CSR PROFIT-SHARING INCENTIVES
Here are suggestions for CSR incentives:
- For CSRs who remain with the agency for a full year, split 25% of the increase in the commission income they generate (through walk-in sales and so forth).
- For four CSRs within an agency, give 10% of contingency commissions per person; they would also receive a pro-rata share of interest or dividends in invested funds (several thousand dollars per year).
- Divide 10% of annual net profit among office staff based on the ratio of each person's salary to the total office payroll. Also divide 0.5% of net premium growth among the office staff every quarter.
- Divide 5% of net pretax income among clerical staff, based on the ratio of the individual's salary to total office payroll (this averages 10% to 12% of total salary).
- Provide a bonus to be spent on business attire 'appropriate for office use'; consider holding a fashion show!
- Provide an Employee Stock Ownership Plan (ESOP); this may reach seven figures after 35 years and is highly recommended for both perpetuation and tax purposes.
- Contribute either 50% of all profit in excess of the budgeted profit target for the year, or 10% of overall agency profit-whichever comes to less. This will probably amount to $1,000 per employee by the end of the fiscal year. You may wish to add an enhanced payment based on seniority.