INSURANCE BARTENDER
WISCONSIN AGENCY COMPENSATION SURVEY: HOW DOES YOURS STACK UP? TAKE THE SURVEY TODAY. It’s no secret that salaries and total compensation levels are on the rise due to the battle for talent and to combat against the great resignation. As agencies are faced with continued competition to find and retain the best talent, agency owners also face heightened demand for a better work environment and ancillary benefits. Over the last several years, we have heard from our members on the need for a comprehensive, Wisconsin-based compensation survey data. While MarshBerry, Insurance Journal and others conduct nationwide surveys, it’s very hard to obtain relevant Wisconsin-specific data. As you can imagine, the results vary from one state to another and from one region to another. Factors such as cost of living, competition, the strength of the local economy, geography and more all play an important part in determining how to structure a competitive compensation package. Agencies are also getting creative in how they attract and retain talent by going beyond the traditional offerings. According to an Insurance Journal article, “Agency Salary Survey: Why Money Isn’t Everything to Agency Hires” Tyler Asher, president of Independent Agent Distribution at Liberty Mutual and Safeco Insurance said, “Compensation is certainly important, but there are many other factors a potential employee will consider when evaluating an offer and a current employee will consider when deciding whether or not to stick 8 | MAY 2022 |
wisconsin INDEPENDENT AGENT
around. Non-monetary benefits like flexibility, autonomy and career development are a great way to make an agency more attractive to employees.” He continued by saying, “Perhaps more important than offering specific benefits is understanding the unique values of an individual,” according to Asher. A new graduate, for example, is going to have very different wants and needs than a parent or an employee nearing retirement. “While there’s always going to be a need to offer a blanket set of benefits like health insurance or retirement contributions, there’s also an opportunity to customize the employee experience for the individual.” The IIAW Compensation Survey was crafted to obtain information beyond conventional pay structures and traditional benefit packages to provide agencies with a snapshot of what is and is not being offered by Wisconsin independent insurance agencies. Since the initial survey went out in early April, the participation has been extraordinary. We are getting great data that will assist agencies in comparing their existing compensation structure and perhaps formulating a new benefits strategy or offering for their employees. After collecting and anonymizing the data, we will share the Wisconsin-focused Agency Compensation Report free of charge with