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