Commercial Producer Compensation
Posted: Wed Mar 02, 2011 12:57 pm
I know there are many, many different ways to structure producer compensation these days. It's not just about commission splits, ownership opportunity, "bonus commission" structures with carriers, benefits, etc. anymore. However; I am trying to get a few opinions on compensation plans for scratch producers...
Let's assume a $50 million premium operation is bringing on a new commercial producer without a book. What type of structures have you seen or heard of for an individual such as this? They have a great background, solid technical knowledge, and sales aptitude - just no book to roll. How do you let this individual survive without "over guaranteeing salary" yet pushing them to also do what they are there for - production!
Any opinions are greatly appreciated!
Let's assume a $50 million premium operation is bringing on a new commercial producer without a book. What type of structures have you seen or heard of for an individual such as this? They have a great background, solid technical knowledge, and sales aptitude - just no book to roll. How do you let this individual survive without "over guaranteeing salary" yet pushing them to also do what they are there for - production!
Any opinions are greatly appreciated!