Dig Your Well Before You're Thirsty
MarshBerry continues to receive more frequent requests for talent strategy support than ever before, and our consultants are advising to proactively plan for the talent you need next year, five years from now, and even further down the road.
Firms across the country are feeling the effects of a talent shortage, as well as immense pressure to grow organically, or else may face an inevitable meeting with an acquirer.
Typical organic growth strategy questions like, “How large will this company be in five years?” and, “How much new business do we have to write to get there?” will always require a conversation about people. As a result, the subject of talent is earning its own spot on strategic planning agendas, and Talent Champions (HR, recruiters, etc.) find themselves a new seat at the strategic planning table.
The reality is 25% of the insurance industry will retire within the next 5-10 years; conversely, less than 27% of the insurance industry is under the age of 35. Therefore, most firms are at risk of institutional knowledge and client relationships walking out the door with retirees and not enough new talent to perpetuate the business. This is attributed to a strong economy, low unemployment rates, and the mass exodus of employees aging out of the workforce. This is the perfect storm for a firm trying to grow their team.
So, how do you dig your talent well before you’re thirsty?
1. Assess your current team
Who will most likely retire or turnover next? How many producers and service staff do you need to accommodate new business goals? Determine what boxes on the org chart will be open and when to outline your talent strategy.
2. Always be recruiting
Keep an eye out for people that could be a good fit for your team in the future. Grab coffee with that salesman you frequently run into at network meetings or that former colleague you admired even if you don’t have a job posted. You may not know when you need these people in the future, but you’ll already have introductions out of the way.
3. Hire when found
Sometimes we interview candidates that aren’t quite a fit for what they applied for, but their skills could match a future initiative. Sometimes we find more than one candidate for only one opening.