Once again, Insurance Journal is polling insurance agents and brokers nationwide in its annual search to find out who’s worth what in the independent agency system.
The 2010 Agency Salary Survey results will be compiled for a special report in the April 19, 2010, issue of Insurance Journal magazine.
All independent insurance agents and brokers are invited to participate in the 2010 Agency Salary Survey. All individual survey responses and information will be kept strictly confidential, while the results will be published by Insurance Journal.
The survey provides important information on insurance agency compensation trends, and takes less than 10 minutes to complete.
In last year’s survey, a quarter of all independent agencies reported reducing staff in 2008 and 11 percent had plans at that time to further cut staff in 2009. Even so, more than half (54 percent) of all agencies’ staff sizes remained the same in 2008 and two-thirds (66 percent) plan to remain the same in 2009.
That downsizing came as no surprise to Julie Brown, founder and talent manager of San Diego Insurance Staffing (SDIS), who witnessed the effects of staff downsizing up close.
“There are a lot more unemployed people than I have ever seen,” Brown said in an interview in January 2009. “There’s been a lot of changes, some mergers and acquisitions in the industry, and so when you used to have one candidate for six openings, you now have six candidates for one job opening.”
Salary raises also suffered, according to the 2009 Agency Salary Survey. Some 42 percent of agencies postponed salary raises in 2008 and 47 percent had plans to postpone salary raises in 2009, the survey revealed.
Madelyn Flannagan, Independent Insurance Agents & Brokers of America’s vice president of education and research, said in February 2009 that agencies suffered from the effects of the economic recession and the soft market, all while some of their commercial clients reduced their own payrolls or even went out of business.
Today’s economy has improved, but the insurance industry continues to be hindered by a lingering soft market. Could hiring and compensation trends change in 2010? Find out by participating in IJ’s 2010 Agency Salary Survey today.
Don’t miss out … get your agency’s salary information in now!
If you have any questions, contact Andrea Wells at: awells@insurancejournal.com.
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