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.
Checklist for Plan Effectiveness
The following is a checklist for plan effectiveness. Not all may apply to your situation. However, I suggest you select at least a subset of these and incorporate them into a survey for your employees and managers.
- Is it fair?
- Is it understandable?
- Is the compensation mix appropriate?
- Are base salaries adjusted periodically?
- Do earnings reflect effort?
- Have targeted earnings level been reached often?
- Are payments frequent enough?
- Are you confident that doing the right job produces more compensation?
- How many people are making plan?
- Has the plan changed to reflect external issues?
- Are territories/account assignments equitable?
- Is turnover up?
- Are we attracting the right people?
- Are desired work behavior changes occurring?
- Is your commission statement accurate?
- Is your commission statement understandable?
- Are there too many measurements to focus on?
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Insights on Incentives is brought to you by NSS Corp.
