New FSA Guidelines Suggest Adaptations to Incentive Schemes for - Sarah-Jane Heber-Hall - ContactCenterWorld.com Blog
In September, the Financial Services Authority (FSA) issued new guidelines relating to staff that are incentivised on sales. Their concerns were focused on incentive schemes with high-risk features, where advisors can earn significant bonuses for the sale. The FSA’s concerns were that most organisations do not have effective systems in place to control the potential risk of mis-selling arising from these incentives.
The result of this announcement has led to companies such as Lloyds TSB, Barclays and British Gas looking at alternative schemes, including recognition and rewards for good customer service.
Products like Quality Evaluation and Dashboard tools will help create an alternative method of fair and impartial recognition and rewards decision-making, based on performance and customer service qualities that match the standards and core values of the organisation.
Planning what you want out of the activity is the primary focus. Make sure that both the company and the employee understand how the process of performance measurement will work and how it will affect them. Set clear and defined objectives and expectations and try to involve them in the process as much as possible. Manage these tasks to occur at a regular time and make sure that they are considered important and a priority, by both parties.
By monitoring performance throughout the company, it is possible to compare and contrast individuals, teams and departments and produce reports and statistics, based around the performance results. The benefits of these findings not only ensure that the company is operating effectively, but it can also be directly fed back to employees, for motivational purposes, through introducing performance related bonus schemes, reward and recognition schemes and best practice libraries, where examples of agents good performance is made available to all, for coaching and training purposes, subsequently acting as a powerful motivational tool.
Making it an interactive experience also helps. One leading contact centre, allowed their staff to listen to the intended calls that they were going to be appraised on, prior to the session. This allowed the agent to be more scathing in their interpretation of these specific highlighted performance snapshots, than the team leader carrying out the appraisals would ever be. This made the appraisals more focused and productive, and the agents felt more prepared and less defensive, as a result. They had already anticipated what the feedback was likely to be, and were prepared to look at ways to improve, or adapt their specific skills, where necessary. Hearing good aspects of their performance and being praised for it was also motivational and positive.
Offering a transparent, impartial and consistent way of rewarding and incentivising staff that also allows measurement and management reporting to occur regarding staff performance, must be a proactive and positive method of management.
Publish Date: November 23, 2012 3:11 PM