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.
Modifiers For Balance
In a previous Insight on Incentives we referenced “Gates” as a measurement in one area that must be met before you get paid on another measurement. “Modifiers” are a type of “Gate” with the difference being the result in one area modifies the payment a sales person receives on another measurement.
Two measurements to consider as “Modifiers” are Mystery Shopping Results and Customer Satisfaction Surveys. Both of these can be reduced to a numerical representation of results that can either increase or decreases commission payments from another measurement such as product sales.
This is a great way to introduce more balance in your Incentive Compensation Program.
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