3 minute read
Memos from Madison
MEMOS FROM MADISON
PETE HANSON, CAE, CISR Executive Director, PIA of Wisconsin
WIS. AGENTS EARNINGS RANK 4TH IN U.S
The U.S. Bureau of Labor Statistics recently published their 2020 occupational wage estimates by state, and Wisconsin agents’ average earnings are fourth highest among all 50 states, at $79,890. Only New York, Washington, D.C. and Alabama agents had higher annual wages.
Considering the low cost of living in Wisconsin, compared to the East Coast and West Coast, this statistic is quite remarkable. As it gets harder and harder to find new employees, this is a part of the story we should be telling. This is an industry with well-paying jobs. No degree is required to get in. We’ll train you, on-the-job, and you will be on a path towards making a great living with plenty of job security.
How about some of the other jobs in the industry? Customer Service Representatives averaged $42K. Claims adjusters averaged $70K. Underwriters averaged $75K. Personal Financial Advisors averaged $107K. Actuaries averaged $117K. Sales Managers averaged $148K. Don’t forget to tell people why the insurance industry is a great place to make a career. Very few of us grew up dreaming of a career in insurance, but most of us in the industry are glad someone told us about the opportunity that got us here!
Use Training and Certifications to Boost Employee Retention
Speaking of our workforce challenges, we know it costs a lot less to retain an employee than to recruit and train a new one. I recently read a study, conducted by Pay Scale, that asked 38,000 employees what kind of professional development strategies would most interest them.
The top response, from 32 percent of employees, was management/ leadership training. A close second was a professional certification, the response of 30 percent of respondents. In the insurance industry, this number was higher, with 33 percent of respondents choosing “professional certification” as their preferred direction of professional development.
More good news from the survey: when employees were asked why they wanted to pursue professional development, the top responses were to get a promotion in their current company (35%) and to get a raise (33%). Another 14 percent wanted to take on a different role in their company. Only 19 percent replied that they wanted to use those skills to get a job elsewhere. If 81 percent of employees want to develop new skills to utilize at their current job, and it would increase their job satisfaction, then employers are crazy not to help them, right?
Check out our CIC, CPIA and CISR certification programs that your employees can use to grow their knowledge of insurance coverages, sales techniques, risk management and agency operations. Let your employees know that you’re supportive of their professional growth and direct them to www.piaw.org to sign up for a webinar or seminar.
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