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We just paid $32,000 in bonuses for May - Next Call Club

We just paid $32,000 in bonuses for May

$32,000 sounds like a lot of money for one month of bonuses.

It is a lot, and it’s worth it.

People tell us “the way we pay is crazy.”

We could not disagree more. 

How we pay

We believe in paying all our people a living wage.

We believe in providing benefits like health insurance, 401k matches, and generous time off.

We believe in paying large bonuses to great producers. 

We provide an abundance of marketing. So much in fact, that we often spend 2x on marketing than we need to.

In return, we expect big numbers.

The result? 

Consistently high performance. 

Our compensation plan is incredibly simple. We pay a strong base salary, provide a full benefits package, and then pay 5% commission on annualized premium over their goal. 

The goal? $50,000 Annualized Premium (Roughly $32k Written Premium).

Why we pay this way

As an agency owner or operator, it’s tempting to share your risk with the employees. This often manifests in the form of a low base salary, with significant bonus opportunities. 

The thought is: “If this person is motivated and works hard, they can make six-figures!”

Here’s the issue: many employers aren’t realistic with themselves or their producers when evaluating and providing the resources needed to sell enough to make the six figures you promise. 

To hit those numbers, producers need substantial amounts of marketing. They need tasks that aren’t sales related removed from their responsibility list. They need help with the minutiae like paperwork and underwriting. 

It’s tempting to put that risk on the producer. 

To ask them to generate their own leads. 

To network in their communities.

It’s not their job though. 

If it is their job, why do they need you? 

The answer is that as owners, we get residual income. We get equity. So, pay your people. Give them the resources and let them build your business for you. 

The Breakdown:

To give context, here is the breakdown of our bonus payout. 

Well, here is the breakdown:

  • 10 Salespeople got a bonus out of 15
  • 3 Managers got a bonus
  1. Salesperson 1 = $5,600
  2. Salesperson 2 = $4,950
  3. Salesperson 3 = $4,700
  4. Salesperson 4 = $4,200
  5. Salesperson 5 = $3,400
  6. Salesperson 6 = $2,850
  7. Salesperson 7 = $2,250
  8. Salesperson 8 = $600
  9. Salesperson 9 = $500
  10. Salesperson 10 = $500
  1. Manager 1 = $1,150
  2. Manager 2 = $750
  3. Manager 3 = $550

Total = $32,000

The five people who did not earn a bonus were either a new producer or will be on a coaching plan for the next month. 

If you don’t earn a bonus here, you’re not meeting expectations. 

We give our people a lot, so we expect a lot. Raise the bar and keep climbing.

If you have any questions about compensation plans, benefits, or bonus structures reach out to me directly at andrew@nextcallclub.com!

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