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This is extremely common. Biggest gains are made by leaving unfortunately. I have found often times long term employees have one year of experience repeated for 20 years. This is not the same as 20 years of experience. Find a new job where your value will be rewarded.
I read this the other day..
If my adult child was entering the work force I would NOT recommend the insurance industry unless it was within the medical industry. There will always be jobs in medical insurance billing, claims, etc, The skills gained are more transferable unlike underwriting and agent sales. Younger employees should consider continuing their education in fields that pay higher wages. The company I work for hires entry level positions in the $15-$21 range. McDonald’s pays basically the same.
Insurance is brutal! It’s not an easy job and employees are not valued. I would never go into it had I known. companies lie to get you in and you go broke trying to build as an agent. When my contract is up imparting to find something outside of insurance.
Many insurance companies have been shrinking their labor force for the past 2 years. As people leave they are not replaced. The work is redistributed to remaining teams. Layoffs are spreading. Mergers and acquisitions of companies is occurring. There will be a continuation of less players. The ones that get jobs will have more experience and should expect less pay than before. Companies that were publicly traded will move to privately held. AI is leading the future in the industry with a focus on less human touch and more automation. Position yourself wisely.
Seems like this is a common theme. If you bring it up, better be ready to leave. My experience in personal lines is that they don't care and just churn employees.
Agree. Im in Personal Lines
If you stay at the same employer for more than 5 years (especially with inflation) you are losing money. Bolt and good luck.
I started Liberty 3 weeks ago and just left this week. The control and pressure between micro management, the insane amount of work for training, and the ridiculously long hours all for very little pay is totally not worth my health or sanity. Not to mention all the rude customers that you have to handle daily. No thanks
Unfortunately your best gains will be with leaving. I left a company that had us barely at 40 because even after a back and forth the raise was less than 1%. Went hunting, quickly found a spot starting almost 20k higher.
Job hunt, I noticed that employees that stay longer at a company get less money on raises and new employees that are coming in every 2 years.....
I have over 2 years in claims and willing to work for the minimums and cant even get an interview much less even be considered for that. Must be nice to get to the point of where you can even make that statement of wanting that much more
Job hunt.
Weeellll….I was a team lead at a company with 37 years of claims handling experience under my belt and people with no experience were being hired in earning $7k less than me. Imagine how that made me feel? I finally bolted.
What I have also noticed in at the end of this last job search is the companies low ball. What I saw was companies wanting 2 to 3 years experience and only wanting to pay $22 an hour sometimes even 16 I have over 14 years experience to expect to come in at a company that only wants to pay the bare minimum was so disheartening.
So yeah, asking for 20K is very reasonable, One companies are asking for 2 to 3 years experience and only wanting to pay them $22 an hour
if anyone has experience in motor trade handling and local to bexleyheath, Kent. drop me a comment
I am a 220 like cense agent for over 24 years! Looking for a new job in Boca raton east
That's interesting to see it quantified. I've heard the cost of losing an employee is about 1.5X their salary