Model of Determining the Salaries and Benefits of Senior Management in The Insurance Industry

To explain service compensation at the senior management level, in addition to the points of compensation systems, other considerations must be considered that can have profound and significant effects on the performance of the organization. The aim of this study was to design a conceptual model for determining the salaries and benefits of senior managers in the country's insurance industry. The statistical population of this study consists of senior managers, experts and specialists in insurance industry. The research is mix method, qualitative and quantitative. To design the initial model, background study, interview with experts and Delphi method were used. At this stage, sampling was done in a theoretical way with using snowball technique. 16 interviews were conducted with experts and managers of the insurance industry. Confirmatory factor analysis was used to analyze the quantitative data and test the model. The sample size with using the Cocharan relation was 168. Data collection tools in this study include interview and questionnaire that after confirming the validity, its reliability was calculated to be 93%. Finally, the model for determining the salaries and benefits of senior managers in Iran was introduced.