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Teller Incentives

August 16, 2010

Teller Incentives

Benchmarking the productivity numbers for top-performing tellers can be a very effective tactic toward improving the efficiency on your teller line.  The key is to have a process in place that involves a custom Incentive Pay Plan that rewards all top producers based on established numbers.  Tellers will be motivated to excel, resulting in a significant improvement in teller productivity and service levels.

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What are some of the details of a successful teller incentive program?

Rewards for a performance-based incentive model can be calculated on employee productivity in terms of transactions processed per hour.  Incorporated into this method should be a system of thresholds that allows better performing employees to be rewarded at a higher marginal rate.  The program can either use a global, institution wide goal, or use goals set for each individual branch.

Blend of service, sales and productivity

Most importantly, a teller line that takes into consideration service, sales and productivity will be the most successful.  Having the right blend of metrics is the key.  Ultimately, it is critical that tellers concentrate on exceptionally friendly service, accurate transaction processing, needs assessment and are operating at the highest-level of productivity.

What are the keys to a successful program?

Ongoing Coaching – The value of the program must be clearly communicated to the tellers.  Continued coaching on needs assessment sales, proper service and productivity efficiency is very important.

A Fair Program – Adjust productivity goals per historic transaction levels per branch.  The tellers will appreciate the program if it has obtainable goals.

Monitor and Improve – Monitor the program periodically and adjust if necessary.  In this fast-paced and complex world, it is always helpful to remain diligent.

To learn more about a proven teller incentive program please contact FMSI for a demo by clicking here.

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