Incentive Plans (Free Webinar)

Hello Friends;

Does your institution include goals / incentives to enhance sales and growth? Have you considered implementing a program?

If yes to either question above, how do you or how will you manage the program? Let me suggest 360 View! To learn more about Goals and Incentives we are providing a free Webinar on August 19, 2008 @ 1:00 CST – click this link to register http://www.threesixtyview.com/webinar360.cfm.

Here are some specifics:

Set the Right Goals and Thresholds

• Analyze the top 15-20% of staff to identify appropriate goals for the majority of employees involved.
• Be careful of subjective criteria as disqualifiers (e.g. Mystery Shops, etc.).
• Consider team-based plans, individual plans or both.

Let Corporate Strategy Drive the Plan

• Ensure incentives match profitable products/lines of business and current goals.
• Define the focus of the annual plan. Does the incentive plan match the corporate strategy?

Provide Meaningful Rewards

• Remember cash or other incentives must be meaningful to employees.
• Ask yourself if the dollar amount is too low.
• Consider time off and recognition as ways to reward.
• Ask employees what types of incentives are meaningful to them.

Keep it Simple!

• Let employees know what they need to do to both meet and exceed expectations, AND what that means in terms of incentive.
• Remember that overcomplicated plans confuse employees and don’t help change behavior.

Once you have the right plan in place, you still have one final hurdle to jump–you must create an efficient means of tracking and reporting results so that employees can see their incentive rewards at any time. Waiting weeks or even months to determine if a referral sent has closed or resulted in new business is no longer acceptable. The latest breed of CRM solutions has finally made this process manageable. Other stand alone incentive systems with CRM “lite” features are also good, but often lack the overall tracking and integration of current CRMs.

 

The right incentive plan can drive your bank to the right results by growing core deposits, retaining your most profitable customers, promoting the cross-sell of the right services to the right customer, and creating team unity, but you must plan carefully and put the right tracking system in place to ensure your best laid plans don’t go awry.

KA

Who is Kevin?

Hello Friends;

I was talking with some banking friends recently and we were marveling at the progression of technology over the past 30 years. Then I realized most reading this blog isnt aware of my background, so let me catch you up:

I began my journey working for Third National Bank in June of 1982, starting with the fabulous trade of driving checks to and from Fed Nashville – Picking up and processing returns – running checks through the IBM sorter – then balancing on the CICS system.

Joined Williamson County Bank in 1984 and helped build their initial Data Processing department – then was promoted to DP Manager – while also managing the remote processing of ATM’s, Checks, and remote printing.

WCB was acquired in 1987 by Commerce Union Bank, where I transferred and began managing a shift in the transit department (very short stint).

Was hired by a multi-bank holding company to build their data processing services using the ITI core application in May 1988 – worked with current inBiz partner (Terry Bellenfant) to convert all the data from 2 unique core systems into inhouse ITI core system – acquisitions of other banks / branches required additional conversions over the next 4 years.

With a joint partnership in 1993, Terry and I started an ITI Core data processing company with the sole purpose of attracting other banks allowing us to become their data processing outsource provider – after signing and converting more than 20 institutions, hiring more than 20 employees it was time to move on to a less stressful opportunity in life.

In 2000, I began consulting with several institutions as an independent contractor in the arena of technology, disaster planning, operational controls, and of course conversion assistance – with many opportunities seen to build software solutions to bridge core processing system gaps – Woohoo – inBusiness Services was founded to do just that – March 2001 was the incorporation date and just the beginning of many great things – currently more than 100 product contracts on file and growing each week.

So – all this and I am only 29 years old??? Ok – maybe not:)

Over the next month or so, I will try and lay out the technology changes I have seen and still marvel at.

Have a very blessed day!

KA

Preparing for 3rd / 4th Quarter of 2008

Hello Friends;

July 14th – wow – that means we are already in the 3rd quarter of 2008 and in the middle of a beautiful summer season. College & Pro Football is around the corner too:)

Here at inBusiness Services, we are preparing for a spectacular 2nd half of 2008 – especially since more financial institutions are hearing about the successes they will achieve in 360 View. We certainly make efforts to contact prospects, but it is so cool when someone calls us because of a peer success referral. This makes my day!

I look forward to speaking with you soon.

Kevin A.