Insurance Talent War Weapons: Exit Interview Secrets

Employers in the Canadian insurance industry, embroiled in a so-called talent war, are doing everything they can to attract and retain skilled workers. But are they learning from those who leave?

According to Maryann Besharat (pictured), Intact Insurance’s VP of Human Resources for Western Ontario and Atlantic Canada, exit interviews should not be overlooked by brokerage leaders and insurance human resources professionals. It’s an important tactic.

A thoughtful exit interview reveals a lot about what works and what doesn’t work within an organization, Besharat explained. Provides critical intelligence that employers can use to increase employee engagement and retention.

Exit interviews can be conducted through face-to-face conversations with managers or HR leaders, surveys, or a combination of the two. Exit interviews typically ask poignant questions about the employee’s experience, why they’re leaving, and (if they want to share) where they’re going and why they’re going.

Why are employees leaving?

Whether you’re a small independent insurance broker with 30 employees or a large company with 30,000 employees, Besharat said employees are likely to leave for one of five main reasons. told Insurance Business.

  1. Lack of career development and advancement

When an employee leaves the insurance industry entirely to pursue a dream in another industry, there is little that HR managers and brokerage leaders can do. But when an employee leaves for a promotion opportunity at a competitor, it’s a different story. Employers have control over their employees’ career development and advancement. This is the number one reason employees leave the company.

“Leaders and HR professionals can use that data to think: Is the promotion a bit slow? Does this person have the skills needed to succeed in a higher role? Should promotions accelerate, or is this due to a tight labor market and competition for talent? It means we need to review it and decide if we need to fix it,” explains Besharat.

“If you know you are leaving because you think someone else will offer you a better career path, then you need to discuss career mapping, how long it will take to get promoted, and the skills you need to get promoted.

If they don’t know it, why do they stay? Having them work in the dark is the worst thing an employee can do. “

  1. Inadequate total compensation

According to Besharat, competitive rewards are, and have always been, “table stakes.” She urged employers to focus on other things they can control. All of these factors influence how we think about rewards,” says Besharat.

  1. uncaring or unmotivated leader

“People leave the manager, not the company” is as true for small insurance brokers as it is for large national insurers.

“How much have you invested in running a small brokerage company with 30 employees? Are they 100% transactional? Do you mean discussing? Do they discuss career development with their direct reports?” asked Besharat.

“Having uncaring or unmotivated leaders is a common reason employees leave. It is important.”

  1. lack of meaningful work

Motivated leaders can convince employees that the insurance industry has a great story to tell.

“Why are we here as an insurance industry? We help people in good times and bad, and we are there for them when the unthinkable happens.” Always think about the greater purpose, whether you are working with a client or working directly with a customer.The insurance industry offers a very meaningful job.”We are committed to helping Canadians when it matters most. We need to share that story widely, and we need leaders to live it with their teams every day. “

  1. Expectations for unsustainable work

People’s views on work-life balance have changed during the COVID-19 pandemic. Especially among younger generations, flexibility and opting out of a noisy culture are valued. Employers and managers need to pay attention to the workload and make sure it is sustainable over the long term, Besharat said.

“When talent is scarce, managing workload can be a challenge. Employers need to be aware of employee burnout and fatigue,” she stressed.

Why are people leaving your brokerage firm?

Lack of career development and advancement, poor total compensation, unmotivated leaders, lack of meaningful work, and unsustainable job expectations are the top five reasons people leave organizations. The good news: Most of these reasons are controllable. The bad news: If you don’t conduct exit interviews and don’t know why they’re leaving, you’re going to keep losing people.

Besharat emphasized that the sales figures of certain brokerage firms and telecom operators speak for themselves, but you won’t know what they are until you conduct exit interviews. In this competitive talent market, brokerages and insurers must leverage all the tools at their disposal, including learning from retirees.

Insurance Talent War Weapons: Exit Interview Secrets

Source link Insurance Talent War Weapons: Exit Interview Secrets

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