The Ontario Broker - August 2019 - 19

WHAT'S HAPPENING

WHAT WE CAN DO TOGETHER

* Low unemployment rates in Ontario are creating
an equally low supply of fresh talent across every
industry.
* The churn rate for an experienced, skilled broker
is low. Positive: congratulations brokerage owners;
you're treating top talent well. Negative: there's
limited opportunity for brokerage owners seeking
experienced talent.
* An unbalanced demographic and aging broker
workforce dominates in most brokerage offices; a
high demand for new talent is imminent.
* There's lots of opportunity to create a more
compelling perception of the insurance broker
career path.

* Build meaningful relationships with post-secondary institutions, co-op
programs and co-op students-let's interact with as many people as we can.
* Invest in outbound marketing efforts to attract talent and reframe the perception
of the insurance industry-let's look for opportunities to build visibility.
* Centralize opportunities on an online job board where job seekers and
brokerage employers meet-let's build a hub of consistent action.
* Assess aggregate trends and data to recalibrate and refine our collective
strategy, together.

WHAT ARE IBAO
STUDENTS' MOTIVATIONS
FOR GETTING THEIR RIBO
LEVEL 1?

60%

are newly hired at a brokerage and
required to obtain their license, or
have been working at a brokerage
and are looking to expand their
career opportunities

20%

are looking for a new career
(they've never been an
insurance broker)

WHO'S ATTENDING IBAO CLASSES?

We educate over 1,000 aspiring RIBO Level 1 insurance brokers every year through
our Basic Broker licensing program (online and in class). Surveys suggest that
40% of these students enter the program unemployed, hoping to obtain a job at an
insurance brokerage after they complete the course. The other 60% are sponsored
by their current brokerage.

WHERE CAN I FIND INFORMATION ON COMPETITIVE SALARY
RANGES THAT ARE CHANNEL AND GEOGRAPHY SPECIFIC?

If you're looking for a benchmark of how much to pay employees, connect with
Tony Pilon at the T-R Group. It's free for IBAO Members. Tony's been working
with Ontario brokers for three years and has aggregate broker experience and
market data to support his recommendations. tonypilon@trgroup.on.ca

HOW CAN I KEEP YOUNG STAFF?

10%

There are numerous answers to this question, but in a sincere, shameless plug, I'll
emphasize that our Young Brokers Conference is a great option. I've watched this
event light a lot of fires. For that young broker with so much potential who
needs to find the passion for their profession, consider the event in 2020.

10%

EXCITING NEWS AT IBAO CONVENTION

have worked in the insurance
industry in the past and are looking
to restart again

are new to Canada/Ontario and are
looking to build a career

WWW.IBAO.ORG

From an association standpoint, we're prepared to go beyond fulfilling
brokerages' immediate employment needs and take a strategic, long-term
approach to ensuring human capital is sustained. We believe (subject to survey
results!) that a great return on membership dues lies within the realm of
recruitment. So let's go get them.

Join us at the #IBAO19 Members' Meeting and BIP Talks to learn more about
our plans for 2020 including exciting partnership announcements and the
official launch of our recruitment strategy.

19

AUGUST 2019
http://WWW.IBAO.ORG
The Ontario Broker - August 2019

Table of Contents for the Digital Edition of The Ontario Broker - August 2019
