Insurance Agency Incentive Plans
When you’re looking to drive employee engagement at your agency, insurance agency incentive plans can go a long way, when done correctly. But all too often, we see many agencies struggle with their incentive plans, and that leaders have trouble making them work.
So many agencies struggle with incentives because it doesn’t connect to the actual employee.
In order to have an insurance agency incentive plan that really boosts employee engagement, you need to tailor it to your own agency. We find that successful incentive plans vary from one agency to the next. Here’s how you can come up with a tailored incentive plan for your agency:
Take a survey of your employees
The biggest reason why agencies struggle to implement incentive plans is because their plans aren’t actually connecting to their employees. To combat this, take a survey of each of your employees, and find out what would really motivate them. Maybe it’s gift cards, cash, praise, or something else.
Don’t assume everyone is like you
We often assume that everyone likes to be motivated in the same way we do, but this can be a big pitfall when coming up with an insurance agency incentive plan. While we might thrive on public recognition, some of our employees might be mortified by the idea. It’s important to take individual personalities into consideration, when coming up with incentives.
Find out employee goals
Instead of just having a universal incentive, find out tangible goals that you can help your employees accomplish. Maybe they want to take the kids to Disney World and a financial incentive would help them get there, or they want a night out on the town and you can help arrange babysitting. For incentives to work, there needs to be something that individual employees connect with.
Make the accountability public
Instead of your employees working on their goals in a vacuum, we recommend sending out weekly stats of goal progressions. A little public accountability can go a long way, and can help your team focus on actually hitting those weekly stats.
We find that insurance agency incentive plans work when they’re customized to the team members. As leaders, it’s up to us to take the time to find incentives that work, and to help our employees get to their goals
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