2020 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

22.2%

40.0%

39.0%

69.8%

77.8%

95.5%

1.3

2.5

1.5

1.7

3.0

6.9

$55,608

$56,312

$63,642

$71,080

$84,206

$107,546

2.8

5.6

3.3

5.4

10.3

29.2

65.9%

53.3%

73.0%

53.8%

50.2%

50.5%

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

2.0

5.7

2.5

3.0

5.9

15.4

$99,006

$100,125

$89,422

$123,675

$149,495

$175,302

5.8

13.7

6.2

10.3

17.6

59.7

100.0%

89.4%

100.0%

89.0%

74.3%

74.3%

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

14.3%

19.0% 38.1%

24.2% 39.4%

27.5% 52.5%

55.9% 58.8%

54.5% 81.8%

7.1%

Use of social media as a recruiting tool

42.9%

61.9%

63.6%

70.0%

82.4%

95.5%

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

57.1%

61.9%

87.9%

92.5%

94.1%

95.5%

Development: Internship Mentorship

21.4% 78.6%

38.1% 76.2%

30.3% 84.8%

45.0% 85.0%

52.9% 85.3%

68.2% 90.9%

Technical training: Internal

71.4% 64.3%

81.0% 71.4%

93.9% 84.8%

95.0% 80.0%

88.2% 94.1%

90.9% 95.5%

External

Sales training: Internal

78.6% 57.1%

76.2% 66.7%

90.9% 78.8%

95.0% 87.5%

88.2% 91.2%

97.7% 95.5%

External

Selling structure: Required specialization

35.7% 42.9% 64.3%

23.8% 76.2% 66.7%

30.3% 69.7% 57.6%

35.0% 70.0% 67.5%

32.4% 94.1% 76.5%

31.8% 81.8% 77.3%

Team selling

Assigned accounts

 74