2024 BPS Study_Final (8.16.24)

New Producer Hiring

AGENCIES WITH REVENUES OF:

AVERAGE

<$1.25M $1.25-$2.5M $2.5-$5M $5-$10M $10-$25M >$25M

% of Agencies that Hired New Producers Last Year # of New Producers Hired Last Year Avg Annualized Wages/Prod Hired # New Producers Hired Past 5 Years Producer Success Rate Past 5 years

15.8%

24.1%

30.6%

68.6%

79.2%

97.9%

0.3

0.3

0.6

1.5

2.0

9.2

$29,321

$33,775

$37,313

$60,503

$64,914

$138,814

1.1

2.0

3.4

5.7

8.9

27.1

21.0%

38.6%

48.7%

54.0%

50.4%

50.0%

AGENCIES WITH REVENUES OF:

TOP QUARTILE

<$1.25M $1.25-$2.5M $2.5-$5M $5-$10M $10-$25M >$25M

# of New Producers Hired Last Year Avg Annualized Wages/Prod Hired # New Producers Hired Past 5 Years Producer Success Rate Past 5 years

-

-

1.0

2.0

3.0

10.0

$0

$50,000

$65,750

$84,857

$80,625

$127,188

1.5

2.0

4.0

7.0

10.0

33.0

24.5%

60.0%

85.0%

80.0%

76.3%

67.0%

AGENCIES WITH REVENUES OF:

<$1.25M $1.25-$2.5M $2.5-$5M $5-$10M $10-$25M >$25M

Recruiting & Development Techniques:

Recruiting: Targeted College Recruiting Efforts/Programs

15.8% 15.8% 42.1%

0.0%

22.2% 52.8% 69.4%

33.3% 49.0% 76.5%

50.0% 64.6% 83.3%

62.5% 81.3% 93.8%

Use of Outside Recruiters

41.4% 51.7%

Use of Social Media as a Recruiting Tool

Assessment: Testing (Sales, Personality, Intelligence Capabilities, Call Reluctance, etc.)

42.1%

55.2%

83.3%

74.5%

79.2%

89.6%

Development: Internship

31.6% 26.3%

13.8% 41.4%

36.1% 66.7%

47.1% 68.6%

58.3% 72.9%

83.3% 83.3%

Mentorship

Technical Training: Internal

68.4% 47.4%

75.9% 55.2%

83.3% 80.6%

96.1% 82.4%

85.4% 83.3%

89.6% 81.3%

External

Sales Training: Internal

52.6% 36.8%

55.2% 55.2%

72.2% 83.3%

84.3% 88.2%

87.5% 77.1%

87.5% 81.3%

External

Selling Structure: Required Specialization

15.8% 42.1% 26.3%

20.7% 44.8% 48.3%

13.9% 69.4% 50.0%

33.3% 64.7% 70.6%

37.5% 72.9% 72.9%

35.4% 81.3% 75.0%

Team Selling

Assigned Accounts

Cross Category Comparison

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