Community financial institutions are unique in their product offerings. Measuring success is challenging. Compensating for sales is even more so. Some are account-based, others are fee-based and there are still others based on loan amount. This usually means a multitude of different compensation plans and different sales goals for different jobs. Studies show this approach suppresses profits and motivation while creating administrative nightmares.
Young & Associates, Inc. can help you unify all these products under a “Single Plan Approach” with a single sales goal for each employee, backed by a single accounting methodology. This permits you to maximize the return on the sales incentives you offer, to have more flexibility as business changes, and to reduce administrative and reporting headaches. Moreover, we have sales tools and software in place for support.
Our Sales Incentives services and products include:
- Consolidating two or more divergent sales goals into one
- Advising on sales incentives and goals
- Writing supporting documentation for the sales incentive program including:
- FAQ (Frequently Asked Questions) handout for employees
- Administrators manual
- Plan outline for employees
- Plan outline for executives and board members
- Board resolutions (if required by governance)
- Training tools and documents
- Providing Excel tools or software to support sales incentives programs following our Single Plan Approach
- Incorporating cross-selling incentives and goals into a Single Plan Approach
- Teaching and training managers on how to maximize the motivation of sales and cross-selling incentive plans