Top Ways to Recruit and Retain Women Agents

All Walks of Life

We also realized we don’t need to limit our recruiting to a select number of profiles. The survey revealed that agents come from a variety of professions including nursing, teaching, the military, social work, and banking among others. While the largest group of new recruits (12%) comprises agents looking for a new company, no other background was dominant.

From a high of 8% percent to a low of 1%, the range included students, professionals (e.g., lawyers), managers, educators, sales, clerical people and marketing professionals. Perhaps most telling, 30% indicated “other,” meaning that people from diverse backgrounds have the skills and temperament to become an agent. We revalidated that it was the person who had the drive, the passion, and the communication skills that was important.

With so many backgrounds to choose from, we realized we did not have to focus our recruiting efforts on a narrow band of prospects, but instead could target specific professions with our recruiting messages. For example, we recently completed an integrated communications campaign to real estate agents who may be considering a more stable sales career.

In short, New York Life’s recruiting message of a career that provides the ability to help someone, plus flexibility, independence and unlimited income potential–when combined with the company’s financial strength, history, and training–is a message that resonates with women.

Training and Development

The survey findings indicate that women agents feel New York Life’s recruiting message matches the reality they experience once they join the company. For the vast majority of all of our agents, that reality is delivered through NYLIC University, New York Life’s ongoing multi-channel learning development school, which offers continuing education programs for agents and managers throughout their careers. NYLIC University offers continuing education through a variety of methods, from seminars to virtual learning, including e-learning, online, CD-ROM courses, national training and traditional classroom instruction.

Agents are also taught to create their own marketing programs for the markets they serve. For example, client seminars are available on helping women take financial control of their lives and raising financially independent children. Agents are also supported by a team of professionals with experience in advanced topics, such as estate planning and business succession planning as well as how to address issues faced by women of all ages and lifestyles.

Many women want to know that there are opportunities for them in management. And seeing the success of other women in these roles provides real motivation for them.

Correlation to Retention

Because new agents’ experience closely matches the recruiting story, we expect our retention rates will continue to improve. Equally important, 97% of our survey responders claim they would recommend New York Life to work for to a friend or relative.

More and more women are finding their way to a career in insurance and financial services. In fact, according to the Bureau of Labor Statistics, in 2006, women made up 34.4% of personal financial advisors, and the employment outlook for this field is expected to grow faster than average — up to 26% — which greatly outpaces the average employment growth rate of 1.8%.

The most successful recruiters will ensure their promises match agents’ reality. These companies will show that now may be the best time to be a woman in the insurance industry, making a difference in other people’s lives and creating a better one for themselves and their families.