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.
Action Steps
The best contacts and resources to help you get it done
Research current insurance industry salaries
A number of tools are available for research into salaries. Most providers utilize salary surveys and compile their findings into reports.
I recommend: Read employee surveys in the insurance industry from
Vault. You can get basic details for free, though you may consider signing up for a gold membership to access more. You'll also find insurance industry salary surveys at
Salary.com. You can even search by location and company size.
Consider hiring a consulting firm to help set insurance salary
For 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.
I recommend: From salary administration, executive and sales compensation, and performance management the experts at
Compensation Resources can help you with your needs. Browse through their case studies to see how their work has helped previous clients. Check out the services offered by
Steven Hall & Partners. Their work includes the development of compensation programs tailored to your business from the concept stage to implementation.
Utilize software to employ insurance industry salary guidelines
A number of software options exist when it comes to compensation and performance management.
I recommend: Check out the features of
Halogen Software's eCompensation software. Explore it further by requesting a free trial, scheduling a demo or getting a product tour.
Authoria Inc. Talent Management system helps businesses meet objectives in the areas of compensation. Click on the left-hand side links for a free download or to discover more about features and capabilities. Doing so requires signing up.
Tips & Tactics
Helpful advice for making the most of this Guide
- 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.
The official source of Insurance Industry Salary Tools is
the Insurance Industry Salary Tools page at Business.com
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