Younger expertise in insurance coverage – the advantages of bringing them in
“We’re trying to be very involved in our local insurance community,” he said. “I serve on the board of directors of the University of Houston’s Insurance and Risk Management program and work with the dean and director of the graduate program to find the right people to pursue a career in insurance.”
Continue reading: Initiatives insurance companies can implement to attract top talent
Networking with young professionals who are committed to insurance, understand the terminology and are looking to make a rewarding career move is something industry leaders should leverage this year, Ross says.
“We hired three people from the program and they all did a really good job,” he added. “They often have professional experience because they do an internship at an agency or an insurer during their studies.”
As the search for top talent becomes increasingly difficult, leaders should think outside the box and employ proactive strategies to attract new hires. Ross said the industry shouldn’t rely solely on recruiters, but emphasized the importance of independently seeking out resources that will help build trusting relationships with young professionals.
“We’re always looking for new staff to hire as the business continues to grow so we can have a quick execution when the time comes,” he explained. “We’re always looking for good talent, not necessarily for immediate hire, but within 12 months or less.”
Creating direct channels to attract younger generations to the industry through sponsorships or community programs allows companies to engage with Millennials and Gen Z in the face of the “Big Retirement.”
“We love giving this opportunity to young people because they want to work hard and be successful early in their careers,” Ross said. “They are eager to ask questions and learn new skills. They are also much better at using technology.”
Having a younger workforce in the office is a unique advantage as the industry adapts to digital disruption. Ross explained that Millennials and Gen Z can even show executives how to diversify their technical knowledge base to offer customers more products and services.
Continue reading: How can the insurance industry appeal to Gen Z?
When new hires are hired, Select Risk Services will have the new hire report to someone in a position they want to achieve.
“Support roles report to our account managers who lead the service team, and sales reps report to an experienced broker so they can ask questions early and build on their strengths,” he said. “We guide them rather than push them into something they might not want to do.”
One of the hardest parts of launching a career is figuring out which path to take, he said, and companies that create a strong mentoring program help narrow down which direction would be best for individuals while also building lasting professional bonds.
Ultimately, companies like Select Risk Services look for integrity and trustworthiness when recruiting new employees, and when a personality aligns with a company’s core values, employee retention is a cinch.
“We try to create and maintain an atmosphere where employees feel involved and look forward to showing up for work on Sunday afternoons,” Ross said. “A methodical approach to recruitment is extremely important.
“The business is growing, but we want to expand our team at the same rate. We do not want to hire too many brokers too soon as this would overwhelm the capabilities of our service team and vice versa. This is a great strategy for our company to achieve steady growth.”