The insurance sector is constantly changing and under regulatory scrutiny, so good HR management for insurance brokers is essential.
Insurance firms rely on their staff to maximise sales, so it is important to ensure all HR issues are taken into account. This will keep staff productive, engaged and consistently providing an outstanding service to clients.
Retaining insurance brokers
Insurance brokers often have difficulty retaining staff, but having good HR management in place can encourage staff loyalty.
Some of the HR considerations which all businesses within the insurance sector need to be aware of include:
- Industry-specific health and safety issues
- Recruiting talented staff
- Keeping staff engaged and motivated
- Performance management issues
PeoplePointHR has worked with a large number of insurance brokers and understands the unique challenges faced within this sector.
Recruiting talented staff
Recruitment can be a time consuming and costly process, so it is important to get it right.
One of the biggest HR issues faced by insurance brokers is the matter of recruiting and retaining staff.
It is common within the industry for staff to join a company, receive training and gain experience, then move on within a matter of months. This leaves business owners and managers to recruit more frequently, incurring substantial costs and loss of time.
Having effective recruitment procedures in place will help insurance brokers recruit the right staff at the right time. When recruiting an individual brings benefit to both the employer and the individual, that employee is more likely to remain loyal.
Mutual benefit
There is a mutual benefit of employing an individual when their skills can benefit the business, and the business can help an individual grow and prosper in their role.
Effective recruitment will help you find these talented individuals, and ensure all staff you are employing are suitable for the job. This will mean less time and money spent on recruitment, allowing you to focus your efforts on leading your teams and helping them achieve the aims of your organisation.
Employee engagement in the financial services industry
With many firms still recovering from the 2008 financial crash, several organisations within the insurance sector have been forced to make cutbacks. Unfortunately, as people are one of the most expensive assets of any company, these cutbacks usually lead to redundancies.
High numbers of layoffs can have a negative effect on the remaining employees, leaving them feeling undervalued and disengaged.
Employees who are engaged in their work are more likely to be loyal to the company.
Achieving a level of excellence
The goals of an insurance broker are to provide an excellent service for their clients while maximising sales.
A motivated employee is a valuable asset to the success and growth of an organisation, so it is in the best interests of your business to put in place strategies to keep your employees engaged.
The benefit of strong leadership
Good leadership empowers your employees to succeed. This involves continually letting employees know how their work fits into the bigger picture and how they either individually or as a team, help the company to achieve its aims.
Having opportunities for progression, development and further training is another important factor in motivating your employees.
Insurance brokers often experience high staff turnover, but with engagement strategies in place, employees are likely to feel valued by their employer and therefore less likely to leave.
Industry regulation in the financial services industry
In the UK, the financial services industry is heavily regulated. Small brokers in particular can struggle to meet the regulations imposed by regulatory bodies such as the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).
The principal aim of the FCA is to assess the culture and conduct of firms, with treating customers fairly being central to this.
Insurance brokers must operate in a manner which is compliant with these regulations. This involves training your staff on how to work within these legal frameworks, which include guidance on how client money is handled.
How PeoplePointHR can help businesses in the insurance sector
Our HR consultants have a thorough understanding of the unique challenges faced by insurance brokers. With PeoplePointHR by your side, you can focus on the important matters of leading your teams and empowering them to maximise sales.
Our services to insurance brokers include:
- A specialist consultant available by phone, email or face to face to provide support when you need it
- Advice on industry-specific employment law issues, including FCA regulations and redundancies
- Assistance with health and safety compliance
- Drafting contracts of employment which take into account the unique challenges of the industry
- Help with recruiting and retaining the right staff for your business
- Assistance with disciplinary and grievance procedures and representation at employment tribunals
- Handling payroll, annual leave, sickness leave and parental leave
For more information about our specialist HR services, contact us today on 0330 555 2555.
