As a banker, I have always prided myself on my ability to close deals and bring in big sales for my bank. So, when I was offered a $50 commission for closing a $50,000 sales deal for the bank, I was initially ecstatic. However, as I started to think about it more, I couldn’t help but feel a sense of disappointment and even a little resentment towards the bank.
Don’t get me wrong, I understand that the bank is a business and they need to make a profit. But, in this situation, it felt like the bank was taking advantage of my hard work and only giving me a tiny fraction of what I had earned for them. It made me wonder, if I was an insurance agent, would I have been paid a fairer commission for a similar sales deal?
As a banker, I am responsible for helping clients with their financial needs, whether it be opening a savings account, applying for a loan, or investing in a certificate of deposit. My job is to build relationships with clients and offer them the best products and services that our bank has to offer. This requires a lot of time and effort, and when I finally secure a big sales deal, it feels like a huge accomplishment.
So, when I was told that my commission for a $50,000 sales deal was only $50, I couldn’t help but do the math in my head. If I were to have sold ten of these deals in a month, which is a reasonable goal for a successful banker, I would only make $500 in commissions. That’s barely enough to cover my expenses and certainly not enough to justify the hard work and dedication I put into my job.
On the other hand, if I were an insurance agent, my commission for a $50,000 sales deal would be significantly higher. According to industry standards, insurance agents typically earn a commission of 10% – 15% of the total premium paid by the client. This means that for a $50,000 sales deal, an insurance agent would earn at least $5,000 to $7,500 in commissions. That’s a huge difference compared to the measly $50 commission I received as a banker.
This huge disparity in commissions between bankers and insurance agents made me realize that the bank was taking advantage of my hard work and not valuing it as much as they should. It also made me think about the motivations behind the bank’s decisions. Are they just being greedy and trying to save money by paying their employees low commissions? Or do they genuinely believe that bankers don’t deserve a fairer share of the profits they bring in?
As a banker, I am constantly reminded of the importance of building strong relationships with clients and providing them with the best financial solutions. However, when the bank takes all the earnings from my hard work, it becomes challenging to maintain that motivation. It also makes me question the bank’s priorities and whether they truly value their employees and their contributions to the company.
In conclusion, if I were an insurance agent, I would have been paid at least 100 times more than what I earned as a banker for the same sales deal. This realization has left me feeling disappointed and even a little resentful towards the bank. It is my hope that banks will start to recognize the hard work and dedication of their employees and provide them with fairer compensation for their efforts. After all, a happy and motivated workforce is crucial for the success of any business.