How insurance firms attract talentPosted On: Dec. 7, 2016 12:00 AM CST
What does it take to join the list of the Best Places to Work in Insurance? A number of characteristics set apart the companies that appear on it this year.
Perks such as office parties, onsite dry cleaning and social outings can contribute to team building, but a longer-term impact comes from an employer's commitment to a culture of employee engagement and satisfaction. For that reason, Best Companies Group analyzes the responses to confidential employee surveys in eight core areas. It is in these areas where significant differences exist between the best employers and those that did not make the 2016 list:
Leadership and planning. This area includes understanding of the company’s strategy, confidence in leadership, adequate planning and follow-through and care about employees’ well-being. For all companies on this year’s list, the number of positive responses in this area averaged 90%, vs. 81% for companies that failed to make the list.
Corporate culture and communications. Components of this area include clear and frequent communication, trust, a spirit of cooperation, a feeling that employees are valued and a culture of diversity. Positive responses in this area averaged 89% for companies on the list, and 80% for other companies.
Role satisfaction. This area looks at how employees like the work they do, their ability to balance work and life, and whether they feel valued and part of a team. Positive responses averaged 91% for the Best Places to Work in Insurance, whereas that figure was 88% for others.
Work environment. Positive responses about physical working conditions, comfort and safety averaged 92% for the top employers and 86% for employers not on the list.
Relationship with supervisor. Fairness, respect, trust and feedback are elements of this area. For the Best Places to Work, positive responses averaged 91%, vs. 87% for other employers.
Training, development and resources. Initial and ongoing training, adequate and dependable equipment, room to advance and promotions for good work are among the components of this area. Positive responses for the top employers averaged 85%, while that figure was only 77% for others not on the list.
Pay and benefits. Fair compensation and satisfaction with benefits such as paid vacation, health care, dental and retirement plans are among the components of this area. For the Best Places to Work in Insurance, positive responses averaged 87%, and 77% for other employers.
Overall engagement. This area includes employees’ overall satisfaction with the employer, a sense of pride in working there, willingness to give extra effort, willingness to recommend the employer’s products or services, and recommend working there to others. Positive responses here averaged 92% for the Best Places to Work in Insurance, and 88% for employers not on the list.
HOW TO ENTER
To participate in the Best Places to Work program, an organization must:
- Be a for-profit or non-profit business
- Be publicly or privately held
- Have a facility in the United States
- Employ at least 25 people in the United States
- Be in business for at least 1 year
Eligible insurance organizations are: retail agents/brokers, wholesale brokers/managing general agents, reinsurance intermediaries, claims services companies, benefit brokers and consultants, property/casualty insurers, group life/health insurers, and reinsurers. Non-profit insurance associations or service organizations aligned with the commercial insurance industry also are eligible.
For more information or to participate in the 2017 program, please visit www.bestplacestoworkins.com.