Hiring and retaining talent remains a top concern among insurance agency leaders, especially as the “why, how and where” of working environments have changed.
As highlighted in Deloitte’s 2023 Insurance Outlook report, insurance agencies may need to implement big changes in their underlying cultures to help them attract and keep employees. Aspects of company culture that used to be “nice to have” – such as flexibility and DEI – have become essential.
Workplace culture is one of the top factors that influence employee retention. A study from MIT of attrition rates during the “Great Resignation” found that culture was 10 times more important than compensation in predicting turnover. According to the study, the main elements of toxic cultures included a lack of respect and consideration, unethical behavior, and failure to promote DEI.
On the other hand, studies have found that when employees feel that they belong and are supported at work, they are more engaged, productive and more collaborative.
Strong cultures and flexibility are important for hiring and retention
Ideas to empower agency employees
Deloitte’s 2023 Insurance Outlook suggests six culture shifts to create a “potentially irresistible work experience”:
- Embrace your agency’s driving mission and underlying values to help employees feel pride in their workplace. (Creating programs for community giving and volunteering can be good ways to connect to your agency’s values)
- Find new approaches to onboarding and mentorship to better acclimate new employees and drive retention.
- Embed training and upskilling opportunities into the workweek to encourage participation.
- Implement flexibility based on the job functions and individual needs of employees.
- Arm leadership and management with the tools to prepare employees for change.
- Think outside the box for attracting new employees to create a more diverse workforce.