WHAT IS INSURE NATIONAL? It is a national staffing firm, with a sole focus on the insurance industry. They partner with insurance organizations of all sizes and help them find talent for direct-hire, contract to hire, and insurance consulting. One of the benefits is that their network of talent is from the insurance industry.  They work with all lines of insurance, such as claims, marketing, information technology (IT), sales, underwriting, and in-house litigation. 

THE INSURANCE INDUSTRY IS FEELING THE EFFECTS OF “THE GREAT RESIGNATON”:  Prior to the COVID-19 pandemic, most employees worked in an office, Monday-Friday, 8-5PM. Once the pandemic hit, it forced companies to have their employees work from home. Once employees starting working from home, they enjoyed the flexibility they had, and it caused them to rethink their priorities. The insurance industry was already dealing with the upcoming “Retirement Tsunami,” before the pandemic, and coupled with the “Great Resignation,” it has caused a large talent gap in the insurance industry. Many employees have left due to retiring earlier than they had originally planned post-pandemic, and the younger professionals are leaving due to wanting more flexibility in their schedules.

WHAT MAKES EMPLOYEES STAY? Employees are reporting that the three biggest factors that affected their decision to stay was flexibility (remote or hybrid work), pay (raises and bonuses), and the overall work experience (feeling engaged, and respected). While foosball tables, donuts, and pizza days may seem like great things to building a happy work environment, it has very little impact on an employee’s decision to stay. When an employee feels that they are an important contributor to their team, and that they are valued, it increases the likelihood that they will stay with their current employer.

 WHAT MAKES THEM LEAVE?  Many employees have reported leaving because they felt like a number at their company, or they were mistreated by their former employer. They were constantly reminded that “someone could always take your job,” and it caused them to feel stressed, and burned out. Several employees left due to flexibility, and scheduling needs.  Many have reported that they left due to their supervisor never spoke with them, unless they were in trouble, or something was wrong. Money was a huge factor in their decision as well. Several employees have reported leaving due to competitors offered significant higher wages, and/or bonuses.  

COMMUNICATION IS KEY:  When a supervisor calls their employee just to check in with them, this goes a long way to retaining them. This makes them feel valued, and not like a number. Give your employees feedback, and tell them you appreciate their hard work, and how you are glad they are part of the team. If you have an amazing employee that communicates that they have received another job offer that is paying higher wages, see if you can match the offer, and keep the employee. Sometimes it can be something very simple, such as the employee needs to work from home just one day a week, and flexibility is key to keeping them. When employers keep communication lines open with their employees, this helps increase retention, and engagement.

HAVE A PLAN IN PLACE: Even companies with great work cultures will have employees leave. It is crucial to have a plan in place for when this occurs. The insurance industry is like a conveyor belt that is constantly running, and it runs whether you are fully staffed or not. The claims have to be investigated, treatment has to be provided, state forms have to be timely completed, and bills have to be paid.  Hiring takes time, and new employees will not immediately solve the problem, especially if they are new to the industry, and they require a lot of training. If you are not prepared for when a resignation occurs, the remaining employees will get overloaded, and they will be susceptible to other companies poaching them. It is important to be proactive, and start preparing early. If you are an employer who may need staffing, check out Insure National at www.insure-national.com.