must work together, in order to drive needed industry change forward.
Be sure to join me in Atlanta for my session — can’t wait to see you there!