Broker employee management system launched

The technology has been designed to allow brokers to manage their staff records, track and measure staff competency, deliver online learning, demonstrate Financial Services Authority compliance, as well appraise, develop and improve staff and their performance on one platform.

Norman Hughes, MD of Compliance Management Services, said: “Staff efficiency is the biggest single influence on the profitability of a broker. With staff costs, the biggest overhead, varying from 25% of income to over 70%, the impact on profitability can be huge, especially as some brokers may be struggling to make a pre-tax profit of 10% of income. By looking more closely at internal processes and management systems, brokers can increase profits by 50% with just a five point percentage improvement in staff effectiveness."