Retail Banks Incentive Compensation Software

A major bank sees a 75% reduction in administration time and easier process management when they switched to our sale commission tracking software.

Overview

  • Our client is a major Australian bank that runs a comprehensive sales incentive compensation and recognition program for 530 front-line bank staff.
  • The bank has 15 unique incentive plans with multiple payment cycles (monthly, quarterly, bi-annually and annually).
Therefore, the process for managing data for the non-cash incentive program was both labor-intensive and time-consuming.
  • Data had to be calculated for participants across multiple areas including Foreign Exchange, Branch Managers, Area Managers, District Managers, Lending Consultants, Treasury, and BDMs.

The Results

  • 75% reduction in administration time to calculate payments.
  • 3% reduction in total program cost.
  • Faster turn-around time to make commission payments, keeping the front-line team focussed on achieving sales results.
  • A documented workflow and audit trail for administrations to manage the process from start to finish.

“Ever since we deployed Performio to automate our sales incentive compensation and recognition program we have reduced costs by 3% and reduced time spent managing the process by 75%. Our front line people love it because of the clear, up to date reporting and we love it because it helps us increase sales.”

Head of Reward, Incentives & Analytics
Retail Bank

The Situation

Performio was approached by a major Australian bank to process and calculate data, make payments and produce reports for their sales incentive and recognition program.

The scale and complexity of the commission process was high because:

  • The bank has 15 unique incentive plans, each with varying measures and components.
  • There are multiple payment cycles (monthly, quarterly, bi-annually and annually)

There are multiple sales roles, including Foreign Exchange, Branch Managers, Area Managers, District Managers, Lending Consultants, Treasury and BDMs.

Our Approach

In consultation with our client, Performio created a deployment plan to cover four key areas:

Data Capture

  • Manage sales and quota data as a batch import to Performio from the client’s data warehouse.
  • Capture all KPIs, mandatory requirements and gateways.
  • Handle the organization hierarchy.

Automate Calculations

  • Automate calculations to accommodate flexible configuration for two types of plans:
    • “Commission rate”
    • “At target”

Administration Rights

Give administrators the ability to create new plans with the flexibility to switch functionality on or off and configure calculations as follows:

  • Create new Key Result Areas (KRAs) and mandatory requirements.
  • Set the maximum percentage for capping KRAs.
  • Excessive payment thresholds.
  • Overrides to the payment amount.
  • Set thresholds per metric code or KRA.

Communication

  • Configure incentive statements in Excel and PDF formats for all participants.
  • Create mobile & tablet ready dashboards.

Enterprise-Wide Rollout

The Results

  • 75% reduction in administration time to calculate payments.
  • 3% reduction in total program cost.
  • Faster turn-around time to make commission payments, keeping the front-line team focussed on achieving sales results.
  • A documented workflow and audit trail for administrations to manage the process from start to finish.

Post-launch

  • Due to changes to the APRA guidelines, we have added the ability to defer incentive payments for ‘large’ payment amounts so the system complies with the new regulations.

“Dealing with Performio has been easy.”

Head of Reward, Incentives & Analytics
Retail Bank

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