What’s the secret to success in insurance sales? The right workplace culture. While some agents chase trends and gimmicks, successful agents tend to take a deeper approach. Let’s look at how a high-performance culture drives sustainable growth.
Don’t Underestimate the Importance of Workplace Culture
Workplace culture refers to the shared values and behaviors that shape the everyday operations and interactions at a company. It’s the general vibe or feeling of a company, which may range from positive and uplifting to toxic.
Workplace culture has a big impact on retention. According to SHRM, only 15% of workers who say their company’s culture is good or excellent are actively looking or planning to look for a new job, but this increases to 57% of workers who rate their company’s culture poorly.
But, what about the bottom line? Workplace culture is important there, too. According to Forbes, companies with strong cultures have experienced a four-time increase in revenue growth.
The Connection Between Culture and Success
Research has found a strong link between workplace culture and success. However, to capitalize on this connection, agency owners need to focus on the specific attributes that result in success. Four stand out:
- It’s easy to see how efficiency would promote performance. If your agency’s operations are inefficient, you’ll end up wasting time, money, and other resources, which is bad for your bottom line. However, this is just the tip of the iceberg. An inefficient agency isn’t just wasteful in terms of company resources – it’s also draining in terms of worker energy. If agents spend all their time dealing with inefficient and repetitive processes, they won’t have time for more important (and fulfilling) tasks. Plus, burnout is a real risk.
- High achievers are highly motivated. In other words, you need to make sure all your workers are motivated to do their best – not the bare minimum. In the age of quiet quitting, you cannot assume your workers are motivated.
- It’s important that ALL your workers optimize their performance. This includes workers with disabilities and with young children as well as workers of all ages and cultural backgrounds.
- Everyone wants to feel like they have a purpose. According to McKinsey & Company, 70% of employees say their sense of purpose is defined by their work and people who are able to live their purpose at work are more productive.
How to Foster a High-Performance Culture
Workplace culture may seem intangible, but there are concrete steps you can take to build a high-performance culture.
- Leverage technology to boost efficiency. Workers don’t need to spend all their time on data entry and other repetitive tasks. Modern tech tools lighten workloads, reduce burnout, and leave workers with the time they need to focus on more rewarding tasks.
- Provide performance-based incentives to boost motivation. Few people want to work hard only for others to profit – people are more likely to work hard if they’ll reap the rewards of their labor themselves. Performance-based incentives will motivate your team to go above and beyond.
- Support all workers to promote inclusiveness. If some of the people on your team aren’t performing as well as you’d like, the problem might come down to a lack of support. Think about what people need to succeed, such as flexible work arrangements. Also consider whether your organization makes everyone feel welcome and valued.
- Embrace giving back to instill a sense of purpose. People want to work for organizations that share their values and provide a sense of purpose. Agencies can foster a culture of giving back by embracing volunteer and fundraising opportunities.
Being Part of a High-Performance Team
To easily achieve success in insurance, consider joining a high-performance team.
Heffernan Network helps small insurance agencies perform their best. In addition to market access and new business fulfillment, we offer back-office support and technology solutions that will improve your operational efficiency. Heffernan Network is a subsidiary of Heffernan Insurance Brokers, an employee-owned independent insurance brokerage firm dedicated to philanthropy.
If you’re already part of Heffernan Network, take advantage of everything it offers. If you’re currently operating independently, consider the advantages that a larger organization will bring to your firm. Learn more.
