What
are the business strategies that will ensure your
success, regardless of what the market is doing?
And when the economy is down, do you need to do something
different?
Or, more of the same?
When you subscribe to BIG
Strategies for Business Excellence, we’ll send you our
special edition 7 BIG Strategies to Transform
Your Business.
It’s a great
way to get started thinking strategically about your
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Then, every month or so you’ll
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and useful information and tools to address
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Here's a snippit of our most recent newsletter:
May 2010
Sales are the lifeblood of any business. And Producer Compensation is often one of the trickiest management issues you face. You can’t afford to pay too much – but if you don’t pay enough, you can’t hire and retain quality sales staff.Are you getting the sales results you want? Is that a function of the market or is it a function of how you motivate and pay your sales team? Producer compensation is likely the biggest single expense in your agency. As the market continues to be soft and the economy hard, it’s also likely you’re looking once again at how much – and how – you pay producers.
In the spirit of KISS, we think there are three keys to effective producer compensation. And by “effective” we mean producer compensation that ensures you:
- Recruit the best candidates for each job
- Retain the best sales people and keep them motivated
- Reward the activity that helps you achieve agency goals and objectives
Here are the three critical success factors for compensation planning:
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