During the soft market, most agents continued to grant salary increases and permitted their profits and personal incomes to erode each year. However, prudent agents implemented Incentive Compensation Programs (ICP)…
Does your agency have a formal compensation and reward system in place? Is it working the way it should? Is there a way to tie productivity and compensation together so…
Some agency owners attempt to maximize profits by minimizing producer commissions. What they don’t realize is that “sharing the wealth” with the producers who can grow the agency actually enriches…
Incentive Compensation is a compensation method in which employees achieve increased compensation (raises) for increased productivity. It teaches employees the shocking truth about growth and profitability – we can only…
When you mention employee evaluations in most insurance agencies, the owners begin to fidget, admitting that they do them sporadically, if at all. Too often, they admit that they give…
Many agencies have provided levels of financial security for their producers (owners and employees) by guaranteeing them a salary, draw (with no financial pressure for returns if not earned) or…
Your employees, valued and hard working, are still expecting you to “treat them right” even though both your commission income and your bottom line continue to be stressed. Now you’re…
NEVER offer equity in a producer’s created book of business. Well, ‘NEVER’ may be too absolute. Let me put it this way. Never offer equity only in a producer’s book…
An Incentive Compensation Plan (ICP) ties compensation gains by employees to productivity and profit gains by the agency or company. While merit raise systems are most often based largely on…
There are as many variations to employee evaluations as there are compensation programs. However, we have found some common ingredients to the most effective evaluation devices that can be easily…
