What are you doing for top performing producer perpetuation?
More and more information points to the fact that there is a talent gap between aging executives of insurance agencies and top producers. This presents several different problems:
- Top producers are wooed away to other firms to fill those gaps.
- Lack of leadership development internally can lead to frustration with top producers.
- Producers can’t manage effectively and effective managers don’t want to produce.
- Producers fear their agency may be sold from underneath them with no ownership opportunity.
Can you relate to these issues? What are you doing to stay ahead of the curve? We know firms who have successfully implement these ideas...
DEVELOP A LONG-TERM LEADERSHIP TRAINING PROGRAM
Engage with your top producers and select them for entry into an exclusive program developed to help retain them. Some agencies make this very public, even to brand new producers. That way it is clear that as an organization they are committed to the long term future and not just hiring a bunch of one-hit wonders to prop up sales numbers year after year.
SHOW A PATH TO OWNERSHIP
Money motivates most salespeople, but so does an identity as a shareholder or owner of part of their book. Most passive producer candidates that are not looking to jump ship, but would listen to a new opportunity, focus much of their attention on ability to own part of their book or the agency they work for. There are many ways to get to the same place of ownership. Pick the path that is best suited for you and begin outlining it to producers today.
ALLOW FOR MENTORSHIP OF JUNIOR PRODUCERS
What successful producer doesn’t want to share their secrets and help develop new producers? For this you don’t even need to be in the ownership group or executive committee. Instead possibly introduce an override for the junior producer’s new business or other forms of compensation. Money talks with producers, and this gives them a higher purpose.
DON'T BE AFRAID TO HIRE A NON-PRODUCING PRACTICE LEADER OR SALES MANAGER
We have seen many agencies shy away from this because they figure this type of position is where a good producer goes to die. A producer that is tired of the wear and tear of cold calling and battling clients on renewals. Wants to simply impart their “wisdom” on other producers and collect a hefty check for doing so. The catch here is that it can work if you have a large enough growth goal. This person can be strategic, forward-thinking, and trying to stay ahead of trends.