2023 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

18.2%

16.1%

48.8%

66.1%

64.8%

87.2%

# of New Producers Hired Last Year

0.2

0.4

0.8

1.3

1.8

6.3

Avg Annualized Wages/Prod Hired

$20,210

$19,499

$34,890

$81,329

$55,667

$108,874

# New Producers Hired Past 5 Years

1.3

2.0

3.0

5.6

8.3

25.7

Producer Success Rate Past 5 years

39.5%

29.1%

56.7%

50.2%

49.9%

47.3%

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

-

-

1.0

2.0

2.0

8.5

Avg Annualized Wages/Prod Hired

$32,098

$41,823

$61,500

$75,285

$86,875

$130,483

# New Producers Hired Past 5 Years

2.0

2.0

4.0

6.3

11.8

33.5

Producer Success Rate Past 5 years

100.0%

50.0%

100.0%

75.0%

74.4%

63.0%

AGENCIES WITH REVENUES OF:

Recruiting & Development Techniques: Recruiting: Targeted College Recruiting Efforts/Programs

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

18.2%

3.2%

18.6%

39.3%

42.6%

70.2%

Use of Outside Recruiters

9.1%

41.9%

39.5%

53.6%

57.4%

83.0%

Use of Social Media as a Recruiting Tool

27.3%

54.8%

67.4%

69.6%

88.9%

93.6%

Assessment:

Testing (Sales, Personality, Intelligence Capabilities, Call Reluctance, etc.)

36.4%

71.0%

83.7%

78.6%

85.2%

91.5%

Development: Internship

13.6%

12.9%

34.9%

42.9%

63.0%

76.6%

Mentorship

18.2%

41.9%

58.1%

75.0%

66.7%

89.4%

Technical Training: Internal

63.6%

77.4%

90.7%

91.1%

90.7%

93.6%

External

45.5%

45.2%

86.0%

80.4%

81.5%

87.2%

Sales Training: Internal

54.5%

64.5%

79.1%

96.4%

77.8%

91.5%

External

36.4%

58.1%

79.1%

85.7%

77.8%

87.2%

Selling Structure: Required Specialization

27.3%

16.1%

25.6%

32.1%

35.2%

34.0%

Team Selling

31.8%

45.2%

67.4%

66.1%

83.3%

83.0%

Assigned Accounts

31.8%

54.8%

72.1%

75.0%

74.1%

74.5%

Cross Category Comparison

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