In spite of the recession and hard times in the property-casualty industry, well-run agencies, brokers and carriers are still looking for the talent they need to be ready for the day when the soft market turns and the economy is robust. As a recruiter, I've been asked throughout the last year and a half how we can be so busy in the middle of this horrible economy. Although all sectors have been affected, we continue to answer calls from agency and broker principals and senior managers looking to hire the best insurance professionals out there. In the last few weeks, we've placed a chief operating officer, a senior vice president and an experienced commercial lines manager. Employers might ask why they would need to hire an executive search firm when we keep hearing there's plenty of talent out there. Why pay a recruiter to find you the talent when so many insurance companies, agencies and brokers have retrenched staff?
But how much are you prepared to invest looking for the perfect candidate? What's it worth to you in time and energy and what happens if the candidate is wrong? How long are you prepared to look and what is the result of not having that senior person you need in place to help you grow your agency? Are you prepared to read through resumes, make time to interview candidates, conduct reference checks, and at the end of the day, hope you have the right person? Just because there are many insurance professionals looking for a job right now doesn't mean you'll find the right person–only that you are going to get a lot of resumes.
Insurance executives turn to recruiters when they realize looking for experienced insurance professionals takes time, expertise, and a national network of contacts. But what should you look for and what should you expect from a retained executive search firm? Here are the areas I consider most important.
Industry knowledge
Although many firms can search for candidates and set up appointments, they will not be as knowledgeable about what it takes to be successful in an insurance agency job. If they do not work exclusively in the insurance industry, they will not have the contact base and referral network that an industry-specific firm will have. As a result, you may waste time qualifying candidates because the search firm cannot. And because they do not have the industry network, they may send you candidates who are looking for jobs, rather than those who are interested in opportunities.
Knowledge of your business
A search firm specializing in insurance can work with you to develop a position description that fits your particular agency and identifies the core strengths required to fill the position. Because the firm understands how an agency is organized and the requirements for key positions, a search firm that works with agents and brokers has sample job descriptions and the knowledge to communicate what you are looking for. The firm also should be knowledgeable about compensation, perks and other incentives currently being offered in the industry. The firm will ask questions about the agency and your core culture to present its benefits to candidates and to insure the right person can not only do the job but fit into your firm.
Ability to search
A good search firm uses its contacts within the industry to find talented people who are probably not looking for a job and are not likely to have their resume with a recruiter. It may be interested in an opportunity to move into a higher level position or have the chance to do more than they can do in their current position. Discussing the position initially with a neutral third party allows the potential candidate to ask questions, consider the opportunity and know that confidentiality is guaranteed.
Qualifying the candidate
As the search firm obtains resumes, it reviews them and eliminates those that do not match the position profile, considering only the most qualified candidates. The search firm should then contact these candidates to conduct a preliminary interview to determine if the candidate has the experience and qualities and if the candidate is interested in the position. After discussing its initial assessment with you, the search firm should conduct a personality assessment to delve further into the candidate's fit with the position. Next, the firm should work with you and the candidates to schedule interviews and be available to discuss the meeting with you after the visit, as well as follow up with the candidate.
Negotiations and follow-up
If you decide to make an offer, the search firm should assist in negotiations between you and the applicant, conduct reference checks and schedule follow-up interviews. A search firm can keep the people on your team informed and help you keep the lines of communication open during the process. After the hire, the search firm should stay in touch to learn how things are progressing. If, during the first 6 months of employment, the new hire should terminate, you should expect the firm to conduct a new search free of charge.
Don't let economic conditions dissuade you from using the services of a top-notch search firm. Good recruiters bring the expertise you will need to find the right candidate, regardless of the economy.
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