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How to properly pay and bonus insurance agency staff

Wed, September 21, 2016 10:46 AM | Billy R. Williams, PhD. (Administrator)

From Dr. Billy R. Williams, President – Williams Family Investment Group & Inspire a Nation Business Mentoring:

“As an insurance agent mentor and coach I am asked the same two questions everyday . . . What can I do to generate more leads and how do I properly pay and bonus my staff to get the best production out of them?”

According to Jim Collins, “The purpose of a compensation plan is not to get the “wrong” people doing the right things, but to help you get the “right” people on the bus and keep them there.”

Insurance agencies have changed every way they do business to compete in today’s marketplace, except the one that costs the most – Compensation.  Hourly and Salary wages entitle staff to get their full pay whether or not they do their job; then they expect a raise every year – regardless of the agency’s profitability. 

Bonuses are offered to hopefully motivate staff but become either an entitlement or “request” to raise performance standards if staff wants the extra money, and as many agents have learned the hard way, unmotivated staff are rarely influenced by bonus money.

Join me and my special guest Tom Baker of Catalyst Insurance Systems on a web meeting Monday September 26, 2016 at 3 PM Eastern ( 2 PM Central, 1 PM Mountain and 12 PM Pacific) as we give you real answers to real questions.

Registration URL: https://attendee.gotowebinar.com/register/6129079512431742722

Tom Baker, Insurance Systems Architect, and the team at Catalyst Insurance Systems, deliver to their agency clients – a completely customizable compensation program that is based on staff performance. Their Performance-Based Compensation Plan is designed to attract, maintain, and motivate staff while giving them an opportunity to earn more and have a vested interested in the agency’s growth and profitability. 




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