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 2008
Compensation Trends in 2008
The 2007/2008 U.S. Compensation Planning Survey from Mercer Human Resource Consulting points to an average pay increase of 3.8%. This is not much different from 2007 average pay increase of 3.7%. This survey, reviewed in the November/December 2007 issue of Compensation and Benefits Review, notes that a greater emphasis is being placed on incentive awards to recognize top performers and retain their services.
Further highlighting this trend is this quote from the Mercer Report, “Top performers are getting salary increases that are about three times that of lower performers.”
Still another finding along the same lines is an increased use in variable compensation which provides for recognition of top performers without increasing bottom line costs.
They are called SuperKeepers for a reason. They really make a difference.
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