Recruiting Today’s Top Sales · 2011. 11. 3. · Some Recruiting Ideas Career seminars with groups such as - Professional Associations * - Young Entrepreneurs * Focus or emphasis

Recruiting Today’s Top Sales

Talent

Rick Funke

Director, Client Accounts & Services

LIMRA International

Vernon Fingal, CLU

Branch Manager

Guardian Life of the Caribbean Limited

© LL Global, Inc.SM

Stressed Execs

What is on the mind of top executives across industries?

8 of the top 10 CEO concerns relate to attracting, retaining, and managing talent

79% of CEO’s rate availability of talent as a chief concern

Sources: The Conference Board


The Right People

“Of all the decisions a manager makes

none is as important as the decisions

about people because they determine the

performance capacity of the organization.”

-- Peter Drucker


Global Recruiting Challenges

1. Finding quality recruits

2. Having a consistent flow of candidates

3. Reducing agent turnover

Global Recruiting Trends

Global Recruiting Trends

1. Evolution of the Industry

2. Industry Image

3. Sourcing

4. Social Media

5. Gen-Next


#1 - Evolution of the Industry

• Mergers,

Acquisition,

Consolidation,

Cross Selling

• Our Blended

Industry is

Confusing

Candidates!


#2 – Industry Image

Industry Confusion

Experience with other lines

Mass media

Commission driven

Socioeconomic status

Perceived Education

Source: LIMRA’s Competing for Sales Talent, 2007


The Bottom Line

Your best candidates – are not

going to look at our industry

first.

We have to find them!

#3 – Sourcing of Candidates

Recruiting Source

Tested-to-

Hire Tested-to-Survivor Tested-to-Success

Company. Web Page 14 36 84

Internet 28 82 178

Newspaper/ad 27 55 327

School Placement 16 39 65

Employ Agcy 14 24 67

Job Fair 20 36 99

Impersonal Sources 23 56 136

Nominators/Centers of Influence 6 11 22

G.A./Agency Manager 14 21 37

Asst Manager 16 30 58

Sales Rep Referral 6 10 18

Agency Staff 16 32 62


#4 - Social Media


What is Social Media?



Recruiting via Social Networking…

Helps you see connections that are otherwise hidden in the real world.


Why Recruit via Social Networking?

Over 500 million people participate today

This is where your candidates are and where futurecandidates will be -- “You fish where the fish are”!

Social networking extends the marketing reach oftraditional methods

Low cost method of promotion in a time when weneed to trim expenses

Gather information about a candidate before theyenter into the hiring process – Personalized approach!


Using LinkedIn to Recruit



Social Media & Our Industry


Industry - Use of Social Media

Untangling the Social Media Web © 2010, LL Global, Inc.


Get in the game or…


GEN – NEXT

and

The Cutting Edge22

#5 Gen-Next: Who Are They?


Connection

Influence

Stability

Variety

Gen-Next: Sales Job Must Haves

© LL Global, Inc.SM 24

The Recruiters Respond

Recruiters: Positioning the Opportunity

Source: Recruiting Candidates During Tough Economic Times, LIMRA 2010

Wrong Emphasis?

*Healthcare and Retirement plans

Build a network

Source: Recruiting Candidates During Tough Economic Times, LIMRA 2010

Source: Laura McEwen, The Dynamics of Influence L2: Generation Next Forum 2010

[http://fora.tv/2010/05/14/Laura_McEwen_The_Dynamics_of_Influence]

,

The Divide


Keys to Recruiting Gen-Next

1. Have a Social Media presence!

2. Ask the key question, “What are

you looking for in a career?”

3. Align what the career has to offer

with what the candidate is looking

for (i.e., unique personalized

approach).


Recruit to Retain

•Focus on role as part of a team

•Plug the on-boarding

experience

•Emphasize support strength for

long term stability

•Communicate, communicate,

communicate

The financial services industry and

Gen-Next are made for each other.

They just don’t know it yet.

