Construction Workers Retiring & the Ripple Effect on the Insurance Industry
By Jenny Hammond, AVP of Marketing
There’s a saying that goes, “If selling insurance was easy, everyone would be doing it.” Whether you agree with this adage or not, the reality is, with minimal entry barriers and unlimited earning potential, a career in the insurance industry can be a satisfying and rewarding occupation.
However, amid the benefits, the effort it takes to acquire customers and make a living by way of commission-based work can be stressful. Keeping the insurance sales pipeline continually full requires focus, determination, perseverance, and a positive attitude. It also requires putting in long hours to talk to as many prospects as possible and nurture and strengthen customer relationships. As with many professions, the pressure of feeling that you are always at work or always need to be selling can lead to career burnout.
In 2022, the insurance career burnout rate was 35% — one of the top five among industries that reported career burnout rates above the national average. According to the Indeed Career Guide, burnout is defined as a “feeling of or response to prolonged work-related stress that causes exhaustion, loss of confidence in one’s ability to perform, motivation and interest in work.” The good news? There are ways to help lessen this feeling. Here are five to consider!
No. 1: Practice Self-Care
Today, approximately one in four construction workers is older than age 55. Many of these older workers are highly skilled and have decades of construction experience, making them difficult to replace once they retire. By the end of 2031, it is estimated that 41% of all construction industry employees will enter retirement.
With so many baby boomers setting their sights on retiring, employers must soon begin to address employment gaps if they are to keep up with the pace of new construction. Retail insurance brokers should help their construction industry business clients recognize ways they can improve recruiting efforts, retain existing workers, and ultimately mitigate insurance risks and costs.
No. 2: Remember the Value You Provide
Try to always focus on how the work you do helps people. Remind yourself that it is you and the products you provide that are there to help a small business, property owner, or family to get financially back on their feet when a loss occurs. The more value you can find in your work, the more enjoyable it can be.
No. 3: Outsource
Are there certain tasks you can effectively outsource to others to help lighten your workload? For example, can you train someone to help with application processing and taking information for quotes? What about hiring someone to help with marketing tasks or bookkeeping? Reducing your workload by way of outsourcing can help you maintain productivity without feeling that you have to do everything yourself.
No. 4: Evaluate Your Weekly Schedule
Are there tasks in your weekly schedule that can effectively be eliminated? For example, are those weekly networking meetings worth several hours out of the office on Friday morning – or are there more productive ways to spend your time? What about starting early one day a week and using that quiet time to do some marketing or follow up on open claims? Find out where your time is spent each week, prioritize tasks, and make the necessary changes.
No. 5: Get Out of the Office
There’s a lot of talk about the importance of striking that all-important work-life balance. We all know it’s important – but how many of us actually make it happen? Everyone needs time off to recharge, and taking time for family, friends, and leisure activities helps individuals better cope with stress and work pressures that can lead to career burnout.
For example, is working four 10-hour days and taking Fridays off doable? Can you start your workday earlier and regularly leave the office at 2 or 3 in the afternoon? What about taking one set day off every month to do something completely unrelated to your profession?
Try to always focus on how the work you do helps people. [...] The more value you can find in your work, the more enjoyable it can be.
These tips may not be the answer for everyone, but for some, they can be a step in the right direction for reducing career burnout. In most situations, insurance professionals just need to evaluate their individual circumstances and make incremental changes to help maintain (or recapture) the enthusiasm they once had for the important career they have embarked upon!
Jenny Hammond is AVP of Marketing of Builders & Tradesmen's Insurance Services, Inc., an Amynta Group Company.
Builders & Tradesmen’s Insurance Services Inc.
At BTIS, we recognize that all employees need, expect, and deserve sustainable and mentally healthy workplaces. To achieve this requires creating a true enterprise-wide culture change. To learn more about our unique workplace culture and current employment opportunities at BTIS, please visit Amynta Jobs.
For more information, contact Jenny Hammond, AVP Marketing at BTIS, at firstname.lastname@example.org.
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