Developing a Strategic Approach to Incentive Compensation for Your Financial Institution
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.
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