Insurance Hiring Masterclass Answer Key

Step 1: Hiring Plan

Introduction

• How long does it take on average to hire a producer?
  • 4-6 Months
• How long does it take on average to hire a service representative?
  • 3-5 Months

Hiring Threats

• On average, how much does it cost to advertise an open position?
  • $1,200
• What does a bad hire cost on average?
  • Tens of thousands of dollars

Do I Really Need to List a Salary?

• Why should I include a salary in my job ad?
  • Ads that include a listed salary receive 40% more applications than those that don’t.

Staffing = Growth

• How long can it take to retrain someone that came from another agency?
  • 2x as long as someone new to the industry.

Hire for Less

• In an interview, what do we tend to look past when hiring someone?
  • Shortcomings/flaws
• How often should I be hiring?
  • Always be hiring
• Why don’t people respond to your ad?
  • The ad has to be seen, candidates have to like the content they see, and candidates have to like the pay

Step 2: Attracting Candidates

Conducting Market Research

• How many active ads are in your area?
  • Go to Indeed and enter your position title and zip code. You will be able to see the total number of jobs in your area. 
• What is the average salary for insurance jobs in my area?
  • After completing the first search, locate the salary filter at the bottom of the screen. This will show the salary that the largest number of people 
• What sets you apart from the competition in your area?
  • Sponsorship

Are You a Competitive Employer?

• What are three (3) main things candidates are looking for?
  • Salary, Remote Positions, Flexible Schedules
• List three (3) non-conventional benefits.
  • Remote Flexible, More Paid Time Off, Sign-on or Hiring Bonus

Advertising Work from Home Flexible Jobs

• Are your only available options to be 100% in-office or 100% remote?
  • No
• What percentage of employees are seeking remote work at this time?
  • 85%

What is Salary Transparency and Why is it so Important?

• When posting an ad, what is crucial to explain in the body of the ad?
  • The when, how, and how much the candidate can expect to be paid.
• In what section must you justify your salary before posting a job?
  • The benefits section
• True or False: Jobs that have a listed salary get more applications.
  • True

Building Better Job Ads

• Where is your job ad advertised when posting fully remote?
  • The United States
• How many benefits should I list in my job ad?
  • All possible opportunities

Step 3: How to Advertise Your Job

Let’s Post a Job

• How many items do we recommend including in the Responsibilities/Requirements sections of your ad(s)?
  • 5
• Where can you share a bit about your agency, your culture, and your expectations?
  • Company description/Job description
• For the job title of an ad, what are two words that do not work well with the job boards?
  • “Producer “and “Agent”

Job Ad Red Flags

• What is a good key word to include inside of your job ad title?
  • Insurance
• Where can I advertise my open positions beyond the job boards
  • Social media, Facebook, Instagram, LinkedIn
• On average, how quick does a candidate look over an ad to see if they’re interested?
  • 14 seconds

What is the Candidate Experience?

• What percent of candidates say a positive or negative experience can change their minds about a role or company?
  • 80-90%
• Who is more than likely to share their experience with the company online typically when they had a negative experience?
  • Prior candidates

What Should My Sponsorship Budget Be?

• Sponsored listings can get up to how many times more clicks compared to job ads that are posted organically?
  • 5x
• Does sponsorship guarantee a hire?
  • No
• Many agents find success when they sponsor their job ads that are competitive for their _____.
  • Market

Step 4: Engaging with Candidates

Staying Engaged with Your Candidates

• What is the next step when you get a candidate with the resume and assessment results you are looking for?
  • Call them ASAP

Reducing Applicant Friction

• In the financial servies industry, what percentage of candidates prefer a phone call as a way of engaging during the interview process?
  • 40%
• What is the first way you communicate with a candidate?
  • Your job ad

You’ve Made a Hire, But What’s Next?

• What has the employee turnover rate grown to for insurance agencies of all sizes?
  • 20%
• How can you reduce the likelihood of your new hire quitting?
  • Have an efficient onboarding program
• You should clearly outline the job responsibilities, and any _______ ______ _______.
  • Career Development Opportunities
• What can getting feedback actually from current employees help reduce?
  • 90-day turnover rate

Step 5: Conducting Interviews that Work

EEOC – Stay Interview Compliant

• How soon after reviewing an application should you call someone you want to interview?
  • ASAP
• What does EEOC stand for?
  • Equal Employment Opportunity Commission
• Can I ask someone how old they are in an interview?
  • No. You can ask “what are your long-term career goals”
• Can I ask someone if they have kids during the interview?
  • No. You can ask “what is your experience with ‘X’ age group if the question is relevant to the position offered.
• Is this okay to bring up in an interview?: “What days are you available to work?”
  • Yes
• Can you ask someone if they are willing to relocate?
  • Yes

Benefits of Group and Video Interviews

• Do interviews always have to be in person?
  • No
• Give 3 examples of ways to conduct interviews.
  • Phone, Virtual, In-Person
• What are the four main benefits to conducting group interviews?
  • Time-saver, candidates interacting, maximize communications, feedback at the end.
• What is the overall goal with interviewing a candidate?
  • Understanding the candidate.