WOODMERE, Ohio, June 28, 2016 /PRNewswire/ -- MarshBerry has released their biennial 2016 Agency Compensation Report. The study aims to determine how salaries, commissions, bonuses and employee benefit levels in insurance agencies and brokers have changed. This report is one of a kind in the industry.
The 2016 Agency Compensation Report presents the aggregate responses provided by the 424 insurance agencies that participated in the study, as well as relevant data sets from the MarshBerry proprietary financial management system Perspectives for High Performance ("PHP"). It is extremely important to take a look at what agencies are paying their sales, service, support and executive personnel. Most agencies allocate just under 70% of their revenue to compensation costs. Since this is the largest expense for an agency, it makes sense to manage it wisely.
"Companies may experience competition in attracting and retaining talent and may have to offer a more appealing compensation package. At the current low organic growth and leveling profit environment in the insurance brokerage space, having a talent management strategy is important," stated Megan Bosma, Senior Vice President at MarshBerry. "Compensation (payroll plus benefits) is the largest expense for agencies. If not controlled, it could negatively impact profit."
The complete report offers insight on:
- Executive & Management Compensation
- Validated & Unvalidated Producer Compensation
- Service Staff Compensation
- Support Staff Compensation
- Trends in Employee Benefit
- Case Studies on Each Function
The report is available via PayPal for $950 by clicking www.MarshBerry.com/2016Comp
Founded in 1981, MarshBerry's primary objective is to help insurance agents, brokers and carriers as they work to maximize their value through our industry-specific services that include: Merger & Acquisition Advisory*, Management Consulting, Organic Growth Consulting, Intellectual Capital and Peer Exchange Networks. Ranked #1 M&A Advisor by SNL Financial for each of the past 17 years1, MarshBerry has advised on 5312 transactions since 1999 and completed more than 250 diagnostic and confirmatory due diligence projects over the last twelve years. Visit www.MarshBerry.com to learn more.
1 Mergers & Acquisition (M&A) Announced Transactions in Insurance Brokerage (1999-2015). Ranked by total number of deals.
2 These totals include certain transactions completed by Marsh, Berry & Company, Inc. professionals while employed at another firm, whereby substantially all of the assets were acquired by Marsh, Berry & Company, Inc.
Lauren Byers, Director – Marketing
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