{"id":59850,"date":"2023-10-30T13:33:25","date_gmt":"2023-10-30T13:33:25","guid":{"rendered":"https:\/\/www.akeron.com\/?p=59850"},"modified":"2024-05-10T10:21:00","modified_gmt":"2024-05-10T10:21:00","slug":"why-is-incentive-compensation-management-crucial-in-the-financial-services-industry","status":"publish","type":"post","link":"https:\/\/www.akeron.com\/en\/2023\/10\/30\/why-is-incentive-compensation-management-crucial-in-the-financial-services-industry\/","title":{"rendered":"Why is Incentive Compensation Management crucial in the Financial Services Industry"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"59850\" class=\"elementor elementor-59850\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a98ac4b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a98ac4b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-52ce2b0\" data-id=\"52ce2b0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7596aa6 elementor-widget elementor-widget-text-editor\" data-id=\"7596aa6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 20-08-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<div id=\"\" class=\"elementor-element elementor-element-edit-mode elementor-element-acf1e28 elementor-element--toggle-edit-tools elementor-widget elementor-widget-heading\" data-id=\"acf1e28\" data-element_type=\"widget\" data-model-cid=\"c39\" data-widget_type=\"heading.default\"><div class=\"elementor-widget-container\"><h3 class=\"elementor-heading-title elementor-size-default elementor-inline-editing\" data-elementor-setting-key=\"title\">Scenario<\/h3><\/div><\/div><div class=\"elementor-element elementor-element-edit-mode elementor-element-a7c2250 elementor-element--toggle-edit-tools elementor-widget elementor-widget-text-editor\" data-id=\"a7c2250\" data-element_type=\"widget\" data-model-cid=\"c42\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-text-editor elementor-clearfix elementor-inline-editing\" data-elementor-setting-key=\"editor\" data-elementor-inline-editing-toolbar=\"advanced\"><p>In times of high inflation, the number one priority for investors and financial services institutions is to protect savings and maximise return.<\/p><p>The financial services sector is therefore entrusted with the demanding task of meeting these needs while assuring customers are making the best investment decisions. \u00a0<\/p><p>In this context, client facing resources such as brokers\/private bankers and portfolio managers become roles that should be properly motivated while managing compliance set by regulators.<\/p><p>A reliable system for managing incentives and commissions is a primary success factor to meet the expectations outlined above.<\/p><\/div><\/div><\/div><div id=\"\" class=\"elementor-element elementor-element-edit-mode elementor-element-02c1523 elementor-element--toggle-edit-tools elementor-widget elementor-widget-heading\" data-id=\"02c1523\" data-element_type=\"widget\" data-model-cid=\"c45\" data-widget_type=\"heading.default\"><div class=\"elementor-widget-container\"><h3 class=\"elementor-heading-title elementor-size-default elementor-inline-editing\" data-elementor-setting-key=\"title\">Challenges and critical issues in Incentive Compensation process<\/h3><\/div><\/div><div id=\"\" class=\"elementor-element elementor-element-edit-mode elementor-element-4731486 elementor-element--toggle-edit-tools elementor-widget elementor-widget-text-editor\" data-id=\"4731486\" data-element_type=\"widget\" data-model-cid=\"c48\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-text-editor elementor-clearfix elementor-inline-editing\" data-elementor-setting-key=\"editor\" data-elementor-inline-editing-toolbar=\"advanced\"><p>Here are the major challenges organizations face when designing and implementing an incentive compensation process.