Insurance companies find themselves in a tough position right now: they need to hire fast to keep up with competition, but they also need to hire the right people to avoid the costs associated with turnover and replacing a bad hire. Balancing these two items can feel like walking a tight rope. Traditional hiring practices focus on skills and knowledge, but that alone does not ensure a good hire. Insurance agents these days need to look at a candidate’s overall core competencies, in addition to formal skills when evaluating a potential hire.
Competency Based Recruiting
Competency based hiring is something that is not widely understood. Often times, hiring managers will know some of the skills, knowledge, etc. needed for a position, but that is only half of the equation. According to Guidestar, the other half is understanding behavioral attributes and personality characteristics. While traditional recruiting and hiring focuses solely on the skills needed, competency based hiring seeks to identify and analyze a candidate’s behavioral profile. A lot of times, this is what can be deemed as “culture fit”, yet it is so much more than that. It requires analysis of successful people within the organization to determine what skills they have, but also how they behave, what personality traits they have in common, and where their individual aptitudes lie.