In the first two installments of this series, I shared suggestions for how to recruit and train members of a compliance team. However, no employer, whether corporate or governmental, can afford to develop somebody else’s employee. That makes retaining talent a key component of your staffing strategy.
The longer people work with regulatory compliance, the deeper their skill set grows and the more valuable they become to your organization. You don’t want all that institutional knowledge walking out the door! While there’s a lot of great advice out there about employee retention in general, here are some specific tips for keeping a compliance team engaged.
Invest in the Team
Compliance departments don’t generally generate revenue. That can lead to a perception that they are less valuable than production teams. But remember, if compliance isn’t handled appropriately, nobody works.
Invest in your compliance team by providing time and money for training, tools, and technology. Also, offer compensation and benefits that reflect these experts’ contribution to the organization’s overall financial success.
Manage Staffing Levels
Regulatory compliance requires intense concentration and sustained attention to detail. That’s not something that comes easily to tired minds. Much of compliance is cyclical. There are high-volume periods and low-volume periods. It’s essential to analyze a team’s workflow to identify its peak seasons and then staff accordingly.
For years, many businesses have adopted a “lean staffing” model, with little redundancy of skills or tasks among team members. Pandemic furloughs and the Great Resignation showed us the inherent vulnerability of that approach. For true efficiency, have backups for all key compliance positions.
Employees from other departments can cross-train to handle specific tasks. Keep in mind, however, that one-time training likely won’t be sufficient. Coverage staffers need regular opportunities to practice their skills to develop confidence and stay up to date on current procedures. Outsourcing (short- or long-term) can also add depth to a company’s bench.
Finally, leaders need to make compliance and the resulting staffing needs part of their growth strategy. This is important whether growth is organic or the result of M&A activity. Training additional compliance personnel takes time. That’s on top of the time state regulators will need to process applications and regulatory filings.
Show Appreciation
Compliance can be a thankless job. Too often, producers or company leaders only interact with compliance personnel when they are “nagging” them for information or when there’s a serious issue. Set a more positive tone by celebrating successes, and encourage producers to show appreciation for the hard work that compliance professionals put in on their behalf. A simple thank you note works wonders.
Have a Positive Culture
It’s important to have a workplace culture that attracts people and makes them want to stay – especially now, in the age of remote working. The values an organization professes need to align with those of its employees. They also need to be expressed in actions, not just words.
Engage with employees in ways that are meaningful to them. Consider supporting philanthropic and even recreational activities that your team members enjoy outside the workplace. At work, implement employee resource groups and mentoring programs. Employers can also fund continuing education and the pursuit of professional credentials. Encourage compliance team members to join professional organizations like SILA. If the budget won’t run to traveling to national conferences, try local chapter meetings or virtual events.
Provide a Career, Not a Job
Regulatory compliance is often seen as a dead-end job – even by other insurance professionals. Nothing could be further from the truth! The insurance industry is highly regulated. That means there are opportunities for compliance professionals at agencies large and small, at incumbent insurance companies and innovative insurtechs, and – of course – at state regulatory agencies. Furthermore, the skills and attributes that make for a successful compliance expert transfer to upper-level management roles as effectively as those developed in insurance sales and customer service.
Insurance is an industry dedicated to helping people handle some of the most disruptive events of their lives. That same heart for helping others attracts people to regulatory compliance. Commit to recruiting, training, and retaining compliance personnel and before long you’ll have a top-notch team.