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.
October 2005
Pay for Performance in Lieu of Incentive Program
It certainly is clear that a performance appraisal system is a fundamental building block for building a high performance organization. Taking that one step further is linking performance pay to the performance appraisal. Recent research on compensation shows higher satisfaction levels with pay when this linkage is clear.
Given the above, one alternative to implementing a comprehensive sales
incentive compensation program is to the link sales goals to the performance
plan. These objective benchmarks supply a clear line of sight visibility
with performance pay and the appraisal. Following this you will experience
increased overall satisfaction with employee compensation and therefore
a more motivated workforce.
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