One of the most common questions we get from agency leaders is, “What should I pay my employees?” That’s a tough one.
According to the Harvard Business Review, when asked what attracts employees to businesses, “overall compensation” is ranked seventh on the list of most common responses. So, what does that mean?
Money is one thing, but it’s important to tell your whole “compensation story” to:
- Attract people to join your agency,
- Motivate employees to perform at their best,
- Retain key talent, and
- Reward high-performing employees.
How your agency plans to pay and reward competitively should be based on business conditions, competition and ability to pay.
The four factors you should consider include:
- Compensation (base pay, bonus opportunity)
- Benefits (medical/dental/vision, insurance, retirement, time off)
- Learning opportunities (career development, training, performance feedback, succession planning)
- Work environment (culture, work/life balance)
Too often, deciding what to pay employees can become an emotional decision. It should be grounded in an agency’s pay philosophy and make everyone feel it is the right value.
Help IIAT create a salary and compensation report unrivaled in the industry.
Would you like to know:
- If your agency's salary and benefits packages are competitive,
- How your commission rate compares to your peers,
- How much influence you hold with your carriers,
- What your true growth drivers are?
You can get the answers to all these questions by completing the new IIAT Salary Survey. Every agency that completes the survey will receive a complimentary copy of the IntellAgents Compensation Report (valued at $149).
The results will allow you to compare apples to apples and see where you stand among other Texas agencies. Learn more and view a recording on how to complete the survey here. If you have questions, please contact Matt Smith at email@example.com.
TAKE THE SURVEY