Driving Profitable Growth through Incentive Compensation

A three part webinar series presented by Cygnal TLC
Part 2: Motivate
DATE: June 14th
TIME: 1pm EST
SIGN UP: email sales@aljex.com

Motivational incentive compensation rests on two fundamental principles: goaling and bucketing. Goals define success. Without goals, you cannot gauge the performance of one broker vs another.

You may think you can by using absolute numbers, but pretty quickly the fallacy in this becomes evident as not all accounts are equally difficult and not all growth represents equal stretch. Well-set goals are a more accurate measure of true performance rather than relying on the luck of the draw.

Bucketing is the concept of accumulating transactional performance into a sum for the performance period (month, quarter, etc). It takes compensation beyond the transaction and allows for increased differentiation in pay at higher levels of performance. Bucketing allows for a variety of different, motivational incentive techniques such as marginal or retroactive commission rates (the rate escalates at higher levels of cumulative performance) and for goal-attainment plans. Bucketing also allows for the introductions of thresholds and excellence inflection points, allowing for more than one "goal" per measure, as each inflection point represents a new level to strive for.

This webinar will explore these two concepts and show you different incentive approaches that can be developed from these two basic principles.