On this episode of The Ridiculously Amazing Insurance Podcast, Kelly and Dave discuss agency incentive plans. In order to implement and maintain effective incentive goals and processes, it is important to first establish the agency’s comprehensive goals and then build the incentive plans off of those goals, instilling in the employees of both the service and sales teams the motivation to reach their individual and team goals. Some agencies tend to create incentive programs for the sales team but not the service team, but service team members have just as many opportunities to reach quotas and grow in their knowledge base.
Kelly and Dave outline some excellent tips for agencies looking to implement or improve incentive plans:
- Set clear, measurable, and significant goals
- Individual, collective, and both
- Consistently communicate the standings via email or during staff meetings
- Break up your incentives into quarterly, monthly, or even weekly goals
- Change up the incentives periodically to keep them fresh
- Make the rewards be in line with what motivates your team
- Some teams would rather have a casual Friday than $100, or vice versa
- Usually making PTO an incentive is counter-productive
- Make sure that the incentive is recognition-heavy so employees can encourage each other
- A few incentive suggestions:
- Earning “spins” on a spin board of incentives, Plinko, Wall of Cash, catered lunch, casual workday, closing the office early on a certain day (New Year’s Eve, etc.), a paid trip for team members and their spouses
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