Insights on Incentives has as its sole purpose the facilitation of thought and discussion on the subject of incentive compensation for banks and credit unions. Once a month NSS will be sending out an e-mail with one insight on the area of incentive compensation. The insights will come from our research, discussion with customers and finally, those of you who decide to offer an insight on this important sales management issue.
Non-cash Incentives
No incentive compensation plan should be rolled out without a non-cash recognition program. The incentive for being recognized in front of one’s peers can be more valuable than receiving cash. And don’t dilute it. Sales person of the week is too often therefore the message is lost. Sales person of the month would be a stronger, more valuable incentive and maybe even sales person of the quarter if you have a smaller organization.
Still another benefit of this recognition is the opportunity for Sales Management to highlight best practices. As you present this recognition before a sales person’s peers make sure that you discuss the sales practices performed by the recipient that you want replicated throughout the organization.
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Insights on Incentives is brought to you by NSS Corp.
