Careers in Growth Mode

Learning and development opportunities are the second biggest reason younger workers chose to work for their current organizations, according to a recent study from Deloitte. Our interviews with Gen Zs found that to be true. It’s an area that’s ripe for improvement.

Many agencies are small- or mid-sized businesses, and there are not always defined career paths. Some owners and managers, fearing that there isn’t always room for the employees to grow to the next level quickly, decide to ignore the growth topic. This is a mistake.

In fact, the small size of an agency can be turned into an asset, as places where Gen Zs can have the opportunity to jump into new roles and areas of the business, that wouldn’t have been available to them in larger, more structured companies.

For agencies to retain and motivate next generation leaders, it’s critical to regularly discuss opportunities for learning and growth. And even when career progression isn’t defined, finding stretch assignments, offering job shadowing, and including them in meetings can go a long way toward keeping them engaged and motivated.

Engagement is a big factor. According to Gallup, employee engagement is at an 11-year low, and Gen Z employees have seen the most significant drop, from 40% to 35%, in the last four years. In insurance agencies, which have been facing challenging markets, finding ways to keep employees involved and motivated is a big deal, and can definitely impact customer satisfaction rates.

To increase engagement, it’s really important for agency managers to understand what’s driving their Gen Z employees. Not surprising, the drivers are not the same for everyone. It starts by talking to them regularly. Weekly or bimonthly catchups between the employees and their managers are great ways to set expectations, give feedback, and identify new opportunities. Many Gen Zs interviewed said they want to feel like they are on a path to growth. A recent McKinsey study showed that 74% of Gen Z and millennial employees are looking to leave their jobs because of a lack of career mobility and skill development.

Here’s What They Said

My job is more challenging than it’s ever been. There are increases, non-renewals, just crazy terms and conditions. Clients are angry—there is a whole big pot of tension out there. But I still like it. I have outlets for my stress and am able to rise to the challenges.

Producer

The cool thing in my world is that every day is different. My challenges today will be different than tomorrow.

CSR

I felt like I wasn’t being productive. I was at my desk. I had two or three accounts to quote a day. And then I was just honestly like watching TV on my phone. Like there was nothing. I’d ask for more work and just wouldn’t get it. I feel like I was, you know, I knew I wanted to go into sales and I didn’t feel like they were training me for that. I sat with a producer only three times in the whole year that I was there. I probably should have spoken up a little bit more and told them, but I just didn’t really feel comfortable.

Agent-In-Training

Training Matters

An agency’s willingness to invest in training is a big factor. That can take many forms, including formal training programs, sessions offered by carrier partners, and involvement in real and virtual industry meetings.

Onboarding that is well thought out and intentional is also important. Our interviews clearly showed that having a plan for the new employee on day one matters. Negative first experiences can impact how employees view their jobs over time.

Here’s What They Said

My learning was kind of trial and error. It didn’t seem as if anyone had really thought about it before I walked in.

Producer

I signed up to be an agent in training. But my job was in a smaller agency, and they didn’t really have a formal program or anything like that.

Agent-In-Training

They had never really hired someone just out of college before. Honestly, they had only ever hired agents older than me. The youngest agent I think was like in his young thirties. So they really didn’t know what to do with me.

Producer

Unconventional Org Charts

Some agencies are thinking creatively when it comes to roles and responsibilities. Our interviews referenced principals who were creating roles that didn’t exist before, unique compensation approaches, and offering new responsibilities that played to employees’ skills.

Here’s What They Said

We just hired someone to a new sales position. He knew he wanted to be on the agency side and was introduced to me through one of our company representatives. I think he eventually wants to start his own agency.

Agency Owner

I knew kind of what we needed. And I just said, let’s try this. It was a risk. I didn’t have the budget or the role defined. But I knew the individual had skills we needed. I said: I’m not going to give you a list of to dos for your job role. Instead, we’ll figure it out. We’re morphing it into something big.

Agency Owner

The potential for earnings and freedom is incredible. As an agent, the ceiling is very high. But starting out, it’s scary, especially when you have just graduated from college.

Agent-In-Training

You’ve got to find people that are confident that they’ll be able to make it. And they’re not worried about a floor so much as they see the ceiling and what it can be.

Agency Owner

I’m in a role that didn’t exist in my agency before. It draws on the two things that I’m really good at. My job is kind of like traffic cop between carriers to employees, helping our producers put business on the books. And that’s my favorite part of the job. I love that.

Agency Marketer