Performance Metrics, Scorecards, and Incentives

COMPENSATION

Each Financial institution has a unique market and business plan, yet many don’t develop a unique compensation plan designed around those factors. Compensation systems often evolve rather than be designed through careful evaluation and planning. We’ll work with you to develop a plan that includes:

  • An overall compensation philosophy
  • Total base and incentive compensation that will attract and retain top employees and help you attain your goals
  • Long term and short term incentive plans
  • Written compensation plan documentation
  • Communication plans for your staff

INCENTIVES

Incentives are a highly emotional component of compensation. Existing plans have been developed piecemeal over years. We’ll work with you to assure you have an incentive plan that not only rewards high performing employees but also assures your organization benefits as well. This could include:

  • Developing both long term and short term incentives
  • Developing tracking and reporting methods
  • Writing plan documentation
  • Communication plans for your staff

Incentives can be built around product campaigns, “gainshare” programs which reward based on overall company results, or as sophisticated as balanced scorecards with goals starting at the company level and cascading through all levels to individual employee scorecards and incentives.