<\/p><\/div><\/div><\/div><div id=\"\" class=\"elementor-element elementor-element-edit-mode elementor-element-2d3b5f8 elementor-element--toggle-edit-tools elementor-widget elementor-widget-heading\" data-id=\"2d3b5f8\" data-element_type=\"widget\" data-model-cid=\"c51\" data-widget_type=\"heading.default\"><div class=\"elementor-widget-container\"><h5 class=\"elementor-heading-title elementor-size-default elementor-inline-editing\" data-elementor-setting-key=\"title\">TALENT RETENTION<\/h5><\/div><\/div><div id=\"\" class=\"elementor-element elementor-element-edit-mode elementor-element-a2e351c elementor-element--toggle-edit-tools elementor-widget elementor-widget-text-editor\" data-id=\"a2e351c\" data-element_type=\"widget\" data-model-cid=\"c54\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-text-editor elementor-clearfix elementor-inline-editing\" data-elementor-setting-key=\"editor\" data-elementor-inline-editing-toolbar=\"advanced\"><p>It is no secret that retaining top talent is key to promoting organizational growth. Recruiting and retaining new employees is expensive and time consuming. Moreover, turnover negatively affects the productivity and morale of your employees.<\/p><p>It is not all about the money, but certain roles are measured on performance and there is an expectation that performance is managed in a transparent and rewarding manner.<\/p><p>A clunky and error prone compensation process leads to higher turnover rates.<\/p><\/div><\/div><\/div><div id=\"\" class=\"elementor-element elementor-element-edit-mode elementor-element-46e1cd5 elementor-element--toggle-edit-tools elementor-widget elementor-widget-heading\" data-id=\"46e1cd5\" data-element_type=\"widget\" data-model-cid=\"c57\" data-widget_type=\"heading.default\"><div class=\"elementor-widget-container\"><h5 class=\"elementor-heading-title elementor-size-default elementor-inline-editing\" data-elementor-setting-key=\"title\">MANAGE COMPLEX INCENTIVE MODELS<\/h5><\/div><\/div><div id=\"\" class=\"elementor-element elementor-element-edit-mode elementor-element-572e4e7 elementor-element--toggle-edit-tools elementor-widget elementor-widget-text-editor\" data-id=\"572e4e7\" data-element_type=\"widget\" data-model-cid=\"c60\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-text-editor elementor-clearfix elementor-inline-editing\" data-elementor-setting-key=\"editor\" data-elementor-inline-editing-toolbar=\"advanced\"><p>FS organisations feature complex, structured, and highly personalised incentive models. They are often managed by manual and fragmented systems, which inevitably leads to errors. In addition, manual processes are resource intensive and reward teams are inevitably focussed on low value activities with the frustration and risk of potential overpayments.\u00a0<\/p><\/div><\/div><\/div><div id=\"\" class=\"elementor-element elementor-element-edit-mode elementor-element-1c24cef elementor-element--toggle-edit-tools elementor-widget elementor-widget-heading\" data-id=\"1c24cef\" data-element_type=\"widget\" data-model-cid=\"c63\" data-widget_type=\"heading.default\"><div class=\"elementor-widget-container\"><h5 class=\"elementor-heading-title elementor-size-default elementor-inline-editing\" data-elementor-setting-key=\"title\">INADEQUATE HR MANAGEMENT SYSTEM<\/h5><\/div><\/div><div id=\"\" class=\"elementor-element elementor-element-edit-mode elementor-element-cf3ebe2 elementor-element--toggle-edit-tools elementor-widget elementor-widget-text-editor\" data-id=\"cf3ebe2\" data-element_type=\"widget\" data-model-cid=\"c66\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-text-editor elementor-clearfix elementor-inline-editing\" data-elementor-setting-key=\"editor\" data-elementor-inline-editing-toolbar=\"advanced\"><p>HR management solutions are not suitable to manage these processes. Incentive models require a higher level of flexibility and need to be remodeled with higher frequency than base salaries or MBO calculations.