Benefits of working for a firm in good standing:
It’s important for financial and career success to be working at a good firm. There are many benefits of working for a firm in good standing. When you are working for a struggling firm due to financial weakness, stock price issues, expense issues, losses, organizational issues, etc. these issues add stress on employees at all levels. It is always better to work for a firm without these issues.
One could argue the organization that is struggling or thriving can create a negative or positive feedback loop in it’s directional momentum.
I have seen the following when the firm is struggling:
- no raises
- no bonuses
- promotion freezes
- hiring freezes
- expense reductions
- staff reductions/layoffs
- More work per employee
- worse talent attracted to the firm
- uncertainty of acquisition
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On the contrary, I have seen the opposite from firms that are in good standing. These types of benefits that can come from a growing and profitable firm in good standing include:
- promotion environment
- good bonuses
- stock awards
- more responsibilities
- better culture
- Happier employees
- top talent attracted to the firm
- Shared work and team culture
- greater loyalty
As an employee, it is good to be at a firm in good standing and with momentum moving it forward. Both for stability, career growth, and financial successes.
Now a days, it is pretty easy to jump ship when things get tough and your firm starts struggling. LinkedIn, recruiters, digital job boards, etc. all make it easier for talent and opportunity to better find each other.
As leaders of firms with poor financial performance or struggling macro conditions, it is important to recognize the organization is only as strong as it’s employees. One of Insurance companies most important assets are it’s employees. If talent was struggling to be retained, the firm would have a major issue.
For many employees, it is difficult to stick it out during the tough times, but if the firm is able to make it through to the other side, it can be a rewarding experience. Hopefully your generals recognize the battle and hardships by rewarding those troops who stuck it out during the hard times.
The insurance industry recently went through one of the worst years in it’s recent history, in the backdrop of a horizon of future weaker returns and margin.
Now is a time that we will start to see the sea part and good firms will stand on one side and struggling firms on the other. Talented folks are best suited aligning themselves with those firms that will be in good standing and the right side of the sea.
Struggling firms can right their ship quickly or struggle to compete for top talent.
But through all of this, the choice is yours. Don’t let anyone tell you otherwise. As a leader it’s your choice and as a talented individual it’s your choice.