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Contrast and compare pay structures and the impact of these structures on employee motivation, engagement, and retention. What insights have you gained from this analysi

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Contrast and compare pay structures and the impact of these structures on employee motivation, engagement, and retention. What insights have you gained from this analysi  Speak in first person: In response to your classmates, contrast and compare pay structures and the impact of these structures on employee motivation, engagement, and retention. What insights have you gained from this analysis? Provide supportive workplace examples and cited information from your research and module resources.  Responses.docx Andy Discussion: I would compare our organization with competitors such as New York Life, and Northwestern Mutual strictly because of their revenue stream. They have the 1st and 2nd largest direct premiums written in 2023 along with the highest market shares. These companies provide us with a good benchmark for us to strive towards.               If we have an outdated pay structure, we risk not being competitive in the labor market. Our entire industry is built on expanding its sales force to increase its market cap. Due to the nature of our industry, companies experience an extreme turnover rate. Since companies have similar systems, there are a lot of times people leave one company and go to another. “Approximately 30% of new insurance agents quit within three months. By the three-year mark, 87% of agents have either moved on to another company or left the industry altogether” (Danforth, 2023). My recommendation for improved engagement is an incentive program.  These incentives range from all-inclusive trips, cash bonuses, paid dinners, etc. People want the feeling of achieving something new which most people won’t. These incentives positively influence the office’s morale and drive others to elevate their games. Individuals high on need for achievement are well suited to positions such as sales where there are explicit goals, feedback is immediately available, and their effort often leads to success (Managing People, 2024).  References Managing People. (2024). Retrieved from https://learn.saylor.org/mod/book/view.php?id=60414

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