<\/p><\/div><\/div><\/div><div id=\"\" class=\"elementor-element elementor-element-edit-mode elementor-element-caec0bd elementor-element--toggle-edit-tools elementor-widget elementor-widget-heading\" data-id=\"caec0bd\" data-element_type=\"widget\" data-model-cid=\"c69\" data-widget_type=\"heading.default\"><div class=\"elementor-widget-container\"><h5 class=\"elementor-heading-title elementor-size-default elementor-inline-editing\" data-elementor-setting-key=\"title\">NEED TO MEET REGULATORY REQUIREMENTS<\/h5><\/div><\/div><div id=\"\" class=\"elementor-element elementor-element-edit-mode elementor-element-beb47a1 elementor-element--toggle-edit-tools elementor-widget elementor-widget-text-editor\" data-id=\"beb47a1\" data-element_type=\"widget\" data-model-cid=\"c72\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-text-editor elementor-clearfix elementor-inline-editing\" data-elementor-setting-key=\"editor\" data-elementor-inline-editing-toolbar=\"advanced\"><p>The compliance factor is also relevant. Financial Services are a highly regulated sector for all sorts of reasons. Meeting regulatory requirements primarily involves a completely transparent, verifiable, and traceable compensation process.<\/p><\/div><\/div><\/div><div id=\"\" class=\"elementor-element elementor-element-edit-mode elementor-element-5a5bca4 elementor-element--toggle-edit-tools elementor-widget elementor-widget-heading\" data-id=\"5a5bca4\" data-element_type=\"widget\" data-model-cid=\"c75\" data-widget_type=\"heading.default\"><div class=\"elementor-widget-container\"><h5 class=\"elementor-heading-title elementor-size-default elementor-inline-editing\" data-elementor-setting-key=\"title\">A SINGLE SOURCE OF TRUTH<\/h5><\/div><\/div><div id=\"\" class=\"elementor-element elementor-element-edit-mode elementor-element-36ff4bd elementor-element--toggle-edit-tools elementor-widget elementor-widget-text-editor\" data-id=\"36ff4bd\" data-element_type=\"widget\" data-model-cid=\"c78\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-text-editor elementor-clearfix elementor-inline-editing\" data-elementor-setting-key=\"editor\" data-elementor-inline-editing-toolbar=\"advanced\"><p>Digitising the compensation process removes the above-mentioned obstacles and issues.<\/p><ul><li>creates a single repository of rules and regulations where all information is traceable<\/li><li>prevent errors<\/li><li>ensure rapidity of calculations<\/li><li>saves time and effort<\/li><\/ul><\/div><\/div><\/div><div id=\"\" class=\"elementor-element elementor-element-edit-mode elementor-element-83664a7 elementor-element--toggle-edit-tools elementor-widget elementor-widget-heading\" data-id=\"83664a7\" data-element_type=\"widget\" data-model-cid=\"c81\" data-widget_type=\"heading.default\"><div class=\"elementor-widget-container\"><h3 class=\"elementor-heading-title elementor-size-default elementor-inline-editing\" data-elementor-setting-key=\"title\">Digitalisation: the key to success<\/h3><\/div><\/div><div id=\"\" class=\"elementor-element elementor-element-edit-mode elementor-element-e91def5 elementor-element--toggle-edit-tools elementor-widget elementor-widget-text-editor\" data-id=\"e91def5\" data-element_type=\"widget\" data-model-cid=\"c84\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-text-editor elementor-clearfix elementor-inline-editing\" data-elementor-setting-key=\"editor\" data-elementor-inline-editing-toolbar=\"advanced\"><p>The digitalization of processes quickly responds to the growing and widespread need for planning and managing incentives, as it effectively simplifies and streamlines the work of strategic roles.<\/p><p>Benefits include:<\/p><ul><li>The <strong>HR Department<\/strong> can monitor and control the variable remuneration of employees by managing reference KPIs effectively;<\/li><li>The <strong>Finance\/Accounting<\/strong> Department can produce more accurate company\u2019s budgets and forecasts by optimising the control over incentive-related commercial costs;<\/li><li>The <strong>IT<\/strong> Department can centralise and efficiently manage key processes that would otherwise be scattered and out of control;<\/li><li>Lastly, digitalisation supports <strong>the entire structure<\/strong> in monitoring the progress of incentives through accurately tracking performance.<\/li><\/ul><\/div><\/div><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d152926 elementor-widget elementor-widget-spacer\" data-id=\"d152926\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - 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