Will You Be Ready to Take Advantage of Economic Growth?
Should you hire for insurance jobs now, or hold back until the recovery is in full swing?
We’ve never been faced with so much uncertainty, and this is causing many companies to delay their hiring decisions. Why hire today if you may need to downsize your workforce in a couple of months?
The Potential to Emerge Stronger Has Never Been Greater
As the U.S. economy continues to recover from the COVID-19 shock, it is becoming apparent that the potential rewards to be gained are huge. The dilemma is that this also applies to the potential risks.
The pandemic has served to focus people on life and meaning. Individuals are questioning many aspects of their lives, including what they spend, where, and why. They expect greater levels of customer service, and products that are more customized to their needs.
Across all functions of an insurance provider, the quality of your people will make a big difference as to how you are perceived. Poor customer service will result in damaging online reviews. Rigid products will be rejected, and hard sales will deter buyers.
Those companies who adapt best as the economy unfolds, and can remain agile in the process, are likely to be those who emerge the most successful. To do this, you must build and develop talented teams. If you don’t, you face suffering from the risk of being overtaken by your competitors.
Here are four reasons you should be hiring for roles in insurance today, instead of waiting to hire when the path forward is more assured.
1. Hiring Sends a Signal of Confidence to Employees
Self-examination is not limited to consumers. Employees are feeling fragile right now. They have begun to question why they are working. They want to know that you provide jobs in insurance that deliver a purpose, and that their contributions are valued. They will also be wary of how a fragile economy could damage their prospects with you.
By continuing to hire, or hiring new employees where you have had to let others go, you send a message of confidence in your future. This will help to allay your employees’ fears and concerns, and is an essential step in motivating staff through change and disruption.
2. Hiring Upskills Your Team
This is the perfect opportunity to take stock of your current staff and develop your strategy in line with your view of the future. Central to this should be ensuring that your teams possess the skills to future-proof your business.
There are two prime strategies that help you achieve upskilling and improve capabilities within your organization. The first is to identify and develop skills from within. The second is to hire the skills you need. The second option has a few distinct advantages, including:
- It brings skills onboard immediately
- Your new, highly-skilled and talented employees can share their knowledge and experience
- Training and development costs should fall
An extra benefit, of course, is that as your business upgrades its skillsets you will service your customers more effectively. This puts you in a stronger position to maintain and grow revenues.
3. Talent Is Available Today
As we move forward through the pandemic, it is likely that your competitors will seek to hire talented insurance professionals. Competition for signatures will increase, and this may lead to upward pressure on salaries and compensation packages.
There is little doubt that the supply of talent in the insurance jobs market will become further restricted as the economy recovers. If you don’t assess your recruitment strategy today, you may not have the same opportunities to hire quality candidates tomorrow.
4. You’ll Need to Hire More to Do Less Tomorrow
The more talented, experienced, and skilled your hires are, the fewer hires you need to make. You’ll need to do less by way of training and development, and highly-talented candidates will hit the ground running. You’ll feel the benefit of their contribution immediately.
If you wait and are then forced to hire lesser talented candidates, it’s probable that you will need to make more hires to do the same amount of work – and more hires to do the same work equals lower productivity and a smaller bottom line.
There Is No Better Time to Hire Than Now
COVID-19 has disrupted the American economy. It has caused customers and employees of insurance companies to think differently. By taking steps now to align your strategy and staff with the potential for huge growth, you can take a leap ahead of your competition.
There is some tremendous talent available to hire today. The most talented are not likely to be available for long. Whether employing to work in your office or remotely, you have a huge opportunity to develop teams that will help you grow rapidly and sustainably.