MAKE A MILLION TUESDAY EPISODE 6: CRYSTALLIZE YOUR COMPENSATION
The number one challenge the Independent Insurance Agency owners I talk to are having? People. Finding them, keeping them, and getting them to absolutely love working for you. And a great team is the first “P” for a reason – it’s crucial to have the right people to be great team members that are going to help push your business forward. And the right people are the BEST, not the BEST AVAILABLE.
COMPENSATION IS CRUCIAL
Compensation is one of the many pieces of the hiring puzzle, and although the absolute best people come to your agency because they want to be a part of something, ultimately people want to be compensated fairly for the work that they do. And we need to be sure that the compensation package meets the needs of both the agency and the prospective employee.
TWO TYPES OF EMPLOYEES
There’s two sides to the compensation puzzle: Sales and Service. Your sales compensation is the folks that are doing 80-90% of their work with new customers. Naturally, the Sales team will want to be incentivized for outstanding performance, so their compensation will typically be a base salary plus commission on what they sell.
The other group, the Service team, is anyone who is crucial to the existing customer base. The existing customer, as you know, is so vitally important that you also need this team to be firing on all cylinders and continue to be the best. Most of the time, this team is either hourly or salaried. But we put this team as Base plus Scorecard. This scorecard compensation ensures that the best team members can continue to improve.
KNOW THE SCORE
Those best (not best available) team members are going to be focused on continuous improvement. And without knowing the score, you can’t get better. And these team members are going to want to know the score and want to fix it when it’s less than perfect. Our scorecards are reviewed in a monthly huddle with the leadership team, which gives them a chance to refresh ideas and be energized to make a difference in the agency.
The compensation package, and how it’s presented to the prospective employee, could be the difference maker, and in this climate we want to secure every single thing that sets your agency apart and get the best!
Want to get a TON of great ideas on how to recruit, hire, train and KEEP the best (not the best available) team members? You’ll get that and so much more at our BE UNSTOPPABLE BOOT CAMP 2021. Tickets are going fast, and you won’t want to miss out. It will be full of networking with the absolute rockstars of the Independent Insurance business, inspiring speakers, and fun in sunny San Diego!
Snag your tickets today here: http://beunstoppablebootcamp.com and we’ll see you there!