Staffing-Up Is Critical And Affordable
The economy is surging, at least for now. According to the Commerce Department, the economy grew at an annual rate of 6.4% between January and March 2021. And, like other Farmers agents, you’re probably thinking about how to take advantage of a resurgent economy.
We asked our team of business development reps, what agents’ top priority should be in this climate. The answer based on many conversations with agents is that staffing-up is critical to boosting growth.
However, many agents think they can’t afford extra producers and CSRs―and don’t like the idea of borrowing. B, borrowing on good terms could be a very smart investment, and your Credit Union has a special loan for staffing. More on that later.
How do you find good staff and recruit them efficiently? Here are a few tips with help from the American Agents Alliance and Insurance Technologies Corporation.
Finding Good Candidates:
Here’s a reminder of some great sources of exceptional candidates:
Reach out to other agents, carrier reps, clients, and other people in your community directly, via social media and job boards. Let them know you are seeking qualified individuals to fill a position.
If you are not using LinkedIn for recruiting, you should seriously consider it. It is a great way to search for employees and review their employment information. You can post a job listing free on LinkedIn, but you must have a LinkedIn company page to do this.
If you don’t have one, think about an employee referral program: A small bonus could incentivize your own employees to use their networks to find quality referrals.
Veterans are a sought-after pool of talent: highly organized and results-focused. In addition to your general networking efforts, here are some dedicated resources to help you in your search: MilitaryOneSource and the Veterans’ Training And Employment Service.
Effective Recruiting Tactics
Getting the best out of your recruiting efforts can be hit or miss. Here are a few tactics that can help swing the odds in your favor.
- Write specific, laser-focused job descriptions: The better you are at articulating what you really need from an applicant, the more likely you are to find a suitable match for the position you’re trying to fill. Be clear about the licenses, certifications, and skillset required for the job and use those criteria to screen applicants prior to the interview process.
- Communicate early and often: Signal your intent to hire only candidates who are serious about the job by being serious about the recruiting process yourself. Communicate with candidates early in the process and nurture promising prospects at multiple touchpoints throughout the recruitment journey to begin assimilating them into your culture quickly.
- Use assessments as part of your screening process: Rather than simply relying on a “gut feeling,” consider using behavioral assessments as part of your screening process. Behavioral assessments can help you discover a candidate’s personality traits, workplace preferences, and key motivators. Armed with this knowledge, you can more accurately predict the likelihood of a candidate’s cultural fit and success with your agency Here’s one such service to get a feel for what’s offered – they partner with the American Agents Alliance.
- Hire for ability; train for potential. When hiring, choose candidates that can hit the ground running with a minimum of supervision. At the same time, though, hire with an eye to the candidate’s potential for future growth with your agency. Remember that your ultimate goal is to grow and deepen your talent bench.
How To Pay For Them?
Despite the best-laid plans and recruiting strategies, one of the biggest barriers to hiring is finding the funds to pay new staff. This is especially true during onboarding and training before they are fully up and running and contribute to the bottom line. Your Credit Union came up with a solution.
Our Agency Staffing Loan is designed for just this purpose. Its low cost –about $200 a month for every $10,000 borrowed at our lowest rate—means your new hires will virtually pay for themselves almost immediately. And with a 90-day payment deferral, this loan won’t cost you anything until your new hire starts producing.