The job market in the US has been facing a lot of ups and downs since the pandemic. Covid-19 was the reason behind an economic shutdown throughout the world that triggered devastating layoffs. Contrary to spring 2020, this year has caused a nationwide turnover tsunami. People are voluntarily resigning and exiting from their jobs.
But why? The economic panic last year caused a lot of employees to sacrifice their happiness and healthier work environments for income security. But as the situation has improved throughout the states due to mass vaccination and the world opening up again. Employees who were suffering from pandemic burnout decided to leave their jobs in pursuit of finding a better position. However, this led to higher turnover rates and could put your company at risk.
Price of turnover
High turnover is costing your insurance agency money! Recruiting a new employee for your agency isn’t only time-consuming but is expensive. When an employee leaves, the company not only has to re-distribute duties to other team members who are undoubtedly reaching their own tolerance thresholds, but the organization as a whole loses a valuable resource, someone who possesses years of institutional knowledge. It not only puts more backend workload on your producers but also distracts them from focusing on the clientele. Even when you are able to hire a new person, you have to invest more time, effort, and money during the onboarding process.
To break it down, it could take up to $40,000 to replace just one employee at your insurance agency. You can read our previous blog to learn more about how much turnover is costing insurance agencies.
How can EDGE help you?
Edge is here to offer you a staffing solution that won’t require you to spend more money, time, and energy on someone that won’t be able to give you a 100% guarantee. We minimize the cost of replacing an employee for you. We understand how frustrating and difficult it can be to retain employees which is why we take care of that for you. Our Edge ambassadors are pre-trained, remote employees that have industry-specific knowledge that can help you with front and back-end tasks at a cost-effective rate.
We follow a Talent as a Subscription model which means you only pay a flat monthly fee for an employee compared to the staggering amounts that add up when it comes to hiring locally. Since our ambassadors are remote employees which gives you the advantage of the fact they won’t be affected by any local issues happening around your agency.
Edge is turnover-proof! In the rare event that your Ambassador isn’t a good fit – we replace your Ambassador at no additional cost. You continue to pay the same flat monthly fee with no extra charges.
Here’s a list of tasks they can do at your agency:
- Process Quotes
- Policy Audits
- Office Tasks
- Trailing Documents
- Data Entry
- System Cleanup
- Customer Service
- Answer Phones
- Claims Follow-up
- Agent Support
- Customer Outreach
- Plus More!