Financial Services
 

CompensationMaster provides a true meritocratic approach to compensating your variable-pay associates, giving your banking or financial firm a unique competitive advantage to recruit and retain key talent. 

Our strategy uses a two-pronged approach. We start with sophisticated algorithms based on Pareto Optimality (the same Pareto who identified the 80/20 rule) to solve for optimal economic efficiencies. Getting the math right ensures that the compensation structure is based on a solid financial foundation. The social science side of Pareto incorporates human factors to deliver a "bottom up" approach that helps ensure buy-in at all levels of the company.

Our program has been proven time and again for more than 25 years in multiple industries.  This approach has recently been updated to include the nuances of the financial services industry.

Working with your firm to include your unique concerns, we can help shape your compensation strategy and accurately predict the results on your bottom line before you roll out your new plans!

What we do:

• Help your firm gain a competitive advantage in both recruiting and retaining key talent with bold, forward-thinking and comprehensive compensation plans.
• Strengthen your bottom line using competitive compensation structures – with predictable results.
• Motivate your sales force by addressing their key concerns and providing them a say in how they are compensated.
• Provide organizational change management to ensure the changes you make are implemented using proven best practices and by consultants who have years of experience in your industry.

How we do it:

We use a proven four-phase methodology:

• Analyze the wants & needs of the individuals from the bottom to the top, through face-to-face meetings, anonymous surveys, and informal discussions.
• Collect and analyze financial data, normalize trends, identify areas of concern and opportunities for improvement.
• Using proprietary financial models, we build competitive, motivating compensation plan options that address the needs and concerns identified and build on the opportunities.
• Once the options are vetted and the executive team has provided the strategic direction, we deliver training and support throughout the rollout process.  We offer tools and a proven framework to assist in transitioning your existing sales force to new plans with maximum adoption rates.

Do you need our help?

• Do you want to shake up, reorganize, or breathe new life into your sales team?
• Have you recently gone through a merger or acquisition?
• Is recruiting and retaining top talent a critical part of your strategic plan?
• Do you want to build a better sales team by realigning the goals of the sales team and management?
• Do you own a financial advisory firm and plan to exit the practice at some point in the future?

If your company is in any of those situations, we can help. To learn more about CompensationMaster’s strategic approach to merit-based pay, contact:

Lee A. Griffin
Vice President of Financial Services