Recruitment & Retention ofToday’s Top Sales Talent

(A Caribbean Perspective)

Vernon Fingal, CLUBranch Manager

Guardian Life of the Caribbean Limited

INTRODUCTION

Will do an overview of the topic to be covered

The Environment The Population

The Economy

The Workforce

Education

Number of Insurance Companies

The Population

The English speaking Caribbean is made up of between 5 to 6 million people of different ethnicities.

The major insurance activity occurs mainly in 3 or 4 main islands: Jamaica; Trinidad & Tobago; The Bahamas and Barbados

The Caribbean Economy

The Caribbean economy is mainly in the Hospitality and Financial Services and light manufacturing, with the exception of Trinidad & Tobago which has an Energy based economy.

The Workforce

The Traditional Worker- Seeks Job Security- Prescriptive Duties- Fixed income

The Knowledge Worker- Seeks Employment Security- Life long learners- Very innovative- Entrepreneurial - Professionals

Education

Primary

Secondary

Limited Tertiary

Number of Insurance Companies

There are approximately 10 to 15 major companies operating within the Caribbean.

CHALLENGES

Recruiting Challenges

Limited Pool of Quality Recruits

- Career Profile

Competition for Top Sales Talent

- Without – Other industries

- Within – Poaching

Recruiting Challenges cont’d Agent turnover

- Turnover is High & therefore costly

Traditional Worker

- Too much emphasis in this market

- Not easily aligned to Sales Career

Recruiting Challenges cont’d

Not an attractive career option

- Not first option for the best talent

Image

- Skepticism

- Lack of Trust


Remuneration/ Compensation Packages

- Commission Based

- Income fluctuation

Entry Requirements

- Minimum qualifications required


Compliance and Regulatory Issues

- Longer recruiting time

- Impatience with the length of time in the recruitment/ selection process

Solutions / Retention

Training & Development

- More specialized training

- Greater involvement of Tertiary Institutions in promoting the career

- Specialist agents

Collaborative effort between Insurance companies & Sales Associations

- To develop relevant programs for

Academic development

Compensation

- Companies must be prepared to support the top sales talents’ transition into the business

- Innovations in compensation

Image

- Greater regulation of the industry

- Greater adherence to compliance

- Prompt Settlement of claims

Mergers & Acquisitions

- Choice to retain best talent while still controlling cost

- More experienced talent will be retained

More multi-line Companies

- Offering wider & varied product lines

Products

- More innovative, recognizing

1. Markets

2.The needs of the life long learner

Use of Social Media as A Recruiting Tool for

Top Sales Talent

The Social Media Very under utilized. In the Caribbean, this is a recruiting

tool that has not been fully explored. It provides a good opportunity to identify top sales talent. Greater emphasis needs to be placed on this method for the following reasons:

- Relevant information on individuals is readily available

- Helps you to align aspects of your career profile with targeted individuals

- Easier to communicate and get feedback

- Easier to disseminate information on the career

- Provides you with a wider pool of prospects

- Helps to identify ‘hidden’ Top Sales Talents

Some Recruiting Ideas Career seminars with groups such as

- Professional Associations *- Young Entrepreneurs *

Focus or emphasis on the knowledge worker- Better equipped to work with multi-line companies

Expanded usage of the Social Media- To get involved with social networking using sites

such as Facebook; LinkedIn and Twitter

* In discussions with these groups greater emphasis must be placed on the “own your own business” and “be your own boss” concepts

The Future

What will the new agent look like?

How will he/she operate? (Technology)

How will companies be structured?

What type of products are to be sold?

What will the industry look like re: compliance & regulations?

What does the client want?

Will we be able to deliver?

SUMMARY

Recapping major issues & summarizing

CONCLUSION

Documents

Recruiting Today’s Top Sales · 2011. 11. 3. · Some Recruiting Ideas Career seminars with groups such as - Professional Associations * - Young Entrepreneurs * Focus or emphasis