Take Advantage of This Unexpected Talent Source

We’ve heard it all about every disruptor in the insurance industry: self-driving cars, drones, Lemonade’s distribution model. But perhaps no industry has been disrupted as much as retail.

The enormous shift from in-store shopping to online shopping has resulted in an exponential increase in online sales, especially during the holiday season. Small merchants have also been hit hard, since it’s difficult to maintain a large inventory in addition to paying rent for brick-and-mortar locations, property taxes and escalating health insurance premiums.

Undeniably, the biggest catalyst for this trend is Amazon. The online shopping behemoth has diversified its portfolio so broadly that it’s hard to imagine the company originally started as an online book seller in 1995. Amazon now employs 341,000 full-and part-time employees, and Jeff Bezos, founder & CEO—who is reportedly worth $76 billion, by the way—announced that he plans to add another 100,000 full-time jobs in the next 18 months.

It’s no secret where Amazon will find these new employees: failed retailers. Over the past several years, three major companies alone—Staples, Office Depot and Best Buy—cut more than 50,000 jobs, and a growing number of other retailers will either shutter stores or close their doors completely in 2017: Payless, Radio Shack, The Limited, JCPenney, bebe, Sears and K-Mart, just to name a few. That list doesn’t even begin to cover the thousands of jobs lost in small towns as mom-and-pop retailers have been forced to close their doors.

For independent insurance agents, there is one silver lining: Regardless of where your agency is located, you have an opportunity to hire quality people who know what it’s like to work in a challenging environment. Consider the technology-savvy talent working in the electronics section of a retail store, or the seasoned admin staff in the back office. When larger stores close, retailers typically hire “downsizing” regulators that can furnish resumes for employers. Someone who recently lost a job in retail could end up being the perfect fit for the customer service or sales position you’re trying to fill at your agency. Plus, it’s a great way to find people of diverse backgrounds.

Obviously, a career at an independent insurance agency isn’t a perfect fit for everyone. But by using an assessment tool like Caliper’s and carefully aligning your job description with the essential traits of the position, you’ll be able to pinpoint quality candidates more easily and efficiently. The Big “I” offers a host of recruiting, hiring and training resources for employers like you.

Many displaced employees would probably never consider insurance as a career, or they may assume that the only available positions involve sales. Take the time to consider your agency’s staffing needs, then take advantage of local store closings and develop a plan for engaging the most talented people first. A quality staff is your first defense against becoming the next victim of disruption.

Dave Evans is a certified financial planner and an IA contributor.