I'm in Michigan and got in the business 6 months ago working for a small independent. Starting pay is $1k monthly base + 70% NB and 10% RB. The base pay is supposed to go up about $50/mo. every six months. This is a new position at the small agency, there was just the boss, who sells mostly Health now, and 2 CSR's that service the existing book and do a little bit of P & C selling. My position was created because the 3 of them were not growing the business, non-renewals were about the same amount as new policies.
At the time of joining, I didn't like the renewal split, but was promised lots of leads and a good atmosphere to learn in. It has been a good place to learn the business, and I felt things were going well. I've sold over 30 policies each month this year, which is my goal.
However, the boss has changed the original pay structure: once I'm 2 years in, I will lose the base pay and be only commission. I don't mind being in a pure commission position, however the 70/10 split does not seem like fair compensation.
I had a long talk with my boss about this and he told me that I'm doing a great job and the last paycheck I received was the biggest check he's ever written to an employee. Yet, telling me that in 2 years I'll get what amounts to as an $8/hr pay cut has got me rethinking my career path. He seems to think a 70/10 split is above industry standards. He is open to further conversation on this and doesn't mind if I check around to see what others are paying. He says he wants to pay me better than anyone else, so I'm going to check around and see what that is.
The thing is, I like my boss and the CSR's. I'd love to keep working here if we can come to terms on compensation. I hope there is some middle ground on this where it's a win/win scenario for both of us. So my questions: Is 70/10 normal splits for a P&C sales agent? What is over-the-top to ask for, what is normal?
At the time of joining, I didn't like the renewal split, but was promised lots of leads and a good atmosphere to learn in. It has been a good place to learn the business, and I felt things were going well. I've sold over 30 policies each month this year, which is my goal.
However, the boss has changed the original pay structure: once I'm 2 years in, I will lose the base pay and be only commission. I don't mind being in a pure commission position, however the 70/10 split does not seem like fair compensation.
I had a long talk with my boss about this and he told me that I'm doing a great job and the last paycheck I received was the biggest check he's ever written to an employee. Yet, telling me that in 2 years I'll get what amounts to as an $8/hr pay cut has got me rethinking my career path. He seems to think a 70/10 split is above industry standards. He is open to further conversation on this and doesn't mind if I check around to see what others are paying. He says he wants to pay me better than anyone else, so I'm going to check around and see what that is.
The thing is, I like my boss and the CSR's. I'd love to keep working here if we can come to terms on compensation. I hope there is some middle ground on this where it's a win/win scenario for both of us. So my questions: Is 70/10 normal splits for a P&C sales agent? What is over-the-top to ask for, what is normal?
