2022 Best Practices Study

4) Consider a full-time Talent Acquisition Officer / Recruiter(s). Given the importance of talent recruitment and development, many firms (especially larger ones) have added dedicated personnel to accomplish the task rather than outsourcing it. 5) Initiate learning and development programs. These programs are necessary to ensure new employees receive the required training and, perhaps more importantly, to create opportunities for existing team members to expand their skill sets and take on more responsibility. Culture was the second most frequently cited key to prospering and remaining private. What does it mean to have a dynamic culture likely to that support it? Here are four ways to evaluate and address your culture. • Staff can articulate your current culture. If asked, how would your staff define your culture? Even if they can, is it what you think it is or want it to be? • Your people are your top priority. Do your people feel like they come first? Are people your number one strategic priority? • Team culture versus individual fiefdoms. Is your firm a team environment and environment where everyone is pulling in the same direction and looking after one another? • Independence is a hallmark. Being fiercely independent is more than a catchy term that is thrown around. People must see your commitment to independence in your actions. Maybe your ownership team needs to affirm that commitment each year. Culture

People

In reviewing the survey results and the critical factors identified (people, culture, and leadership), one thing became clear - IT IS ALL ABOUT THE PEOPLE! Without the right people, everything else is irrelevant. Said another way, the CEOs surveyed believe that an agency's strategic human capital structure is the most important factor in remaining privately held. When people hear "Strategic human capital structure," many think of HR (payroll, benefits, rules and regulations). That is not what is being described here. A strategic human capital structure is making HR strategic in recruiting, training, developing and retaining the most important asset to any agent or broker – its people. But what does this mean from a practical perspective? Five practical initiatives can be implemented to elevate a firm's focus on people. Depending on the size of the firm, a full-time resource might not be available to support each of these initiatives, but agencies that want to prosper and remain privately held should incorporate these elements in some form or fashion in their operations. 1) Recognize that people are your #1 strategic priority. Simply put, recruiting, training, developing, and retaining the best people should take precedence over all other initiatives. 2) Make a Chief People Officer (HR Leader) a strategic member of your leadership team . This is not someone that manages benefits and payroll, but a key player charged with leading and being held accountable for executing your people strategy. This person should wake up every morning thinking strategically about how the firm can attract more talent and develop its existing talent to grow. 3) Make HR a part of daily operations. This is not burdening operations with policies and procedures but working with operational and sales leaders to solve problems and grow the business.

Leadership

Lastly, leadership drives a focus on people and a robust culture that is committed to independence. Bookstores are filled with books on how to be a more effective leader. From a high level, most leadership

Critical Issues Facing Agencies

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