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    Padmanabha Rao
    Incentive Compensation (implement) at a retail bank
    Topic posted October 31, 2019 by Padmanabha RaoRed Ribbon: 250+ Points, tagged Architecture, Configuration, Industry Solutions, Integration, Sales Performance Mgmt, Setup and Maintenance 
    20 Views, 2 Comments
    Title:
    Incentive Compensation (implement) at a retail bank
    Summary:
    asking for (your) best practices
    Content:

    If you have implemented IC in OSC for a retail bank or other national retail distribution businesses, could you share a thought or two on whether and what ensured it succeeded?

    Paddy

    Version:
    19C

    Comment

     

    • Jayaraghavendra Rao

      You can leverage the Solution Design Review process and work with the CoE team to get their inputs for the Incentive Compensation product implementation.

    • Judy Brocato

      Hi Paddy - Just a quick thought on setting up the Plan Elements.  The setup of IC would be the similar to any other IC implementation regardless of industry.  It is important to identify your Plan Components for the different roles I.e., who receives Commission versus Bonus versus other.  For each of those components, what is the 1.) key performance measure,2.) the formula and 3.) the rate table to determine payouts. I.e.., Retail banks may incentivize employees with a comp plan that includes a bonus or commission based on  performance metrics such as total loans (i.e., student, mortgage, HELOC, SMB), total deposits, C-Sat scores, new accounts, loan yields, revenue etc.  Once you determine the employee roles, components, the associated measures, formulas and rates then you can take a deeper dive into those elements on how to best implement/import these into the tool. There are detailed resources for both using and implementing IC on the HelpCenter .  Of course success of any implementation project follow the same successful guidelines of other projects, I think gathering the right measurements from your customer / primary stakeholders at the onset is critical. If you cannot find details you are looking for on the HelpCenter, Jay recommended utilizing the Solution Design Review process as well. I have utilized this team when I've had unique business cases. Good luck on your project!