Not only have we had to face change, but we've also had to do it at an unprecedented pace, level, and frequency in every aspect of our lives. (Image: Fotolia)
Have you ever been putting together a proposal for a prospect, and the more you work on it, the more excited you get? By the time it's finalized, it's all you can do to not run over to their office right away. It's so obvious you have the right solution for them. There is no way they could say "no." But the unexpected "no" happens all the time, doesn't it?
I have regularly discussed the frustration advisors experience due to employers' hesitation to make the changes necessary to put a new plan in place. "Thanks, but we're going to stay where we are," is a common, if seemingly irrational, response. Especially when the proposed change comes with increased benefits and may offer cost savings as high as seven figures.
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Kevin Trokey is founding partner and coach at St. Louis-based Q4intelligence. Many factors contribute to their reluctance, but it just proves that change is hard; always has been and always will be.
And then came the pandemic
The pandemic has forced unprecedented change on everyone. Not only have we had to face change, but we've also had to do it at an unprecedented pace, level, and frequency in every aspect of our lives. It's safe to say we're all exhausted.
Business owners are no different. They have change fatigue and are unapologetically saying, "I'm not forcing any additional change on my employees."
This is adding a hurdle to your challenge of bringing creative solutions to employers. When they arguably need these ideas more than ever, their aversion to additional change is at an all-time high. Not only are employers less inclined to move to self-funding right now, but they are also less willing to move from one fully insured carrier to another.
Change the change you ask them to make
This really sucks for those of you whose client-acquisition strategy depends on prospects making plan changes. However, this doesn't mean you can't acquire new clients. It merely means that, more than ever, you have to separate the business owner's decision to work with you from the decision they make about which plan to offer their employees.
Employers are faced with two primary decisions regarding their benefits program:
- The decision of which plan to offer and
- The decision of the advisor with whom they will work.
You can argue all day about what a bad decision it is for employers not to make plan changes, but that is the reality of where they are today. If you insist on showing up at renewal with a spreadsheet, you will quickly become a victim of their organizational change fatigue.
So, change when you are showing up and the decision you ask them to make.
I write often about how critical it is to bring a broader, more consultative approach to the sales process. I preach that there are countless opportunities to bring improved results that don't necessitate any modifications to their benefits program.
Use this to your advantage. Yes, businesses are change-fatigued. As much as they may benefit from it, the last thing they want is the thought of anything else being disrupted.
They want and need relief. Lead them there, my friends.
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