Incentives

We are looking at updating our current incentive program for employees at our bank. These would be on the retail side, from tellers, new accounts, Assistant branch managers, and branch managers. How does everyone do incentives? and what type of things do you have in place?

What are incentives?????? Haven't seen one of those since I started at this bank, although it was certainly a carrot dangled in front of me during the interview process.

I would also like to know what others are doing. My marketing dept has decided to do an incentive but has no idea how to track it so it is fair for everyone. I need help as well if anyone has ideas or if there is good software out there to use in these situations.

We are currently looking at a couple of programs - if you would like to PM me I would be happy to share that info with you!

We tried something a little different than the normal incentive plan. During the low interest rates we made up coupons for $50 off closing costs on any purchase or refinance. Each employee was given a supply. The employees signed and date the coupons and handed them out - if they were redeemed, the employee earned up to $100 depending on the size of the loans. The employees brought in a lot of good loans from their family and friends. Now we are trying it out on a checking promotion.

Would you care to share on how you are doing this for a check promotion. We are looking to incentize a cross-selling program. Thanks

Isn't there some sort of reg that states you have to issue w-2 for the income earned from the promotion? What are the laws for this because I want to make sure we are doing this by the book!!

Any incentive compensation would be considered taxable income and reportable on their W-2.

How do banks keep track of all their employees and who is tracking it all? Is this an HR job?

Usually sales tracking/incentives come under a marketing/sales department (Depending on the size of your institution). Of course in a smaller bank it might just get assigned to whoever was gullible enough to volunteer. Currently we send the incentive pay request to our payroll department and that's how the taxes are paid, etc.

You might look into the SIIMS program that BVS offers.