Telecommuting in the Insurance Industry
by Mike Fieseler
Vice President Business Development, OX Insurance
There are countless reports that validate the statement that 10,000 baby boomers retire every day. This statistic has been true for the past 6 years and is expected to continue through 2030 – another 13 years, including 2017. That is almost 4 million people leaving the workforce every year for the next 19 consecutive years.
This fact will have an impact on virtually every business throughout the United States. The insurance industry is certainly not immune to this trend. With the average age of the producing population being 59 years old, the tsunami of retirement is only growing. What is your plan to hire and retain the next generation of employees that are going to replace your retiring workforce?
There are several options to consider:
- Salary increase
- Long-term compensation plans
- Acquisition of other agencies
- Divestiture to an acquiring agency
- Implementing a remote staffing model
One item that does not get enough consideration is enabling your current and future workforce to telecommute. This is a more affordable option than many other traditional considerations. By implementing a telecommuting policy, it will likely increase the quality of the work/life balance which can be equally or more important to the employee than money.
Of course, agency leaders need to consider the positions, functions, and individuals carefully before implementing a telecommuter policy. With today’s technology so readily available and affordable, staying connected is easier than ever before. There are free options that provide instant connection such as Skype and many affordable options such as OX Zion and Zoom.
Ultimately, implementing a well-defined telecommuting policy will not only improve your agency’s ability to attract and retain the younger generation workforce but it may also extend the tenure of your baby boomer workforce. After all, having a remote workforce is a better option than a shrinking workforce.