It's a long read sorry.
The title says what the reality is, but allow me to clarify some things. And excuse me if this rant does not resonate with anyone. I have been a lurker here for some time, but felt I could maybe finally add my own perspective. I want to start by saying I will always remain grateful and blessed!
I am not an agency owner, I don't have 100k to purchase a book of business. If you are not familiar with my industry, like many fields owning your own stake inevitably makes you more.
But I am a producer, with an expectation to grow new business, actively manage client accounts, market for our agency, do a lot of public relations, and it is continuing to increase in what is being expected of my role.
This all would of course make sense with the understanding that your career is progressing, so you're seeing increases in your wage, better commission plans? Nope, I currently net $17 an hour (my city's min wage) before taxes, my “benefits” are paid for entirely by my own salary no match, and the commission which recruiters were so quick to entail as “your bread and butter” is quite literally dog shit. I want to make it clear, I am not a bad sales rep I close plenty of policies on a monthly basis and focus a lot of my time into markets where the premium is not cheap (hence more commission), but that is working weeks on a single deal.
What made me begin questioning things more was to learn that actually, employee retainment for agency owners benefits their pockets and they get paid out better on renewing business and more. A important note to add, agency owners do not pay salaries, corporate does. Meaning me simply being there, not doing anything is benefiting them. That is not including the annual renewable income I generate them, NOT including the actual sale commission when I close (lol).
What about the producers? NOPE, go sell more products despite our rates being 40% than our competitor. We'd also would like to inform you we are cutting your personal commission rate by 2% to 7%. Before you go, “wait that isn't a horrible metric to make money”, my agency takes half my commission rate, I do not receive any form of renewals. In addition, my state's cost of insurance is quite minimal compared to the TX, CA, and FL's of the US . I.E; an average home policy being roughly 500$, generates me $17.5, with a quote sometimes taking days. For anyone in my industry, it is a shock to hear some transactions taking that time to close, so allow me to continue…
To add on to the fun, our company has decided like many fortune 500's to tell 1/4 of their corporate to basically fuck off; fired them and integrated their departments to be automated through AI. Now it is like pulling teeth to get someone with an actual brain on the phone/chat to resolve issues which you are limited to change on your end (you literally can't). This results in a normal transaction taking days of your time, which also results in clients not being so happy… So really yes I am inputting probably at minimum 4 hours of my time to generate an additional $17.50 which breaks down roughly to an extra $4.37 an hour. Keep in mind, that metric of additional income works if you have that many people you are actually successful closing on, but remember the average close rate I mentioned earlier? Yeah, most say for every 5 policies you quote will close 2, MAX.
Now you might be wondering why I am just now basically compiling a list of shitty things?
Well it's the reason I am writing this.
I took it upon myself (I try to not do this for my own sanity) to see what a local dishwasher job is currently paying. Currently I could go wash dishes (I've done it before) and net $19 an hour, tip pooling, and full benefits, including a 401k with a decent match. The best part, I am not saying being a dishwasher is easy work, but you're telling me I could make more and deal with far less bullshit lol?
The way my heart fucking sank…. I do not even know how to exactly describe the way it made me feel but I guess to list it simply; underappreciated, feeling a bit taken for granted, wondering what/how I should go about this. I used to make more in a more aggressive sales environment and I honestly morally enjoy helping households and being their go-to person. I guess if there is anything I wanted to receive from making this post it was to get this off my chest. If anyone does have any perspective in my industry, it would be immensely helpful.