COMP News – The 2022 Agency Salary Survey conducted by Insurance Journal confirms what the Great Resignation has revealed – that employees are no longer satisfied with only pay increases. Results from the survey indicate that employees would much rather have benefit-based compensation packages.
Insurance agency personnel on average made more money in 2021 but satisfaction with compensation overall declined despite higher salaries and total compensation.
The survey results showed that overall employee satisfaction with compensation had gone down.
Satisfaction with compensation dropped to 3.41 overall in 2021 from 3.53 overall in 2020, based on a scale of 1-to-5 where “5” equaled “most satisfied.”
Management/agency owners/agency principals reported a compensation satisfaction score of 3.80 in the 2022 survey down slightly from 3.88 in the 2021 survey.
Producers/sales reported satisfaction of 3.31 in the 2022 survey, down from 3.47 in the 2021 survey.
Support staff/CSR/account executives reported a satisfaction score of just 3.13 in the 2022 survey, down from 3.25 in the 2021 survey.
However, employee satisfaction was higher when more benefit-based compensation was implemented.
The score for overall satisfaction was higher when agencies offered employee benefits, both hard benefits (such has group health, life/disability, dental, profit sharing, 401(k) plans, IRAs and flexible savings accounts) and soft benefits (such as childcare/day care, education reimbursement and paid family leave).
Employee benefit satisfaction ranked highest in the survey when agencies offered added benefits such as education reimbursement (3.81), profit sharing (3.81), Employee Stock Ownership Plans (3.88), and childcare/daycare (3.95). The survey found that in all but two employee benefit categories queried, employees showed more satisfaction with overall compensation when those benefits were offered.
This 2022 Agency Salary Survey proves that raising employees’ pay will not be enough to attract and retain quality talent within a company. Adding a more benefit-based compensation structure is the only method that seems to have overall raised employee satisfaction.
To read more about the 2022 Agency Salary Survey, click here.
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