People Management

Recession 101: Lessons learned

By Sean Neumayer

The economic downturn seems to be drawing to a close, but what’s the takeaway from this recession? What insights have we gained that have changed our way of thinking and will stay with us forever?

Professionals from different ranks of the industry recently shared some thoughts with me:

Executives

Agency owners and senior management say they’ve been forced to frequently reevaluate their business strategies—but they’ve learned to appreciate the benefits of this tactic and plan to continue it even post-recession.

Many have also developed a renewed respect for both employees and customers, saying a primary goal is to more actively find ways to nurture and maintain all relationships.

Managers

The value of retaining and (eventually) hiring top talent sticks in the minds of those making personnel-related decisions. They’ve seen the advantages of having multi-talented workers on board, and most plan to more carefully screen existing and potential employees to better understand their fit within the agency.

Job seekers are already rebranding themselves in hopes of landing jobs—it’s important for employers to have some reassurance that the person they hire will be the same one that comes through the door every day.

Service personnel

The administrative staff who have survived rounds of job cuts feel a range of emotions—from relief, to gratitude, to humility to determination. Many plan to do everything possible to further develop their skills and stand out, realizing that going forward, the only job security to be found is the kind they make for themselves.

Producers

These sales pros now see themselves as counselors who must provide direction to all kinds of clients. They’ve also learned to give would-be buyers as many options as possible, so that prospects believe they have choices and are not forced into decisions. Other producer-related tactics born of the recession and expected to continue are:

• Taking working vacations (many fear the losses that come with actual vacations)

• Being as accommodating as possible

• Keeping all promises

• Thanking the customers with follow-up e-mails, phone calls, food, etc.

And the one lesson echoed by representatives of all four groups…Plan for the future but, more important, plan on the future not going as planned.

The author
Sean Neumayer has been a consultant with the Omnia Group for more than 10 years, helping agencies in several facets of selection, management, and retention of key employees. He also speaks to insurance groups regarding best practices. His contact information is (800) 525-7117, Ext. 1242.