53SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Paul Robert Paul Robert has been helping financial institutions drive their retail growth strategies for over 20 years. Paul is the Chief Executive Officer for FI Strategies, LLC, a private consulting company … Web: fi-strategies.com Details It’s been about six months since the Wells Fargo incentive debacle hit the CFPB fan. Since that time many of our credit union clients have asked for a review of their incentive and total compensation programs to make sure they adhere to the required “effective controls and oversight” and their incentives don’t cause “significant harm to consumers posed by incentive programs”.The first (and most challenging) question in any review of incentive programs should be simply: are we sure we really need an incentive program? Many credit union executives assume they need monetary incentives to produce the growth their organization desires. The fact of the matter is many employees, including those in your “sales” positions, don’t rank money as their primary motivator. They’d be just as happy and highly motivated by other forms of recognition.But if you insist on having a monetary-based incentive program, here is a six-pack of considerations to make sure you’re optimally successful and compliant:Are you incenting behavior and production that supports your credit union strategy and mission? The good news about incentives is they drive behavior; the bad news about incentives is they drive behavior. Make sure all incented behavior upholds your goal to be the member’s financial “partner” and you’re not unintentionally driving the wrong behaviors.Are you receiving increased performance as a result of paying an incentive? The only reason you should be paying an incentive is if you’re receiving production you wouldn’t otherwise be receiving. Don’t pay an above-base incentive if you’re not receiving above-base production from sales staff.Are your incentives consistent with your total compensation philosophy? Make sure your incentive payments are keeping you within your market-based pay grades. If you’re already paying above market on a base salary, you don’t need to also pay above market on incentives.Are your incentives easy to understand? Your incentive plan should adhere to the KISS principle – keep it simple, stupid! Limit the calculations to no more than three variables and make sure all employees know exactly what they need to do to earn their incentive.Are you providing additional incentives besides the monetary ones? As noted above, not all employees are going to be motivated by money so make sure you have other motivators in place – time off, awards, President’s Club, etc – and include your employees in the program design.Are you closely monitoring your incentive program? Someone needs to own your incentive program. Often, that owner is the HR Director but others should be included in the management and oversight of it. Board committees, CFO, Sales Manager, Marketing Department, and Senior Executive Team all share the vital responsibility of maintaining the program’s integrity.If your credit union needs to review your incentive program for compliance and appropriateness, I have two options for you: 1) email me at [email protected] to set up a no obligation conversation about what you’re doing today and how to best position your incentive program for the future; and 2) check into a webinar I will be hosting on Thursday, June 8 called “Avoid the Incentive Trap” – contact Lacinda Athen at [email protected] for details.
Hull have signed Scotland international Robert Snodgrass from Norwich on a three-year deal. Press Association The clubs agreed a fee for the 26-year-old on Thursday, understood to be a one-off payment of £7million, and personal terms have now been settled on the winger’s switch to the KC Stadium. It is the second major signing of the close season for the Tigers, who last week bought former loanee Jake Livermore from Tottenham for a club-record fee rising to £8million. Like Livermore, Snodgrass fits manager Steve Bruce’s preferred profile of players with Premier League experience, a model he enjoyed success with in Hull’s first season back in the top flight. Snodgrass had a year left on his contract at Carrow Road but was eager to avoid dropping down a division following last season’s relegation. Sunderland and Stoke had been linked with a move for the player, but are thought to have been put off by a price tag Hull were willing to meet. He made 34 appearances in 2013-14, scoring seven times. Speaking after putting pen to paper, Snodgrass told www.hullcitytigers.com: “Having spoken to the owners and the manager here, and having seen the plans they have for this club, I was very keen to be a part of it all. “Once the fee was agreed between the two clubs, it all happened very quickly and everything the club has done to get the deal completed has been unbelievable. “This is the start of an exciting new chapter for me and for my family and I just can’t wait to get started now.” Hull, who have the added commitment of Europa League football following their FA Cup final appearance in May, have also been linked with a move for Bristol Rovers teenager Alefe Santos. The Conference side tweeted that the 19-year-old Brazil-born midfielder had turned down a new contract and mentioned Hull as a possible destination, but the Tigers are not understood to have made a formal offer to Santos. “Alefe Santos has decided not to sign a new deal with Bristol Rovers. We understand that Santos is in talks with Hull City. Any fee for Santos will have to be determined by tribunal,” Rovers wrote.
That is backed up by his statistics since January 1 as he has scored 11 in 16 matches. “I think there have been two clear different periods,” added Martinez. “Coming back from the World Cup was a really tough moment from a physical point of view to get back to his best level. “We worked really hard to get him back to the level and from the last week of December there was a real change for someone like him who relies on his physical capability. “I thought he hit the best level and from that point on we have seen a completely different Romelu: someone who was in control of his movements and then the power and pace was very effective. “He has always been a clinical goalscorer and I think his level has generally been quite impressive.” In four Europa League ties in the knockout stage Lukaku scored seven times, including a hat-trick against Young Boys in Switzerland. With 18 goals in total this season he is Everton’s leading scorer by some considerable margin (Steven Naismith and Kevin Mirallas have nine apiece). Martinez believes Lukaku has shown he can shoulder the burden which comes with his £28million price tag. “What he has done in Europe and what he has done as a young man, taking responsibility for the team, has been very impressive,” he said. “He is only 21 and it is only his second full season in an important role in a team playing a lot of minutes. “Last season he managed to play 20 full games, I expect him to play more than that this season and that will be an incredible step forward to grow and develop. “Since January we have been delighted with his performances but I must admit since the start of the season I have been delighted with his attitude as he has taken responsibility and grown so quickly. “When you see Rom play now you would never say he was 21 years old.” However, Martinez believes he would have a difficult time trying to convince him to take it easy, even if he was inclined to protect his striker from more injuries before the end of the campaign. “I think it would be near-enough impossible to keep Rom away from the football pitch at this stage. It’s not in his nature,” said the Spaniard. “Someone like Rom needs to be on the football pitch. He is only 21 and I don’t think there is any need for that at all. “If I am completely honest I think he has been suffering a lot in the last seven to 10 days that he has been injured and away from the team. “Rom belongs on the pitch, working for the team and scoring goals and becoming important and I don’t think there is a strong case to rest him now. “What we have to make sure is when he gets involved with Belgium in June he gets a proper break and he can recover and regenerate and get ready for next season.” Lukaku struggled to find his form in the first half of the season after the World Cup and he had only two goals to his name by mid-October. In 26 appearances up to and including January 1 he scored just seven times, but Martinez believes once he regained full sharpness there was a significant change. Everton manager Roberto Martinez admits he would not be able to ease striker Romelu Lukaku through the remainder of the season even if he wanted to. The Belgium international is set to return from a four-week absence with a hamstring injury this weekend at home to Burnley. Considering the workload the 21-year-old has had over the last 10 months, taking in the World Cup in Brazil and then heading straight into a Premier League and European campaign, there may have been a temptation to let their top scorer have a more restful end to the season with the Toffees having nothing to play for. Press Association