Bank Insurance Agency Management
Community Banks and Insurance
Compliance and Risk Management
Wealth Management
Insurance Product Marketing

Friday, July 29, 2016

5 Surefire Tips to Reduce Employee Turnover

By Guy Weismantel, Vice President of Marketing at Vertafore

Are your employees happy with their jobs? Why should you care? Does your employees' level of job satisfaction really affect the agency as a whole? The answer lies in 5 key findings from Hanover Research's' 2016 study about why employees leave their jobs with insurance agencies. In the report, Hanover looked at agencies that had an unusually high number of employees who were either leaving, or being hired.

  1. Change Without Communication Causes Damage

    In 40 percent of those agencies in Hanover's report, the reasons had to do with changes in company culture. Something that the agency did — or failed to do — affected the company culture in a negative way and spurred people to look elsewhere for a job.

    So how can you prevent this from happening? It's important to have systems in place for gathering feedback from your employees. Let them know that you care about them and supply various avenues for them to express what they are thinking and feeling without negative repercussions. If you open the channels of communication and pay attention to what your employees say, you'll be more likely to enact positive changes—changes that make your agents want to stick around.

    Read more about mitigating communications problems.
  2. A Negative Company Culture Pushes People Away

    In one of Hanover's surveys for their report, they asked respondents to rate the level of influence that specific factors have on an employee's decision to stay or go. For 55% of respondents, company culture ranked highest on the list of factors.

    Read more about the fallout that can come from a negative company culture.
  3. Employees Value the Agency's Adaptability

    Hanover found that for a third of employees, the deciding factor for leaving a company is its openness to change.

    Read more about how status quo can lead to stagnation.
  4. The Budget Should Have Room for Upgrades

    Another third of respondents said the company budget is a powerful factor that affects whether employees stay or leave an agency. With an upgrade to modern software systems, your employees could have dozens of additional features and resources at their fingertips.

    Read more about how upgrading systems can increase productivity.
  5. The Pain of Same is Worse than the Pain of Change

    Take a moment to think about the technology and software that you and your employees use at your insurance agency. How old is it? If you don't know, shoot an email to your IT crew and find out. Perhaps it's time for a change.

    Download Vertafore's free e-book Managing Your Workforce in the Digital Era to find out how you can invest in your agency's long-term success.

Vertafore delivers cloud-based insurance software and services that transform the business of insurance. With the largest customer-base in the industry, more than 20,000 agencies and carriers leverage Vertafore’s insurance solutions that are built on today’s most advanced cloud, mobile, and information technology platforms. Learn more and contact Vertafore.