Flood and Peterson is a full service insurance broker whose founding stories is one of high integrity and a focus on the community. Now more than 75 years later, Flood and Peterson focuses heavily on the deliberate actions and character traits necessary to both sustain their business in an ever-changing economy while never compromising on ethical standards or losing touch with the values set at the company's founding.
Transformation at the Top
Flood and Peterson believes the ethical culture of a company can only be as strong as the ethical character practices by its leaders. That starts with making ethics a key part of the hiring process to ensure all employees deeply value ethical behavior. The same goes for clients as well. Flood and Peterson has terminated client relationships rather than compromising their ethical standards.
To receive feedback up and down the organization, Flood and Peterson has both formal and informal processes. All company leaders have an open door policy and employees are encouraged to bring their concerns up with leadership. Mentoring programs and ethical education ensure that employees are supported with strong character traits during their professional development.
Reinforce and Build
To ensure a constant flow of communication, Flood and Peterson has meetings at all levels of the organization. Regular team, department, and office meetings ensure that different units of the company are all on the same page and include educational opportunities to reinforce ethical practices. Employees receive recognition at meetings and in The Flood Zone, the agency's quarterly newsletter and Jostle, their new company intranet.
Unite the Team
Getting everyone at Flood and Peterson on the same page starts with an annual all agency meeting. Past accomplishments are recognized, past shortcomings are addressed, and future goals and objective are explained. Employees are asked to provide feedback on annual meetings to set the agenda in the future, and topics are reinforced at quarterly office meetings. The company also hosts an annual holiday party and offices host more frequent luncheons and gatherings.
Flood and Peterson has leveraged a number of outside organizations to ensure that goals for the company are challenging but attainable. Consultants help to match resources and capabilities to objectives while industry groups provide opportunities for collaboration with other agencies and a library of best practices to draw from. Flood and Peterson is also restructuring teams to focus on specific industries, allowing expertise to drive loftier goals.
Employee satisfaction is also a critical performance metric. Both company-wide and departmental surveys found that Flood and Peterson ranked far above the national average in employee satisfaction. Nevertheless, action plans were developed and goals set to address lower scoring areas.
Because people are the most valuable resource Flood and Peterson has in an industry defined by the ability to build lasting relationships, the company incentivizes finding new employees just like they incentivize finding new clients. A bonus system was created to encourage employees to refer friends and colleagues who will meet Flood and Peterson's strict employment criteria, particularly those who will fit into the company's culture of outstanding ethical behavior.
Flood and Peterson also invests heavily in a wide variety of employee training. This includes programs for professional growth and development, training opportunities to help employees avoid termination for performance, and safety training (including CPR certification and an emergency response team at each site).
Flood and Peterson's tradition of philanthropy goes back to the first year of the company's existence when the founders made sure to set aside money for the Red Cross out of the $100 of revenue they made that year. The company donates money, volunteer time, and supplies to a number of nonprofits and is represented on the boards of a wide range of local business and charitable organizations.
Flood and Peterson also gives back to the community with an annual free business symposium each fall. Now in its 19th year, the symposium has evolved from a focus on risk management into an event where over 500 attendees, 40 vendors, and nationally recognized keynote speakers come together to discuss a wide variety of issues facing businesses in Northern Colorado.