As the old expression goes, “money isn’t everything.” Would you continue to frequent a restaurant if the service level was poor? Would you continue to purchase products from Apple or Google if the products didn’t interact well together? I don’t think so.
The same is true when a prospective employee is evaluating whether they should join your company. Those employees want to join an agency where the people interact well together, where they have products that can meet the needs of the consumer, and where they have the marketing, technology, and support needed to be successful.
An effective compensation program is only a piece of the pie and not necessarily a differentiator between agencies when recruiting candidates or retaining the good ones. After all, doesn’t every company have some form of compensation plan? At the end of the day, an effective bonus and compensation structure is market driven and a must-have for every agency.
Are the daily tasks adding up to the point where existing employees can’t get them all done in day? Are calls going unanswered? Are you turning away potential clients because you don’t have the staff to determine how to meet their needs? Are you starting to notice an increase in client complaints about your service?
In these situations, if the support and operational staff can’t meet existing demand, adding a new producer won’t fix the problem. So, before you start the interview process, determine the needs that your agency is not meeting.
Consider your existing technological infrastructure. Are the right systems in place to support the productive use of employees’ time and effort? Employees will not be motivated if they feel restricted by antiquated systems. Investment in new technology can not only make your workflow more efficient, but also foster a sense of growth for your employees.
People, technology and marketing all come at a short-term cost but provide a long-term benefit. If your existing cash from operations doesn’t meet the need to fulfill your goals, consider a working capital loan.
Working capital loans from Providence Bank Agency Finance can help you grow your agency and increase your advantage over your competition. We offer both term loans and lines of credit depending on your financial need. Don’t let another insurance agency take top talent away from your agency and create the environment where top talent wants to join.
Visit Providence Bank Agency Finance to learn more about our program or give us a call today at 877-894-2785.