The start must be highly visible for everyone who is part of the incentive plan. The bank needs to do an official announcement with an official kick off. Ideas like a “countdown to kick off” or some marketing material to use as an announcement to inform the team that the program has officially began. It is important to highlight that everyone is supporting this plan and everyone on the management team is also working to achieve the target goal.
A Vice President could deliver a message through a video or email and keep updating the team with the monthly results and encouragement. The plan needs to be measurable. The only way to truly measure the success of any initiative is to regularly monitor progress. One of the ways to monitor is by using Maxwell. If implemented, Maxwell has
...a functionality to track cycle times and other key metrics.
Another method is to measure the result manually by tracking each employee’s mortgage processes on a weekly basis. A simple way to communicate the results every month is through mass emails, screensavers on desktop monitors, or by using the large main screen at the office building to broadcast this. If the team did not hit the numbers for the month then they should have a review panel formed and see what went right and what went wrong. Webster Bank will need to understand how they could improve in a realistic way. If the outcome was positive and the bank team is successful, the bank management team should take a moment to say thank you to everyone and tell him or her what a great job they are doing.
Management should
strive to keep the team on the path to success. Finally, everyone wins. In many cases, experiences are worth more than money. Another motivator that the bank could consider is offering the employees some time to celebrate the success. An idea might include a celebration at work with catered lunch from a local restaurant or a special event off site when the team goes achieves their goals early. A common mistake that financial institutions make is continuing with incentive programs for a long time without celebrating the success or sharing the improvement, which could lead to negative morale.
Prestige Solutions will follow the basis points system. If the back office members processes the mortgage in the target time (45 days or less) then he or she will be eligible to have 8 basis points. If not, then they will not receive points. One basis point is the equivalent of .0001 when calculating totals.
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