2022 Best Practices Study

New Producer Hiring

AGENCIES WITH REVENUES OF:

AVERAGE

<$1.25M $1.25-$2.5M $2.5-$5M $5-$10M $10-$25M >$25M

% of Agencies that Hired New Producers Last Year # of New Producers Hired Last Year Avg Annualized Wages/Prod Hired # New Producers Hired Past 5 Years Producer Success Rate Past 5 years

22.6%

43.3%

37.7%

60.0%

68.3%

97.8%

1.4

1.4

1.7

2.1

3.1

6.4

$53,443

$53,164

$60,071

$83,759

$76,191

$102,877

2.5

3.1

3.8

5.5

9.2

30.2

65.9%

58.1%

64.0%

54.2%

53.8%

50.4%

AGENCIES WITH REVENUES OF:

TOP QUARTILE

<$1.25M $1.25-$2.5M $2.5-$5M $5-$10M $10-$25M >$25M

# of New Producers Hired Last Year Avg Annualized Wages/Prod Hired # New Producers Hired Past 5 Years Producer Success Rate Past 5 years

2.5

2.0

3.0

4.1

6.5

14.7

$99,779

$85,207

$110,491

$154,655

$111,579

$176,509

5.0

6.2

7.6

10.8

17.5

61.0

100.0%

97.0%

100.0%

92.9%

84.5%

73.7%

AGENCIES WITH REVENUES OF:

<$1.25M $1.25-$2.5M $2.5-$5M $5-$10M $10-$25M >$25M

Recruiting & Develop. Techniques:

Recruiting: Targeted College Recruiting Efforts/Programs Use of Outside Recruiters

26.7% 13.3% 60.0%

10.0% 25.0% 75.0%

25.5% 44.7% 72.3%

27.5% 64.7% 74.5%

54.4% 75.4% 87.7%

50.0% 88.6% 93.2%

Use of Social Media as a Recruiting Tool Assessment: Testing (Sales, Personality, Intelligence Capabilities, Call Reluctance, etc.)

46.7%

65.0%

70.2%

82.4%

94.7%

95.5%

Development: Internship

13.3% 33.3%

15.0% 35.0%

36.2% 57.4%

43.1% 70.6%

63.2% 86.0%

70.5% 93.2%

Mentorship

Technical Training: Internal

93.3% 60.0%

80.0% 50.0%

93.6% 87.2%

92.2% 82.4%

98.2% 87.7%

95.5% 93.2%

External

Sales Training: Internal

80.0% 53.3%

75.0% 80.0%

87.2% 85.1%

82.4% 84.3%

87.7% 91.1%

97.7% 95.5%

External

Selling Structure: Required Specialization

33.3% 40.0% 40.0%

15.0% 50.0% 55.0%

23.4% 78.7% 63.8%

31.4% 66.7% 72.5%

40.4% 80.7% 77.2%

31.8% 81.8% 68.2%

Team Selling

Assigned Accounts

*Insufficient Data

Cross Category Comparison

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