A quarter of insurance customer service employees to change jobs in January

Close to one quarter (24%) of insurance industry employees in customer service roles are most likely to look for a new job in January, due to seasonal slump in engagement and motivation. This is according to research from quality and improvement platform, EvaluAgent, which stated that 44% of the insurance sector’s customer service staff are less happy in January than any other month.

The financial impact of this trend is expected to be considerable for the sector. The Society for Human Resource Management has suggested that it costs a business around 30% to 50% of a person’s salary when he or she leaves due to recruitment costs and reduced productivity.

Financial incentives such as salary increases and bonuses alone have a limited effect, with 49% of those surveyed saying that money wouldn’t affect their decision as to whether to stay or leave their company in January.

The research indicated that regular and timely feedback was deemed as effective as a cash bonus by 51% of employees.

Non-financial reward schemes are expected to be another solution, with 55% of employees saying these would prevent them from quitting and 42% mentioned employee benefits such as healthcare and flexitime.

More than a quarter of employees (26%) said that goal-based objectives would be enough to make them reconsider leaving, by improving sense of purpose as well as motivation.

Co-founder and chief executive officer of EvaluAgent, Jaime Scott said: “High employee turnover in January is a real problem for many businesses and can cause significant problems when it comes to productivity and customer satisfaction levels.

“Our research clearly shows there is a direct link between employee engagement and turnover,” he added. “We know that in order to prevent an annual surge in departures, they need to ensure they are utilising a full range of tools, as no one strategy will be effective enough on its own.”

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