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• W188294550 abstract "You've got your carrot and stick. What now? The old saying about fools rushing applies rather well to trust departments that install incentive compensation programs without planning first. A great many factors must be weighed before such a plan is adopted. A prime consideration is this: What do you want the plan to accomplish? Think about your current level of sales. Can you realistically increase that level with your current number of trust employees or is adding more staff really the way to boost sales? Or suppose you put an incentive compensation plan in place and it succeeds - can you handle all the new business? Do you have the right products to increase your sales? Or are you sitting with a bunch of old, tired products that aren't going to sell, no matter how much you pay? Think about who you are going to motivate with incentive pay. Are you trying to motivate sales staff, administrative staff, or clerical staff? Or are you really expecting incentive compensation to increase referrals? The answers to these questions can dictate the type of plan you should choose. Moolah galore. An incentive plan is not just for increasing sales. It could also be used to encourage increased profits. Profits and sales are not necessarily synonymous. If an incentive plan focuses on sales, that's what you're going to get - more sales. But they may not necessarily be profitable sales. Another reason to implement an incentive plan is to increase overall compensation. You may have determined that in order to be competitive in your marketplace, you need to pay more. But there are two approaches to this - pay a higher base salary, in which everyone gets a piece of the pie, or put in an incentive plan which rewards your higher performers. Trust departments can also use an incentive plan to restructure compensation procedures. If the current plan does not reward top performers as much as it should, and if it's paying poorer performers more than they deserve, then it's time for a change. Seafirst implemented an incentive program in its trust department in 1986 as part of an effort to increase sales. In the first year of the program, the program was exclusively for our full-time sales staff. In 1987, it was changed to include the non-full-time sales staff. Currently, our program covers the trust department's sales staff, account administrators, and portfolio managers. We tinker with the program each year to update it accordingly. Conceptually speaking. There are several conceptual issues that need to be addressed. First, who are you going to include in the program? Depending on the plan's purpose, you're going to include different people. And for the plan to be effective, you have to define clearly who is eligible for incentive compensation. At Seafirst, we have a plan for our full-time sales people, and sales are exactly what they're paid for. Nothing else - such as the number of sales calls made in a week - is measured. You also have to think about the advisability of caps on salaries and incentive compensation. Seafirst's personal trust department doesn't have total compensation caps, but we do have salary caps. If you're a participant in our incentive compensation plan, your salary will not be as much as if you're a nonparticipant. That varies by the type of plan we're talking about. In our bank, the full-time sales staff has a flat salary cap that's the midpoint of their salary range. For example, if a full-time sales person is within a salary grade that ranges from $33,800 to $50,800, then the maximum salary he can receive is the midpoint of that range, which is $42,300. …" @default.
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• W188294550 title "You've Got Your Carrot and Stick. What Now?" @default.
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