2019 Best Practices Study

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 per prod hired # New Producers Hired past 5 Yrs Producer Success Rate past 5 years

29.7%

43.6%

54.2%

51.1%

79.5%

95.3%

2.1

1.6

1.4

1.7

3.1

11.0

$57,270

$53,813

$58,535

$70,176

$83,220

$96,407

3.2

4.4

3.8

5.3

10.5

31.5

82.3%

57.3%

60.2%

62.4%

52.6%

54.5%

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 per prod hired # New Produceres Hired past 5 Yrs Producer Success Rate past 5 years

3.3

3.0

2.0

2.5

5.3

27.1

86,311

$86,220

$92,814

$111,856

$150,387

$152,707

7.0

11.0

7.0

10.2

18.5

62.1

100.0%

100.0%

100.0%

91.9%

75.9%

75.9%

AGENCIES WITH REVENUES OF:

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

Recruiting & Development Techniques:

Recruiting: Targeted college recruiting efforts/programs Use of outside recruiters

13.6% 18.2%

40.7% 33.3%

23.8% 40.5%

34.9% 46.5%

53.7% 65.9%

62.8% 76.7%

Use of social media as a recruiting tool

31.8%

59.3%

47.6%

65.1%

78.0%

90.7%

Assessment: Testing (sales, personality, intelligence capabilities, call reluctance, etc.)

59.1%

77.8%

81.0%

86.0%

92.7%

90.7%

Development: Internship Mentorship

22.7% 59.1%

48.1% 66.7%

31.0% 81.0%

51.2% 88.4%

53.7% 87.8%

65.1% 93.0%

Technical training: Internal

81.8% 72.7%

96.3% 77.8%

78.6% 78.6%

95.3% 83.7%

85.4% 92.7%

97.7% 93.0%

External

Sales training: Internal

77.3% 81.8%

92.6% 85.2%

76.2% 83.3%

90.7% 88.4%

92.7% 87.8%

97.7% 88.4%

External

Selling structure: Required specialization

31.8% 63.6% 45.5%

33.3% 59.3% 66.7%

19.0% 66.7% 59.5%

46.5% 76.7% 69.8%

26.8% 85.4% 65.9%

32.6% 83.7% 90.7%

Team selling

Assigned accounts

 78