Retaining and Compensating Producers

Finding and retaining talent is a matter of finding the right compensation structure. While good employees can’t be taken for granted, there are a number of financial constraints that can make this seem like an unsolvable puzzle. It can be helpful to speak to someone else about these matters if you’re having a difficult time reconciling the needs of your staff with the needs of your budget. It can be difficult to see the solution when you’re mired in the middle of discussions about money and benefits. An uncomfortable topic to many even under the best of circumstances, see why ignoring it will only make matters worse.

The Cost of Turnover

The direct cost to replace a mid-level employee will generally cost about 20% of that worker’s salary. This can be a major expense to swallow on its own for company owners. But it also means having to go through a training period to catch up to the company’s routines, policies and values, which can be mentally draining. And the real costs to the company over time are difficult to quantify. When a person has a chance to become established at a company, they raise expectations to a certain level. Assuming that you value the employee’s contribution and that others do too, changing those routines can have a significant impact on both moral and customer experience that can be felt for years to come. While some turnover is unavoidable, the higher the rate climbs, the less stable your company will be.

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Agency Automation

Agency automation is an effective way for companies to tighten up their time management and increase the level of customer service — without doing any additional work. There are a number of processes that can be automated in insurance, from delivering quotes to sending reminder emails. Those agencies who have taken advantage of these options have seen an almost miraculous reduction of monotonous tasks, so they can concentrate more on their customers.

Information At Your Fingertips

Leads, customer information, company policy changes: tracking down all this information can be difficult, regardless of what position you hold at a company. It can translate into customers having to retell the same story to 5 different members of the staff. It can lead to agents picking up the phone feeling completely unprepared to do their job, and potentially resentful they don’t have the tools they need. Automation makes it possible to streamline a variety of processes, so employees can start feeling more of a sense of purpose in the job they’re performing. Automation software is easy to use and simple to understand, so everyone can hit the ground running.

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