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.
February 2007
The One Dollar Incentive
If you have an incentive that pays one dollar for a referral or sale
then you should eliminate it. It cannot be a strategic metric for you
if it pays one dollar. You are not getting their attention with a dollar.
In fact, that incentive may actually draw focus away from what is really
important. Consider the sale or referral to be part of their job. Total
referrals and sales made should be discussed in a performance review.
You are better off saving up the one dollar incentives and paying much
more for a referral or sale of strategic value. An example is a sale
or referral on a new product or into a new market segment.
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