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The Use Of Business Incentives In Banking

Here’s an industry you never thought would employ heavy usage of incentives in their business practices – banking. That’s right; the banking industry relies heavily on incentives to help fulfill a number of their goals and objectives, such as:

Safety Incentive Programs – Banks have many more safety incentive programs in place than you would think. They have safety regulations, and they have to be prepared in the case of any eventuality, including robbers and fire. These educational safety incentive programs are often provided through an incentive platform, that way the tellers and all other staff are motivated and encouraged to learn their materials successfully, and not just passively. If banks don’t complete this constant safety training and updating of procedures, they don’t do business – plain and simple.

Employee Recognition Programs – Employee recognition programs allow banks to recognize employees who perform their tasks efficiently, and for meeting core metrics that are vital to the bank’s success. Most employees want to come to work and do their job so they don’t lose their income. But attaching an employee recognition program to behaviors and tasks makes them want repeat those behaviors in order to receive recognition and rewards for their efforts.

Sales Incentive Programs – Banks, as you know, don’t simply make money by storing your money in them. They sell services in order to make profits, just like any other business. When a sales incentive program is used, they are rewarded increased sales in these services. Examples of these reward programs include a quarterly goal to an increase the number of new savings accounts opened, or an increase in auto loans or LOC’s (lines of credit. Sales incentive programs can be used to reward each employee for opening up those accounts, meeting the banks goals.

Here at Loyaltyworks, we’ve been creating incentive programs for over 35 years. If you’d like to learn more about how one of our sales incentive programs, employee recognition programs, or safety incentive programs could positively affect your workplace and your bottom line, call us today at 1-800-844-5000.



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