Some human resource authorities have estimated that high-performing employees contribute 10 times more to a company than other workers. That is a huge difference. So, it’s in the best interest of the company to retain and develop this talent. If these “A” players leave, it could wreak havoc on a company’s bottom line. What can your insurance firm do to retain and develop these people? Here are a few tips.
Identify the people who are crucial to your organization.
These are the people who if they left your firm, would have a significant impact on your bottom line. Many larger insurance organizations are not even aware who these people are – it’s not always who you think. Not all executives are critical to the functioning of the company, whereas there may be some lower-level employees who are. The first item of business is to identify them.
Develop your “A” players.
Your company may have to spend more, but the alternative is higher turnover. The best way to retain your top people is through developing their skills with training, coaching or mentoring. This goes a long way toward increasing motivation and commitment.
The importance of coaching.
More companies are realizing how important coaching is in developing talent. But the problem is not many managers really know how to do it. Many confuse coaching with mentoring, but there is a difference. Mentoring involves offering advice and guidance. Coaching is about listening and asking questions. There are three main components to coaching according to management experts: listening, supporting positive behavior and asking open-ended questions.
This procedure has a huge effect on increasing motivation and engagement.
The importance of continual feedback.
Giving feedback to employees on a regular basis is essential. It is the cornerstone of motivating, engaging and developing employees. It can have a big effect on performance. Managers know its importance, and yet because they are not skilled at it, they avoid doing it.
How to give feedback effectively is something that can easily be learned, and managers need to be held accountable for doing it.
Insurance Relief™ is one of the most respected staffing agencies focusing on the insurance industry. We take a personalized approach toward each person we recruit, so your company can be sure it’s getting the best person for the job. Our efforts have earned us a Best in Staffing award. Find out what we can do for your company. Contact us today.