AVON, Conn.--(BUSINESS WIRE)--A recent Eastbridge report, Voluntary Rep Compensation, aimed to identify current trends in the compensation of voluntary sales reps. It found that payment of a fixed salary remains a part of most company’s overall compensation plans. However, all of the carriers surveyed reported paying some form of variable compensation as well, with nearly half utilizing both bonuses and overrides. The report also notes an increase in the number of companies paying bonuses based on reps meeting or exceeding sales goals. A similar Eastbridge study completed in 2013 found 70% of companies reporting this as their benchmark for payment. Today that number has grown to nearly 90%. Other measures used for variable compensation include profitability, participation results or the number of lines of coverage sold.
The study also found that sales goals are set by a majority of companies, but not all. Those who set voluntary sales goals stated expectations between $1,000,000 and $2,000,000 per rep annually. Respondents without stated voluntary sales goals sighted being new to voluntary, or having general goals independent of the product mix sold. The report further details other aspects of the rep’s role that are meaningful to compensation, such as market size focuses and the size of territory managed.
The Voluntary Rep Compensation Spotlight™ Report is a valuable resource for insight on the current market standards and trends for voluntary sales rep compensation. The report is now available for purchase for $2,000. For more information or to order, call today at (860) 676-9633 or email firstname.lastname@example.org.
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.