We review our recommended performance based pay incentive program.
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Who in the agency should receive incentives? |
Everyone! Owners can take their agency bonus or distribution as decided, but every team member needs skin in the game! We recommend that there be an agency-wide incentive plan (also known as performance-based pay). Our incentive plan will be based on your book of business growth. We will tailor this to your agency and it should be agency-wide. Each role can have additional incentives for its specific job description. We will review this after the assessment. |
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What is the incentive program you recommend? |
We have a formula for a quarterly incentive plan based on a book of business growth. Based on the compensation and other incentives, we will customize this for your team. Here is a sample of the Book of Business Growth Incentive. |
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When do we launch this? |
We will discuss it at the Agency 2.0 meeting. It should go into effect next quarter. |
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Why should we do an incentive program? |
As we ask the team to get on board to achieve your agency vision, it’s important that you share the growth. Most team members want to know what’s in it for them. An incentive program will help them understand the numbers, produce accurate data, and think more like an owner. |
This is a great incentive plan as it motivates team members to have accurate information in your management system. It also covers all agency growth, not just new business.
Download:
Sample Agency Growth Goal Bonus (this will be tailored to your agency)