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Factors that influence the organization selected internal pay structures, because Internal wholesalers work in the insurance and investment fields, and their primary function is to work closely with external vendors and financial institutions to increase sales and seek new markets for their firm. Typical employers include life insurance companies, investment banking firms, and similar institutions. These professionals typically work full time during regular business hours in an office environment. Their regular tasks include building relationships between internal advisers and external wholesale clients and providing product information to potential clients such as presentations, sales literature, individual and group meetings, and corporate workshops.
They also initiate sales calls and related follow-up communication, as well as identify new corporate or regional opportunities to establish new clients and enter new markets. Their task are work in coordination with Regional Vice President to achieve regional sales goals and retain assets. Resolve any operational issues as they relate to clients of the assigned territory and also respond to inbound sales inquiries, literature requests and service issues. Increase market penetration by setting appointments, delivering product updates and proactively cultivating new prospects. Make outgoing telephone sales calls to third party distributors within region to promote financial products.
There are several internal factors exist within the organization and influences the pay structure of the company. The first most important internal pay structure is business Strategy. The organization’s strategy also influences the employee compensation. In case the company wants the skilled workers, so as to outshine the competitor, will offer more pay as compared to the others. For example, must have at least a bachelor’s degree in finance, business, or a related field, as well as two or more years of experience in investment management and knowledge of relevant financial concepts and investment strategies. A candidate should also appropriate certifications, which differ from state to state and firm to firm; however, the Series 63 securities license is commonly needed in combination with the Series 6 or Series 7 license.Whereas, if the company wants to go smooth and is managing with the available workers, will give relatively less pay or equivalent to what others are paying.
The second internal pay structure is Job Evaluation and Performance Appraisal. The job evaluation helps to have a satisfactory differential pays for the different jobs.The performance appraisal helps an employee to earn extra on the basis of his performance. The skills needed for a successful internal wholesaler include the ability to work independently, the interpersonal skills to regularly work with groups of clients, and the ability to meet meet monthly, quarterly, and annual sales goals. These professionals should also have excellent verbal and written communication skills, proficiency with basic computer software such as the Microsoft Office suite, good organizational skills, and the ability to multitask.
The third internal pay structure is Employee. The employee or a worker himself influences the compensation in one of the following ways. Based on performance, the better performance fetches more pay to the employee, and thus with the increased compensation, they get motivated and perform their job more efficiently. The employee also should have some experience, as the employee devote his years in the organization, expects to get an increased pay for his experience. The potential is worthless if it gets unnoticed. Therefore, companies do pay extra to the employees having better potential as compared to others.
Lastly, the ability to pay. The prosperous or big companies can pay higher compensation as compared to the competing firms whereas the smaller companies can afford to maintain their pay scale up to the level of competing firm or sometimes even below the industry standards.”
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