What can you do to boost your agency out of its holding pattern? How about instituting a smarter pay program? Compensation incentive plans can greatly benefit both an agency and its producers, but for best results they must be carefully implemented.
Benefits include a boost in the firm's reputation, better relationships with your carriers, happier associates because they're working smarter instead of harder, and ultimately, increased shareholder value.
Pitfalls come from implementing a plan that is not well defined or completely thought out, and could ultimately result in short-term focus at the expense of long-term growth, higher turnover of producers, greater back-office costs, organizational distraction, the need to continually reinvest in the sales infrastructure, and lost contingents due to lack of quality.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
