Companies are always looking for new hires, as current employees regularly leave companies due to life changes. Nonetheless, there can be hefty fees when it comes to finding the right employees.
3 Things to Know about Agent Recruiting Costs
There are three critical costs to consider when recruiting agents:
Recruiters are hired to pore through thousands of prospective employees. They often first make job listings online, which can stay posted for months. These fees significantly add up before new hires are taken on. Plus, it takes time to pore over resumes, conduct interviews, and set background checks. Interview expenses can be quite hefty when including airfare, hotel costs, and meals. Direct employment costs such as covering relocation expenses and having additional bonuses also need to be factored in.
Onboarding and Training Costs
Once hired, new employees need to go through orientation and a training process. It takes time to have current employees or hire outside workshops and teams to provide adequate training and review protocols. Even employees who have been at a company for years can receive continuing education training and professional development on a consistent basis. Paying for speakers and printed materials can quickly add up as well.
Salary and Benefits Costs
A new agent’s compensation is undoubtedly a high cost, including the benefits they are bundled with it. Benefits can include life insurance, medical plans, retirement, disability coverage, and more. Even offering health insurance can weigh down a company’s profitability since premium hikes can often occur, and policies may change. Costs may also fluctuate when benefit statuses fluctuate, in case an employee starts off single and then gets married or have kids. Any mistakes in paperwork can also result in financial penalties or delayed coverage.
Examples of other benefits include items employees receive in the office that add up, such as special software, the latest technologies, and new office equipment.
In addition to these expenses, a concerning cost would be the cost of turnover rates. Poor hiring decisions can lead to wasted expenses, lost revenue and lowered goodwill on a company. Having employees leave a business can in turn encourage other workers to part ways. When searching for an agent, be certain to look at all aspects of their work and character, on both a personal and professional level.
How do I learn more?
It is vital to refer to a reputable company when hiring agents. Agent Careers has 16 years of experience serving the insurance industry and working with recruiters and agencies. They have access to an estimated 2 million agents and offer innovative recruiting techniques.
To learn more about agent recruiting costs, contact the experts at Agent Careers. Our licensed professionals will be happy to answer any questions you have! Click here for more.