Brokers must understand and relate to the needs of their employers to maintain a positive relationship. After all, many brokers and agents experience growth from referral-based recommendations, which helps eliminate the need for an extensive marketing budget. Plus, acquiring new customers is costly and requires a steep time commitment. For this reason, we are focusing on broker employer retention.
Feedback is a powerful tool that can help propel a broker’s growth. From its ability to reduce and eliminate unnecessary costs, save time, and ultimately create loyal employers with a vested interest in continuing its relationship with the said broker. Employers have made their feedback clear: they want an all-encompassing platform- from uploading and storing I-9 forms to collecting direct deposit information for new employees.
This feedback has led to companies of all sizes contributing more resources to their onboarding platforms. In a recent study, Ease found that brokers who didn’t have onboarding implemented with their groups had customers leave at 3x the rate of brokers who had onboarding, diminishing broker employer retention.
An onboarding process helps employers make clear exactly what their employees’ responsibilities and benefits are from day one. The process is also much more organized. All of the information is online in one secure location, allowing employees and admins to enter information just once across onboarding, benefits, and HRIS features, boosting the employer broker retention.
Brokers understand that employers and their employees can find acclimating to a new job and updating benefits year after a year to be a daunting task. Therefore, they are committed to helping employers eliminate the dependency on onboarding paperwork and paper-based benefits many still face. As noted in Baseline Magazine, “helping leaders form their teams-fast-is one of the fundamental, foundational responsibilities of HR executives.” Onboarding enables swift, simple entrance of new employees into the system, setting them up to score big, quickly, and boosting the employer broker retention.
Onboarding is a core piece of employer’s benefit offerings because it directly correlates to employee success and retention, and subsequently overall company health. Since employers have shown that they are three times more likely to stay with a broker who offers onboarding tools, brokers should implement onboarding as a best practice. If not, they risk being left behind as other brokers implement superior technology to ultimately increase employer retention.