As you might expect with one of the largest industries in the nation, insurance industry salaries and wages are a big part of the US eceonomy, averaging just over $3 billion in 2006. That's a lot of cash flowing around. As a firm professional or human resources manager, it's up to you to determine appropriate insurance agent salary and come up with related policies and performance guidelines.
Although determining salary and setting guidelines can be difficult, many insurance industry salary tools exist online to help you with the task from researching salaries to finding a consulting firm or software.
When tackling salary issues, also consider this salary information for the insurance industry:
1. While most administrative workers can work a 40-hour, 5-day week, others must accommodate varying hours. You may want to adjust insurance salaries accordingly and reward those willing to work necessary odd hours.
2. Most insurance industry positions require some sort of formal training or college degree. Knowledge of the industry and any specialized training should be factored into insurance industry salary ranges.
3. Insurance career salary should also include other benefits as a total package to present to a potential employee. Annual bonuses, retirement investment plans, insurance and paid vacation are standard.
Research current insurance industry salariesA number of tools are available for research into salaries. Most providers utilize salary surveys and compile their findings into reports.
Consider hiring a consulting firm to help set insurance salaryFor a complete overhaul of your existing compensation system, or if you're a new firm starting from scratch, it may be best to hire an expert. Look into hiring a consulting firm specializing in the field of compensation.
Utilize software to employ insurance industry salary guidelinesA number of software options exist when it comes to compensation and performance management.
- Job growth in the insurance industry (and corresponding growth in insurance industry salaries) may be limited by corporate downsizing, new technology and increasing direct mail, telephone and Internet sales. Growing areas include health insurance and the industry's expansion into securities and mutual funds.