Incentive Plans
Effective, Profitable, and Compliant
SCMG has over 20 years experience of sales incentive program design for community banks. We will walk you through the process of implementing a sales-based and advocate-based incentive program that will add increased profitability by 10% to 15% per year. We can have your program up and running in less that 60 days.
Effective incentive plans will…
- Pay 5-10% of first year profit on a cross-sold product to the employee.
- Pay for sales not activity
- Pay for individual performance not team.
- Pay managers based on team and individual performance
Already have a plan? Not a problem!
We know that many community banks already have some type of incentive plan, whether it’s a plan for retail employees or one for loan officers. We can help you navigate through your current plans, determine what’s effective or not, and develop a plan that will meet the objectives of your bank while meeting today’s regulatory and compliance standards.
Our Golden Rule…
Your incentive plans must be good for the employees, good for the customers, and good for the bank.
A poorly executed incentive plan will be a disaster for your bank and a demotivator for your best employees. An effectively managed incentive plan will add 10-15% per year to your bottom-line with existing employees, attract great employees, motivate employees on many levels (not just money), and will contribute to the career development of your best people.
Our incentive program will focus on your best employees without using quotas and by establishing simple and clear guidelines that will maintain the integrity of the program that will be CFO and Board Approved.
Implementation within 30-days
We can typically have your bank’s incentive plan up and running within 30 days. Our team of community banking professionals will help you manage the process, from implementation to profitability, and will provide unlimited coaching with your leadership team and managers to ensure the success of your program.
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