10 Deadly Sins of Talent Management
Whether you are a 10,000+ corporate giant, or a 5 person start-up, how your leadership manages talent can have a direct effect on the productivity level of your firm. Make sure to avoid the following 10 deadly sins to make sure your team is ready for success.
- Fail to make a team of A-Players a priority – according to Brad Smart author of Top Grading, “A” Players produce 8-10 times that of “B” players.
- Pay below Market Value for Talent – as the insurance agency sector has an effective 1-2% unemployment rate, the old adage “you get what you pay for” is especially true.
- Maintain a long, arduous hiring process – The purpose of the hiring process is to identify the top talent, ensure that they have the experience, skillset, and track record that fits your need. Then you have to sell them on why they should work with you over all others. It’s not an endurance race.
- Hire based interviews – this is when the hiring manager moves forward based on personal chemistry, “not” the candidate’s experience, skill sets, track record, and accountability.
- Lack of defined career paths – the number one reason for “A” talent moving is the potential for advancement.
- No outside recruiting firms, job boards only – companies might save on recruiting fees but often miss out on the very best talent.
- Stop recruiting just because the seat is filled – this is especially true for agency production positions. We should be building the pipeline at all times and be open to meeting top talent whenever it becomes available.
- Tolerate low performers – lack of accountability can destroy company culture. Don’t lose top producers because you become tolerant of sub-par performance.
- Lack of training and development – Leadership and training are critical to “A” players. You can bet the most admired companies on the Forbes list have extensive training programs.
- Absence of a Performance Management System – All good systems allow you to set defines goals, track activity, few results, and ratios and to evaluate data effectively. Analytics allow you to understand where the need is and to auto-correct.
Hopefully, this information is helpful as you recruit and train your insurance agency staff. If The Rogan Group, Inc. can be of help with any of your hiring needs, please reach out.