Employee salary levels and incentive pay schedules will obviously vary from institution to institution, region to region, and community to community. It is not feasible or practical to set one standard pay schedule for all In-Store Branch Managers, Assistant Branch Managers, and Financial Service Representatives. However, there are several methods that are useful in setting the proper salary level for your in-store staff.
Base Salary
Branch Manager – It is recommended that the base salary of the Branch Manager be comparable to the base salary of either the traditional Branch Managers or Assistant Branch Managers of your institution depending on qualifications.
Assistant Branch Manager – It is recommended that the base salary of the Assistant Branch Manager be comparable to the base salary of the other Assistant Branch Managers of your institution or the higher of either a Head Teller or Financial Service/New Accounts position.
Financial Service Representatives (FSR) – It is recommended that the base salary of the FSR’s of your In-Store Branch be compensated at a level 10% to 20% higher than the traditional teller positions of your institution. Major reasons for this are the flexible schedule demands and expanded responsibilities of the FSR’s.
Peak-Time or Part-Time FSR’s – It is recommended that these employees be compensated at a level 10% to 20% higher than the traditional peak-time or part-time “hourly” employee of your institution. Again, this is due to the flexible schedule demands and expanded responsibilities.
Benefits
It is strongly recommended that the same benefits policies that apply to the traditional branches apply to the In-Store Branch. Whatever guidelines are used to determine benefits eligibility for the institution should apply to the In-Store Branch staff.
Incentive Pay
As with base pay schedules, there is no generic incentive pay program that would properly fit every institution. However, the importance of having an incentive program should not be overlooked. The staff of your In-Store Branch will operate in a fast paced, retail environment. To succeed in this environment, they will need to design and implement proactive marketing and sales efforts. A performance incentive program, when properly structured, both encourages and rewards those efforts, while accomplishing the overall goal:
- Growth in market share
- Profits for the In-Store Branch and the financial institution as a whole
In order for an incentive pay schedule to be successful, it must be:
- Understandable
- Easily Monitored
- Reachable
- Beneficial to Institution and Associate
Non-Monetary Incentive Ideas
Obtaining In-Store Branch associates’ buy-in is from time to time a challenge. Individuals are driven by different factors. Therefore, the introduction of non-monetary incentives may be your branch’s key to an outstanding sales effort. Non-monetary incentives do not have to be indulgent or expensive. Consider these suggestions:
Employee Contests
- Business Development Bingo
- Scavenger Hunts
- Build a Hamburger Contest: A bun is earned with 100 minutes of business development, the hamburger patty is earned with the opening of 15 new checking accounts, the condiments are earned with 25 successful referrals, and the pickles are earned with 30 PAs conducted. The first associate with a completed hamburger wins the prize.
- Earn points for larger prizes:
- A $15.00 iTunes gift card
- A $5.00 coffee shop gift card
- Free movie rental
- Movie tickets
- A candy bar
- Ability to leave 30 minutes early
- Lunch with the Branch Manager/Financial Institution President
Employee Trophies
- “U Rock” Award
- Teller of the Week
- Outstanding Sales Initiative
- Customer Service Specialist
- Most Improved Sales Associate
- Most Valuable Sales Associate
Reward Tasks
- Wash team’s cars
- Cook breakfast for the team
- Shave or color manager’s hair
Employee Titles
- PA King/Queen
- Director of Promotions
- Director of Fun or Innovation Coordinator
- Manager for a Day
- Scheduling Coordinator
