Hiring help: Adding an agent or another assistant?
One new thread on the Forum is from an agent who already has a great assistant, but is now at the point where he needs to hire another agent to help handle his growing volume of business.
The agent, who specializes in Individual Health and also sells life and disability after open enrollments ends, is looking for some tips on how to structure compensation that will attract a good candidate.
The agent said he would provide hot leads, give them 50% commission ongoing and a $1,500 salary draw per month against future commissions during open enrollment.
He debated hiring an hourly employee, but was discouraged from this model by another agent that has tried this multiple times, only to find such employees lack production motivation.
Forum members responded with advice and also concerns, including how long the agent would stay on after getting up to speed, and whether the agent would have a right to the book of business created while employed by the other agent.
One forum member questioned whether another agent was really needed rather than simply another good assistant, which could free up more of the agent’s time for selling.
Another member responded that if a new agent was brought on, that agent shouldn’t expect ownership of the book of business.
“If I were to bring on an agent – and I'm considering it – I'd release on request, but don't believe an employed agent – or any employee of any kind – has any ownership right to business created while employed,” said the Forum member.
Another member chimed in with what they would do in this situation: “An average hourly wage coupled with an exceptional bonus program and required minimum production is the way to go with this,” said the member. “Make sure the production requirements are reasonable though, based on what you're paying them hourly. And make sure you bonus heavily for production over that requirement.”
In a similar situation, how would you go about bringing in additional help? Join the conversation here.
- Agents Behaving Badly Part II
- Surprise! Do your clients know how Social Security income is taxed?
- Millennials’ love/hate relationship with insurance
- Bigger investment in purchased leads drives higher revenue and faster growth, new report affirms
- InsureTech news: Slice testing rideshare app; Lifester to match consumers, agents; Decisely gets $60M boost; Lemonade expands to Illinois
- Present your way to the top: 7 rules for building confidence
- Industry trade media brands disappearing: A closer look
- Millennial misconceptions of life insurance: a barrier to life ownership