Compensation and motivation are the two most important tools for changing producer behavior and increasing production. A compensation plan always tells the sales force what to do. Companies should review their compensation plans to ensure they align the company’s interests with the producers’.
Compensation plans can also help ensure producers remain loyal and don’t leave for a competitor. As markets mature, other companies will try to recruit more experienced producers. The right compensation design enables companies to better retain producers.
LIMRA’s extensive knowledge of compensation plan design throughout the world can help companies identify the best alignment with the marketing strategy to drive profitable results.
Since salespeople face rejection every day, motivation is important. Recognition programs can also drive a company’s performance and at a relatively low cost.
Learn more about LIMRA's compensation design and modeling consulting.