Paying employees - Give me tips on how to pay
Posted: Mon Mar 31, 2008 5:10 pm
Hey Community,
This is a super newbie question. We are a small agency out in Riverside with 1 employee, so that makes it the agency principal and me plus the employee. We are hiring a new person and i am looking for advice to see how to compensate him. He will be primarily a sales person but i also want him to be a customer service rep. I have read that how you pay your employees is a reflection of their role in the agency. I have been advised by others to pay a flat almost "minimum wage salary" and then to pay the person 25 percent after the broker fees are matched to the minium. So if he makes 1200 base salary, once his broker fee exceeds the 1200 mark, then you start to pay him that 25.
I am a personal lines agency with a little bit of commercial, very little.
Any compensation ideas that you have for me would be greatly appreciated.
Please be mindful that we are small and i have NO outside experience whatsoever.. that includes on how insurance agents should be paid.
Your advice is greatly appreciated.
Meytai
This is a super newbie question. We are a small agency out in Riverside with 1 employee, so that makes it the agency principal and me plus the employee. We are hiring a new person and i am looking for advice to see how to compensate him. He will be primarily a sales person but i also want him to be a customer service rep. I have read that how you pay your employees is a reflection of their role in the agency. I have been advised by others to pay a flat almost "minimum wage salary" and then to pay the person 25 percent after the broker fees are matched to the minium. So if he makes 1200 base salary, once his broker fee exceeds the 1200 mark, then you start to pay him that 25.
I am a personal lines agency with a little bit of commercial, very little.
Any compensation ideas that you have for me would be greatly appreciated.
Please be mindful that we are small and i have NO outside experience whatsoever.. that includes on how insurance agents should be paid.
Your advice is greatly appreciated.
Meytai