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.
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