How can you use compensation to build a performance culture?
Under the spotlight of government oversight, in a highly regulated industry facing extreme challenges on numerous fronts, a company needed to reinvent itself and its culture. It had to retain key people through a period of transformation, build a culture of performance, and create new affinity for the organization – all without increasing costs.
The Accompass touch
Working closely with our client, we designed and implemented a three-pronged compensation program for senior executives, incorporating base salary, annual bonus, and a long-term incentive. While many executives’ annual base pay remained flat, the long-term incentive ensured they stayed engaged and reinvigorated their focus on sustainable performance.
Meanwhile, we put measures in place to reinvent the culture at all levels. For instance, gift cards for the company’s own services became a common reward for employees – and, for the first time, many staff experienced first-hand what its customers did. We also implemented a new performance evaluation and development program, which made every employee eligible for promotion.
Inside the company, fixed attitudes and notions of entitlement have given way to customer-centricity and fresh thinking. With its new compensation and incentive programs, employees at all levels are more engaged and thoughtful about the role of the company in its customer’s lives – and they are successfully repositioning themselves as an entirely new kind of player in the industry.