If the independent agent channel will thrive in the future, agencies must attract and retain more women. Studies show that companies with more gender diversity on their executive teams are more profitable than companies with less diverse leadership, which means that empowering women in agencies is crucial for the future success of the independent agent channel. And there are three key ways that agencies can do this...
Promote From Within
Statistics show that women in the insurance industry are overrepresented in entry-level and service positions but underrepresented in leadership positions. Agencies have a lot of opportunities to tap into the potential of female employees, develop their talents, and consider them for leadership positions. Consider asking your frontline staff if they are interested in becoming a partner or another leadership role. Developing training and mentorship programs to advance those who are interested will help you retain top talent at your agency.
Develop Growth Environment
Agencies need to provide career development opportunities and demonstrate that there is a path for career advancement to hire and retain talented women. This should include investing in continuing training and education, encouraging mentorship and sponsorship, and having ongoing conversations about career goals.
Transparent Compensation Structure
The gender wage gap persists in the insurance industry. According to the U.S. Department of Labor, female insurance sales agents make 67.6% of what men make in the same role. There are various reasons for the pay gap, but employees must know they are fairly compensated. Women are likely to quit when they believe that they are being paid less than men for the same work. To ensure equal pay for equal work, agency leaders should conduct a pay audit and be transparent about compensation.
Affordable American Insurance is a network that sets our agents up for success with the right resources and education. If you're interested in learning how we can help with your agency's growth, contact us.