How about ALL the support people? Where would your sales people be without them? Sales brings in income, not necessarily profits. It’s the people that do the work that create the profits.
EVERYONE CAN BE REPLACED – AIG INCLUDED. Your reward should already be in your pay and bonus, which should include every employee. If you don’t need support staff then don’t hire them – take the time you spend at a resort to do the work yourself. I’m sure people paying those premiums like to know their premium pays for your spa treatment. And if you’re such a top producer – produce more so you won’t need a bailout!
most of you apparently aren’t familiar with running a sales oriented operation and haveing sales contest to reward top producers. these top 100 salespersons no doubt made the company many millions of dollars by qualifying for this “reward”. they no doubt were participating in a sales contest where they were promised, probably months back, that if they produces “X” amount of business they would receive this reward. it was an incentive to place business with AIG that they probably could have placed elsewhere – but the marketing people at AIG correctly decided it was a good business decision to increase their business. it would have cost the life company far more in future sales by not following thru with the promised rewards for excellence done by these salesmen.
********.
Last time I checked the United States owns 79.9% of AIG + the additional money we gave them yesterday. I sell and I understand incentive etc. There needs to be more governance within that company. Transparency to the people of the US. Maybe take a fraction of the money to have commission comprised of outside AIG people, insurance and non insurance to see what is going on there. Have a little faith in Liddy though, he is a deal maker, read about him a bit and what he did for Sears/Allstate.
Sales people are rewarded by their commissions yet companies continue to use the antiquated “perks” of kissing producers fat as ses every year for doing their job. I work in claims and have been asked to attend a couple of these goat races under the guise of being a resource to answer questions at “information sessions”. These producer trips are a joke.They’re truly unnecessary and disgusting. For a few days, a bunch of entitled salespeople gorge themselves with food and drink, play gold, go the the spa, and pretend they’re important. Nobody shows up at the information sessions anyway. In this economy, producers should be damn glad they have products to sell.
While I see your point, Producer, don’t you think all the negative publicity as a result of the trip has hurt AIG more? Yes, these trips are part of agreements, but they could have issued a notice stating that because of current circumstances, it would be cancelled this year. I think everyone would have understood and it would have saved them this headache in the long run.
I agree with you that the junket was the appropriate reward to offer the life producers. There is nothing unusual or unethical there. And don’t forget that AIG got a loan, and with a loan, the borrower can do as he pleases so long as it is paid back as agreed. This was just congressional leaders making headlines; they don’t understand the difference between the good operations at AIG and the uncollateralized credit swaps that affected the whole organization. The insurance sectors should and will continue with business as usual; contests like these are part of all P & C and life ops; and P & C and life all are required to keep reserves and remain well capitalized by law. There is nothing rotten here except someone trying to make others look bad without looking too far for the bad cheese…
Stat guy is on target, just as referenced previously, bitter and/or uninformed are those that rush to judgement without any rational thought and as far as congress, presidential candidates or the mainstreet media that continue to insist that this was an executive retreat are off the mark. From industrial paper sales people right down to mary kay, they all provide incentive trips to top performers, it is standard business practice.
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How about ALL the support people? Where would your sales people be without them? Sales brings in income, not necessarily profits. It’s the people that do the work that create the profits.
Yes, the support people are important but it’s much easier to replace a support person than it is to replace a top producer.
EVERYONE CAN BE REPLACED – AIG INCLUDED. Your reward should already be in your pay and bonus, which should include every employee. If you don’t need support staff then don’t hire them – take the time you spend at a resort to do the work yourself. I’m sure people paying those premiums like to know their premium pays for your spa treatment. And if you’re such a top producer – produce more so you won’t need a bailout!
I agree, anyone and everyone can be replaced. Support staff is needed, I simply said they’re easier to replace than a top producer.
most of you apparently aren’t familiar with running a sales oriented operation and haveing sales contest to reward top producers. these top 100 salespersons no doubt made the company many millions of dollars by qualifying for this “reward”. they no doubt were participating in a sales contest where they were promised, probably months back, that if they produces “X” amount of business they would receive this reward. it was an incentive to place business with AIG that they probably could have placed elsewhere – but the marketing people at AIG correctly decided it was a good business decision to increase their business. it would have cost the life company far more in future sales by not following thru with the promised rewards for excellence done by these salesmen.
********.
Last time I checked the United States owns 79.9% of AIG + the additional money we gave them yesterday. I sell and I understand incentive etc. There needs to be more governance within that company. Transparency to the people of the US. Maybe take a fraction of the money to have commission comprised of outside AIG people, insurance and non insurance to see what is going on there. Have a little faith in Liddy though, he is a deal maker, read about him a bit and what he did for Sears/Allstate.
Sales people are rewarded by their commissions yet companies continue to use the antiquated “perks” of kissing producers fat as ses every year for doing their job. I work in claims and have been asked to attend a couple of these goat races under the guise of being a resource to answer questions at “information sessions”. These producer trips are a joke.They’re truly unnecessary and disgusting. For a few days, a bunch of entitled salespeople gorge themselves with food and drink, play gold, go the the spa, and pretend they’re important. Nobody shows up at the information sessions anyway. In this economy, producers should be damn glad they have products to sell.
While I see your point, Producer, don’t you think all the negative publicity as a result of the trip has hurt AIG more? Yes, these trips are part of agreements, but they could have issued a notice stating that because of current circumstances, it would be cancelled this year. I think everyone would have understood and it would have saved them this headache in the long run.
I agree with you that the junket was the appropriate reward to offer the life producers. There is nothing unusual or unethical there. And don’t forget that AIG got a loan, and with a loan, the borrower can do as he pleases so long as it is paid back as agreed. This was just congressional leaders making headlines; they don’t understand the difference between the good operations at AIG and the uncollateralized credit swaps that affected the whole organization. The insurance sectors should and will continue with business as usual; contests like these are part of all P & C and life ops; and P & C and life all are required to keep reserves and remain well capitalized by law. There is nothing rotten here except someone trying to make others look bad without looking too far for the bad cheese…
Stat guy is on target, just as referenced previously, bitter and/or uninformed are those that rush to judgement without any rational thought and as far as congress, presidential candidates or the mainstreet media that continue to insist that this was an executive retreat are off the mark. From industrial paper sales people right down to mary kay, they all provide incentive trips to top performers, it is standard business practice.