Highlighting the achievements of your best employees isn't just a kind gesture. It can have powerful benefits for your business as well. Not only does it make for happier and more productive employees, it can humanize your agency and increase your company's sales. Here are just a few ways the benefits of highlighting your best employees can help improve your insurance agency:
A More Motivated Team
While money is the reason people work, it isn't what keeps people most satisfied and most motivated. Study after study show that employees crave intangible benefits such as a sense of accomplishment and recognition for good work more than they do extra income. A study performed by research firm Bersin and Associates showed that companies with employee recognition programs had turnover rates that were about one-third of the rates of companies that didn't. By keeping your best talent happy and recognized, you keep them in-house. You spend less on training and get the benefit of a more experienced and savvy team.
Better Relationships with Clients
The lower turnover also means that your team members are better able to form relationships with clients. They will be more familiar with what your customers need and are better able to tend to and anticipate their needs. And, the benefit of recognition doesn't just help with established clients. It can also draw new clients to your business. Consumers today care more than ever about authenticity. Showing how your insurance agents provide caring and attentive service can make an insurance shopper more likely to pick your agency.
Ways to Highlight Your Best Talent
You may not always be in the position to give financial bonuses as rewards. But, those are not the most valued rewards for most employees anyway. For everyday accomplishments, a simple email complimenting a good job can be enough to make an employee feel appreciated. For bigger ways to highlight your best employees, consider some or all of the following:
Publicly recognize employee accomplishments. If one of your agents sold a particularly large policy, mention it in a meeting or in the company email newsletter. This doesn't just give recognition; it shows employees what to aspire to.
Provide small perks. Most employees would be thrilled to receive small bonuses such as a gift card to a restaurant or tickets to a local sporting event.
Share stories with your customers and prospects. If you send out a newsletter to clients, have a regular section for stories about how your agents have helped customers.
All of these small gestures add up to a happier, more productive and more effective team. Make sure that your employees know that they are valued, and they will continue to pass along good value to your insurance clients.