Today, as financial institutions face unprecedented economic and regulatory uncertainty, aligning employee behavior to desired financial outcomes is more important than ever. To ensure this behavior is encouraged, forward-thinking financial institutions use profitability-based incentive plans to reward their employees. Well-designed incentive plans have the power to align the individual with the institution's strategy. They can motivate customer-facing employees to generate the kind of growth that is profitable and within the risk guidelines of the institution. However, for many institutions this process is conducted using stand-alone spreadsheets or other home-grown systems that can be error-prone and highly inflexible.
Download this ebook and learn:
- reasons why incentive compensation plans fail
- recommended components for your incentive compensation plan
- value of using Incentive Compensation Management solutions and tools