Producer Compensation Plans
What should you pay your producers?
The answer? Less than the revenues they generate--including their share of the agency’s fixed and variable expenses.
Paying them a greater amount costs the agency more than it makes on every sale and according to the Academy of Producers Studies, most producers are overpaid.
Every agency has different cost structures, goals, and ways of doing business. Therefore, each agency requires a unique compensation program.
A custom compensation system will decrease expenses, increase compensation, and magnify profits.
To help agencies achieve these goals, we specialize in developing custom producer compensation plans that improve profits and productivity, while enabling good producers to increase their take-home pay. We also help producers:
Target the correct account size
Find more time to sell
Reduce the time required to make a sale
Achieve minimum hit ratios
Make more money (while the agency makes more too!)
Help your agency down the road to greater productivity and profits.
Let Burand & Associates help you develop a custom producer compensation plan.