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.

Alternative rewards are typically non-cash rewards like trips, merchandise, entertainment choices, and days off. Alternative rewards to cash have significant advantages in certain situations. This is certainly true for incentive programs that are not highly leveraged. And even in these cases, having an alternative reward piece of an overall program can have significant benefits.

Some of the benefits of alternative rewards are the following:

• The perceived value of the reward is often greater than the cost.
• They have a longer lasting effect than cash.
• They standout from normal compensation.
• They provide a branding opportunity for the incentive program.
• They can be awarded publicly thus providing a trophy value.

If you would like to speak with a consultant who helps implement Alternative Reward programs, consider contacting:

Mike Ryan
Madison Performance Group
201-934-4269
Mryan@madisonpg.com

Insights on Incentives is brought to you by NSS Corp.