What do I ask for in a raise? - Employee Comp Question

[Insurance General]

This is probably going to be directed more to agency owners than anyone else... I feel like I'm at an impasse with my agency's owner regarding my personal comp. In my role I handle just about everything except marketing. I manage our carrier relationships, oversee our customer service staff and inside sales staff and I handle all life insurance and commercial insurance sales and service. I also handle a lot of the forecasting we use for planning purposes. Right now I get paid a salary but no commissions and no share of carrier bonuses. We're a younger agency but we've grown rapidly. We currently have an employee staff of 12, four 1099 producers and a little more than $14mm in DWP. I'm pretty much the COO in function - even if not in title.

I'm at a point in my career that I feel that what I contribute is worth quite a bit more than what I'm currently getting paid. My problem is that I really don't have anything to compare to... What kind of compensation should I be asking for? I want to go to my agency owner to ask for a raise but I have no clue where to start. I know what I would like but I'm not sure if that's completely overpaying for my role or not. What are you all paying people in this type of role? Are there more components than just salary?

I'd love any and all input anyone is willing to provide. I know this may bring up some sensitive information, so if anyone would rather correspond via DMs please hit me up.

Thanks everyone!

 

[leevena]

Insurance general, could you be more specific about your role? I am confused by your comment that you "handle" certain functions and want to get a better picture.

1. When you say you handle carrier relations does that mean you have final decision about which carriers to use? 2. In your role of overseeing customer service and inside sales staffs, do they report to you and do you have hiring/termination authority? 3. Do you have any direct reports.

Thanks

 

[vic120]

I think Insurance general should have resolved this issue months ago

If not probably has less a leg to stand on now due to lock downs

 

[whatyouwantfinally]

I'm at a point in my career that I feel that what I contribute is worth quite a bit more than what I'm currently getting paid. My problem is that I really don't have anything to compare to... What kind of compensation should I be asking for? I want to go to my agency owner to ask for a raise but I have no clue where to start. I know what I would like but I'm not sure if that's completely overpaying for my role or not. What are you all paying people in this type of role? Are there more components than just salary?

There's a glaring problem here; you "feel" that what you do is "worth" more than you're paid, but you seem to be basing that on nothing but your feelings. For all you know, they may be able to find someone who can do all the same things and would be happy with less than you're paid now. Unless you know for a fact that the going rate for your role is higher than your pay, that what you do requires skills that are difficult to come by, etc., you're basically just asking for more money because you want it.

In a nutshell, you have to show that it's more economical to pay you more than to lose you. Until/unless you can do that, you're asking for money as opposed to showing you're "worth" more.

 

[vic120]

do people not see the original post was Sept 5th I'm sure op moved on by now

 

[leevena]

do people not see the original post was Sept 5th I'm sure op moved on by now

Obviously I did not. Lol