The recent "2023 Agency Growth Study" by Liberty Mutual and Safeco Insurance sheds light on the evolving expectations of independent insurance agency employees and the perks crucial for recruitment and retention. In a job market shaped by uncertainty, agencies can leverage specific benefits to attract and retain top talent.
The study, surveying 1,100 independent insurance agency leaders and team members, identifies the following key benefits that candidates desire in 2023:
Flexible Hours and Work Location
The report highlights that 77% of agency staff members are content with the flexibility offered by independent insurance agencies. However, there's a disparity between employee and leader perspectives on remote and hybrid work. While 16% of agency employees currently work fully remotely, 22% express a preference for remote work. Bridging this gap is essential for retaining and attracting employees, emphasizing the need for open conversations about flexibility and remote work.
Job Stability
The insurance industry, known for its stability and job security, presents a strong selling point in the 2023 job market. Agencies can capitalize on this stability by showcasing the multitude of secure career options within the industry. In a time of economic uncertainty, the assurance of job stability becomes a compelling factor for candidates considering a career change.
Parental Leave
Given that more than half of millennial employees are parents, offering parental leave becomes a significant recruitment advantage. Although only 25% of agency employees are parents to young children, nearly half of them consider parental leave a top priority. Recognizing the importance of work-life balance, agencies can use parental leave as a competitive edge to attract diverse talent
Community Involvement
Independent agency employees prioritize community involvement as a top characteristic of a job, setting them apart from other industries. With millennials and Gen Z constituting a significant portion of the workforce, emphasizing an agency's commitment to community service in job postings can resonate with candidates seeking meaningful work. The report suggests that advertising community involvement helps attract candidates who align with the agency's values.
Continuing Education Opportunities and Career Growth
With 57% of millennial and Gen Z agency employees aspiring to leadership roles, agencies need to focus on providing opportunities for career development. While the desire for leadership and mentorship is prevalent, the study reveals a gap in actively developing employees for leadership roles. To attract and retain the next generation of talent, agencies should invest in compelling career paths, networking opportunities, and continuing education and training.
Understanding and implementing these perks can significantly impact an agency's ability to recruit and retain top talent, especially in the current dynamic job market. As agencies navigate evolving workforce expectations, these insights provide a roadmap for creating an appealing and supportive work environment.
AAI is a network for independent insurance agents looking to gain invaluable guidance, training, and technology to grow their agency. We give agents the roadmap to success to grow bigger, faster, more efficiently. Your networking efforts will be enhanced by the knowledge we provide. Contact us today to discuss how.