Why your insurance company should start Succession Planning
Posted by Jeneé Tenor on September 29, 2017
Succession planning is not always the top priority for what’s considered a small insurance agency. Growing books of business, retaining clients, and keeping up with the ever-changing market is already enough to think about. However, who is going to maintain your thriving insurance agency after you retire? Have you been producing young insurance agents who have what it takes to continue out the legacy you’ve built? Succession planning is something that all insurance agencies should implement in their organizations.
According to S.M. Heathfield in “What Every HR Manager Needs to Know About Succession Planning” (2017), succession planning can be defined as a process ensuring that the employees you recruit and develop will be able to take on each key role within your company. It’s important to already be thinking about this process as early as recruitment so that you recruit employees who have exceptional credentials and qualities that will make a worthy leader in the future.
Training your future leaders of the company is one of the most important aspects of succession planning. Allowing your employees to job shadow and transfer to different roles, as well as connecting them with an executive mentor in the company, will help shape your employee for what is to come. Training is also a good way for your management team to gauge the skill set and experience of the employee to fill any gaps that are necessary to get the job done.
Succession planning not only benefits management but it also benefits your employees. As Heathfield notes, when an employee can sense there is a newer role or a chance of promotion ahead it typically boosts self-esteem and self-respect. Creating a succession plan now for the future insurance agents is how an insurance agency creates a better future for their company.