The U.S. Labor Market experienced a dramatic increase in the number of part-time employees following the end of the Great Recession in 2009. The weakened economy in conjunction with a cultural shift towards flexible work arrangements has created a pool of over 27 million part-time workers according to the U.S. Bureau of Labor Statistics.
Many in this pool don’t qualify for employer-sponsored group income protection benefits and the availability of individual income protection solutions has been historically bare. It’s not surprising that a National Compensation Survey by the U.S. Department of Labor in 2014 revealed that 94% of part-time workers do not have access to long-term disability coverage.
A leading individual disability insurance carrier has recently recognized this market opportunity and now offers up to $5,000 per month of benefit for part-time workers. The offering is available to individuals working 20 to 29 hours per week whose earnings exceed $40,000 annually. The plan is designed for most Grey and White Collar occupations.
This segment of the workforce is growing rapidly as individuals seek a greater balance between their professional and personal lives. Experienced professionals are leaving Corporate America behind and marketing their services to multiple clients on a part-time contractual basis. Many are now working less than 30 hours per week while generating the equivalent of a full time paycheck.
The race is now on to provide income protection solutions to these workers. Below are a few strategies to generate commission revenue in the part-time workforce market:
#1 – Cultivate referral relationships with part-time staffing agencies.
The Healthcare, Legal and Accounting industries are prime markets. Contact DIS to gain access to Phone Scripts and Approach Letters to solicit part-time workers. Email blast solicitations for Employers and their part-time Employees are also available that can be branded with your Agency logo.
#2 – Target Millennials in the STEM fields.
An independent study commissioned by the Freelancers Union & Elance-oDesk shows that 40% of all freelancers are under the age of 35. Millennials who entered the workforce immediately following the Great Recession faced a weak job market and chose to bypass the corporate ladder approach. Valuing flexibility, many elected to market their services as independent contractors. The demand for services is highest for individuals within the Science, Technology, Engineering and Mathematics fields.
#3 – Target Female Small Business Owners.
Part-time employees are now eligible for inclusion in multi-life discount plans. Females experience the greatest savings when combining gender neutral rates with the multi-life discount. Contact DIS to discover how you can utilize the existing premium dollars of a single disability policy to design a plan for that would mirror coverage for the business owner and provide two of her employees with a valuable employer-paid income protection benefit. Best of all, there will be no additional premium outlay for the business owner.