The robust sales team of financial institution One Nevada Credit Union will now be better able to monitor and develop compensation plans, amongst other related functions, thanks to the recent implementation of the Respect sales performance management (SPM) system. Through the new SPM system, the company hopes to better track, measure and provide incentives for its mature sales culture.
This isn't the first platform that One Nevada has used to monitor and improve its compensation plans. However, the program and practices it had been utilizing for decades prior proved to be ineffective as the financial institution continued to expand. One Nevada soon found itself struggling with antiquated technology systems that were making operations more difficult than necessary. The switch to the Respect platform enables the company to customize and perfect its compensation systems for today's work environment.
"Unlike many other financial institutions, we pay incentives based on the quality of sales as well as cross-selling ratios," said Haigohe Miller, vice president of One Nevada Credit Union. "We utilize specific calculations to determine employees' incentive pay-outs based on values we assign to each product and service. KIVA Group stands alone amongst market players in its ability to accommodate our unique requirements. We never thought we would find such a perfect sales tracking product."
In particular, One Nevada Credit Union looked to use the Respect software to access referral and sales data directly in realtime. This makes it easy for sales managers and other executives to quickly and effectively check up-to-date sales data in a high-level fashion (district or state-wide) or at a lower level (per employee or branch).
As One Nevada notes, SPM technology is not new by any sense of the term. However, improvements in technology enable companies to gain more value from solutions as they continue to evolve and vendors develop new features and functions.
Many SPM vendors are looking to give their customers more functionality with their SPM programs. Most recently, Synygy announced a mobile version of its software solution that allows sales managers to hold data in the palms of their hands with smartphones and tablets. This is just one of the many advancements that are driving the SPM market forward.