Class Description
Compensation plans are the most important tool a company can use to distinguish itself from its competitors. Archaic, poorly executed models correlate to stagnant new business growth, employee dissatisfaction, and poor retention. Lucrative and exciting compensation programs are the basis by which all other facets of agency’s operations thrive. The influence of an appropriate compensation plan trickles down to recruiting, producer development, employment tenure, new business growth and perpetuation.
Through this course, agency owners, sales managers, and financial officers will begin to see how vital the concept of compensation analysis is to the success of its company. Not inclusive to just independent agencies, any sales based insurance organization can apply these concepts to its production team.
Class members can expect to learn:
- How culture and branding is reflected in a producer compensation plan
- How to analyze a current structure against market changes
- When and how to make changes to an existing plan
- Pitfalls for a company to avoid in producer compensation models
Tried and true examples of compensation plans will be given in this course. You’ll leave the webinar with specific formulas you can discuss with your executive team in comparison to your current compensation models. The central themes of this program will include Risk v. Reward, Validation, Return on Investment, and Equity.