Mahoney Group Fights Inflation, Boosts Employee Happiness Other Ways Too

November 21, 2023 by

A happy workplace isn’t all about money, but it’s no secret that pay goes a long way to make for gratified employees.

“Salary competitiveness has been the #1 priority,” reads a comment from an employee at The Mahoney Group, an Arizona agency whose employees nominated it as Insurance Journal’s Best Agencies to Work For — Silver award for the West region.

Employees responding to IJ’s Best Agencies survey touched on several of the firm’s attributes in nomination forms, rating the agency highly across many areas. However, pay and reviews were often mentioned as a key element in making the firm a great place to work.

“In the past 18 months, every single non-producer employee has received four salary increases to compensate for the current ongoing inflationary period,” an employee wrote. “The board of directors has gone way above the call of duty to ensure all employees are taken care of during these difficult times.”

Another wrote: “The Mahoney group not only offers competitive salary, but will analyze the economy and offer standard of living raises above and beyond the annual salary reviews.”

The Mahoney Group has 210 employees and 10 offices in seven states. The 108-year-old employee-owned firm reports annual revenue of $64 million. Its specialties include real estate, hospitality, construction and Native American tribes and their holdings.

Other key elements listed by employees addressed the firm’s culture.

“I have witnessed so many changes especially in the past two and a half years with our new CEO and leadership team,” an employee wrote. “The type of new culture presented to the agency is that of caring for the well-being and success of all of the employees and to take care of our clients. I feel like my personal, professional and financial well-being is a priority for the leaders of our organization.”

Some wrote that they “feel like they matter,” and they are “part of a team,” while others wrote about just how important a feeling of belonging is at Mahoney Group.

“Leadership has created a culture of people before profit,” an employee wrote. “The culture is strong, and the revenues reflect the commitment to our people and clients. Producers are given great latitude and freedom to execute. Micromanaging does not exist. We are an ESOP, so all have a vested interest in supporting one another, regardless of insurance lines.”

Steve Goble, chairman, CEO and president of The Mahoney Group, joined the firm in 1992 after his family’s insurance agency, Goble & Associates, was acquired by the brokerage.

“Our company is about our people,” Goble said.

That philosophy has been honed over the last few years, after management “looked in the mirror” and conducted an anonymous poll among employees to find out what was and wasn’t working.

“We’re entrusted with our people for 40-plus hours a week. We thought ‘How do we positively impact their lives?’ Compensation was a piece of that,” he said.

They realized that inflation pointed to a key way to impact their employees.

“You can have a warm and fuzzy environment, and if you’re not taking care of your people, (compensation is) a basic need,” he said.

To help battle the bite inflation was taking out of employee pockets, the firm gave multiple increases last year of roughly 11.5%, not including compounding, and another 4% this year.

Compensation, culture and other of the firm’s attributes, translate into employees wanting to stick around.

“I’ve been earning a paycheck for over 40 years, and I’ve had probably 10 different employers in that time,” an employee wrote. “Most of those organizations were good people doing good things and I was happy. The Mahoney Group tops them all! This organization has a heartbeat and leads with it. Trust, support, autonomy, fairness, ethics….I could go on. I wish I had found them 40 years ago, but I’m grateful to be here now!”