Commission and Compensation Practices in Worksite Marketing Subject of New Eastbridge Spotlight Report.Business Editors AVON, Conn.--(BUSINESS WIRE)--Nov. 8, 2002 Is your compensation package competitive enough to attract--and retain--quality worksite producers? How are others in the industry compensating producers, especially the key worksite players? How are enrollers compensated compensated /com·pen·sat·ed/ (kom´pen-sa?tid) counterbalanced; offset. and what impact does this have on producer commissions? These questions--and others--are answered in Eastbridge's latest study: Commission and Compensation Practices in Worksite Marketing. "Worksite marketing is a competitive marketplace, and sometimes the fiercest competition is for distribution," says Eastbridge Eastbridge is a village in Suffolk, England. It is located approximately five miles east northeast of Saxmundham. The village is two miles from the North Sea. Located in Eastbridge is the Eels Foot Inn, an ale-house dating as far back as 1533. vice president Bonnie bon·ny also bon·nie adj. bon·ni·er, bon·ni·est Scots 1. Physically attractive or appealing; pretty. 2. Excellent. Brazzell. "Distribution remains the scarcest commodity in the worksite market and to compete effectively, carriers must develop strategies to attract--and retain--producers. A key component of that strategy is having an attractive and effective compensation program." Specifically, the study looks at general carrier information (voluntary products sold, distribution, enrollment method, enrollment support, etc.), as well as producer commission and compensation systems in detail, including: -- Compensation packages -- Commission schedules by product line -- Bonuses -- Commission splits -- Contract types -- Commission benchmarks -- Advance practices -- Payment practices -- Conferences and contests -- Miscellaneous data (benefits/services, continuing education, contract language, exclusivity, licensing/appointment fees, billing services) With this information, carriers will be able to develop (or fine-tune) their compensation policies and practices to be a competitive advantage. "Our approach gives carriers significantly more in-depth in-depth adj. Detailed; thorough: an in-depth study. in-depth Adjective detailed or thorough: an in-depth analysis information on compensation practices than other studies we have seen," says Brazzell. "Like all our studies, the commission and compensation report provides carrier by carrier answers for every question. And, while the identity of the carrier is not provided at the detailed level, companies can compare answers within each question and review a single carrier's answers across all questions." The Commission and Compensation Practices in Worksite Marketing spotlight Spotlight can refer to at least three types of lighting:
Eastbridge Consulting Group, Inc., is a marketing advisory firm serving insurance and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. organizations in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of . --30--JP/ny csm
CONTACT: Eastbridge Consulting Group, Inc., 860/676-9633
KEYWORD: CONNECTICUT
INDUSTRY KEYWORD: HUMAN RESOURCES ADVERTISING/MARKETING
SOURCE: Eastbridge Consulting Group, Inc.
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