AGENCY MANAGEMENT
INVESTING IN YOUR AGENCY'S PEOPLE CAN LEAD TO BIG RETURNS The most valuable asset in every agency is their people. There is no question that our industry is based on relationships and the best way to have strong relationships is to have quality people representing your brand, serving your customers, and shaping the culture of your agency. In every survey for the past 15 years, finding and retaining great talent is listed as one of the biggest challenges that agency owners face. That challenge has only intensified for many in the current employment environment. Those agencies that are able to create a work environment that attracts, retains, and provides a long-term career path for their people are the ones that are best positioned for the future from a growth, scale, and value standpoint. If you want to invest in your agency – invest in your people. In the current “Great Resignation” workforce environment, we all need to contemplate the changes we can make to meet the needs of the current workforce as it moves and shifts. According to Gallup’s State of the Global Workplace 2022 Report, it was reported that 71% of the workers in the U.S. believe that now is a good time to find a new job. In addition, only 21% of employees say they are engaged at work, which Gallup describes as “highly involved in and enthusiastic about their work and workplace". Each agency should ask themselves “Is my organization attracting talent? Are people running towards my agency or away from my agency?”. In order to answer this question, you need to understand the needs and wants of the current workforce, what is needed to create an environment where your employees are engaged, happy, and productive. The following are a few key areas to consider.
30 | AUGUST 2022 |
wisconsin INDEPENDENT AGENT
Build a Strong Culture First and foremost, everyone has a desire to feel valued in every part of our lives. This is a core component of every relationship, and the work relationship is no exception. Creating a culture that demonstrates that you care about your staff is critically important. Many employees cite their relationship with their manager as the biggest influence on their success and satisfaction in their role. Building a strong connection as people is incredibly powerful. This can be best achieved by listening, understanding, and acting. By taking action to solve challenges they face in their day-to-day work environment you demonstrate that you care about them as people as well as employees, and you strengthen your connection. Flexible Work Environment Over the past three years we have clearly demonstrated that work can be achieved remotely. Organizations that embrace a flexible work environment and are positioned to accommodate in-person work, remote work, and hybrid roles are the ones that can attract talent and begin to reshape their staff. This has allowed many organizations to adopt custom compensation packages and really meet their employees where they want to be. It also reinforces that you value what's most important to them and you’re balancing that with the needs of the agency. In order to make this transition, agencies must invest in technology, formalize processes, and be intentional with their engagement to keep their culture strong. It also requires a great deal of trust and respect for this structure to work well.
