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There are newer employer reviews for Thrivent Financial

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Helpful (2)

Challenged, but reorganized and restructured to death, and inadequately paid and under-supported

  • Work/Life Balance
  • Culture & Values
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Former Employee - IT Individual Contributor in Minneapolis, MN
Former Employee - IT Individual Contributor in Minneapolis, MN

I worked at Thrivent Financial full-time (More than 10 years)

Recommends
Positive Outlook
Approves of CEO
Recommends
Positive Outlook
Approves of CEO

Pros

An enviable stated mission, great co-workers, beautiful facilities

Cons

Corporate performance reviews are awkward and management heavy with limited employee input/dialog, pay is not merit-based, and salary increases are typically not a part of promotions (unbelievable!) Management under-pays long-term employees and under-reimburses employee education, and partially due to this frugal approach, also under-hires employee potential and skill sets. (A bit of the penny-wise, pound-foolish mindset.)

Advice to Management

Employees (and their commitment) are an integral part of truly serving the mission and members. The organization has the means and wherewithal to provide merit-based pay for performance at all levels and still return 'excess profits' to members. For example, if we divide an excess of $310 million per year by 8,000 employees/sale reps, we have $38,000 per person per year to work with...We only need to use a FRACTION of this to provide above average compensation and true merit-based pay, while still returning the remaining excess to members.

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  1. Financial Associate

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Associate in Marshall, MI
    Former Employee - Financial Associate in Marshall, MI

    I worked at Thrivent Financial full-time (More than 5 years)

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO
    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

    Pros

    Met some very nice people as clients.

    Cons

    Commission only outside contractor. Extensive customer service work required, which you are not compensated for.


  2. Helpful (5)

    Mixed

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at Thrivent Financial full-time (More than 10 years)

    Recommends
    Positive Outlook
    Approves of CEO
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    Faith based fraternal benefit society that recently expanded its market from servicing Lutherans to the broader Christian marketplace. Good employee benefits. Excellent in terms of financial strength to be there in the future. Great protection products. As a company has great fraternal benefits for their benefit members. Overall the financial representatives have a caring attitude in servicing their clients. They are well versed in their financial knowledge. Company rated nationally as one of the most ethical.

    Cons

    Field management system is flawed. Too many middle managers. Very difficult process for inexperienced representatives to get started in the financial services business. Need a fast start and a large natural market in order to survive the first 3 years. Recently the compensation structure constantly changes and there is a revolving door of new agents (as with most insurance companies). Does not lend itself to confidence on the part of the consumer who has a new representative every 2 years.

    Advice to Management

    Fix the recruiting and launch system. Improve the selection process by finding higher quality recruits and pay them a salary the first 3 years and hold them to a performance standard while mentoring with experienced representatives. Quit changing the compensation system every 3 - 6 months and raising the bar for bonuses that tend to reward the highly successful veterans with little incentive for a new producer. The company purports to be advisory in nature but the commission and bonus incentives reward those who sell proprietary insurance and annuity products that may not particularly meet the needs and wants of the customers. Hire people in management that were successful in selling and at least spent some time in the field serving customers. Some partners never spent one day in the field and then are expected to understand the needs, wants,and frustrations of the field staff. In terms of employee satisfaction, improve your communication and be more transparent in releasing pertinent information that one needs to do their job expectation and then give them the freedom to be creative in getting the job done. Do not micromanage and second guess your employees. It is also important to reward your best employees by occasionally giving a cost of living increase to keep up with inflation and give them a meaningful opportunity for a bonus reaching an achievable and measurable goal that is within the employees realm of influence NOT a goal over which one has no personal control. It also feel, for being a fraternal benefit society, it would be great to have a field advisory group with a standing presence on the Board of Directors for input. It is the field force that is the life blood of the organization which brings in the dollars that pay for everything. They should at least have an advisory voice in the organization at the top level


There are newer employer reviews for Thrivent Financial
There are newer employer reviews for Thrivent Financial

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