TITLE: Get Schooled
PUBLICATION: Perspectives, the premier publication of The National Association of Independent Life Brokerage Agencies (NAILBA), exploring the issues affecting wholesale brokerage agencies
DESCRIPTION: Feature article about brokerage agency employee
development and producer training trends
Benjamin Franklin once wrote, “An investment in knowledge pays the best interest.” Although he penned those words more than 250 years ago, this comment still hold true—particularly in the business world. In fact, research by the National Network of Sector Partners shows employee development can improve employer bottom-line profitability by increasing revenues and lowering expenses. Perhaps that’s why one-third of companies say they are boosting their learning and development budgets, according to a Brandon Hall Group study.
Falling in line with this trend, many BGAs are focusing on employee development and producer training more than ever. “Knowledge is power, and power increases sales potential,” points out Dexter S. Umekubo, CLU, ChFC, Managing Partner of Producers XL. When it comes to training and educational opportunities, Umekubo says BGAs should invest in their staff first and their producers second. “The staff can actually ‘provide’ training and information to our customers if they are more knowledgeable,” he explains.
Keep reading to discover why education is the key to success in the brokerage world and what type of training opportunities BGAs are offering employees and producers.
Professional Education = Happy Employees
The Society for Human Resource Management (SHRM) reports that 40 percent of employees rate job-specific training as “very important” to their job satisfaction. Unfortunately, many companies didn’t get the memo; and without the proper training and ongoing education opportunities, countless organizations are struggling to keep employees happy, productive and engaged. According to the Brandon Hall Group study, organizations that fail to adjust their learning management practices and solutions often struggle with organizational growth or productivity.
While staff training is important for any type of business, ongoing education is absolutely essential in today’s increasingly complex brokerage world. After all, our industry’s game rules are constantly changing and life insurance products are ever-evolving.