This is a continuation from our previous blog post, The Marriage of Financial and Organizational Excellence. Read the introduction, here. Below is part two of the three most impactful ways this union will move your agency forward. Catch up on part one, here.
One of the largest expenses within an insurance agency is employee compensation. In addition, employee engagement in the United States is only at 33%. That means only one third of employees are committed to their job. It is also a known fact that hiring a new employee is more expensive than it is to retain a current one. That means two thirds of your compensation dollars are not getting their full return on investment.
Connecting the Dots
Yes, employees are very expensive. Yet employees are a valuable resource that need investments of time and resources to maintain. Financially, their impact on an agency is beyond the cost of their salary and benefits. Keeping them happy means your customers and prospects are likely to be very well taken care of. If the employees are unhappy, how do you think their levels of attention and service will fare?
Helping your employees develop will keep financial security in place for your agency’s future. Below are a few quick ideas to keep your employees happy that go beyond “Dress Down Friday”.
1. Unlimited Vacation
Yes, we said it – and we even offer it at RD Advisory Group. Employees that aren’t stressing about taking time off will be more focused on performing their duties, not how many days they have left.
2. Flex Time
Not only is this for the working parents or employees that take care of their parents, it’s attractive to the incoming generations of workers. Similar to the reasoning behind unlimited vacation, employees that aren’t worrying aspects of daily life schedules are the ones who are focused on fulfilling customer needs.
3. Career Planning
The next generations of employees have a burning need to know that their efforts will lead them to the advancement they are seeking. Having a career planning tool in place have the following benefits:
- It will help you understand the future of your agency’s organization structure.
- It also allows you to plan for the finances needed to retain good employees.
- It gives those good employees the opportunities they need to succeed.
At RD Advisory Group we say to always develop and invest in your employees. Their long-term success means long-term financial and organizational gain. This match will move your agency one step closer to financial and organizational excellence.
Stay tuned for part three in the coming weeks! For more information, reach out to Don ([email protected]) or myself, Roe ([email protected]). We’d love to share our insights of insurance agency financial and organizational excellence.
Thanks for reading!