P R A D

What This Means for You

In light of what we have seen and learned, what should agencies do? Well, the determination of the candidates that are best suited for each particular firm begins with an honest assessment of the firm and what that firm needs based on answering the following questions:

1) What is the level and timing of our hiring needs?

• If a firm has an immediate need for producers due to impending retirements, this scenario warrants targeting experienced insurance producers or at least those in the industry with insurance knowledge. • If a firm needs a large number of additional producers but has time to develop them, this scenario may warrant a longer-term strategy which may include hiring directly from college or from other industries.

2) What can be learned from past experience?

• If a firm has experienced great success in one area, this may support more hiring in that same area.

3) What is our capacity to train and develop?

• Some firms have virtually no capabilities, capacity or patience to train producers. If this is the case, either investments need to be made to create that capacity or the firm needs to target producers not needing any or as much training.

4) What is our client focus?

• If the firm writes large, sophisticated accounts and is looking for producers to do the same, this can suggest hiring younger folks but will require a longer time for training and maturation. If this is not likely, the focus may be on older and perhaps more experienced candidates.

5) What is our culture / character?

• Many firms have a distinctive culture and know that success will come to those that can fit into that culture. Many firms focus on hiring PLUs (People Like Us).

6) What do we have to offer candidates?

• What a firm has to offer to candidates and what their immediate competitors have to offer may affect who the firm should target. If the firm is privately held and offers equity opportunities, this may be a ‘carrot’ that will give the firm a hiring advantage over those that do not offer such an opportunity.

7) What is our access to different candidate pools?

• If the firm is in a community that attracts college graduates, it will be better positioned to go after college graduates than if it is in a more rural community that will struggle to attract younger people.

26 Producer Recruiting & Development Study