Comment from Xactly: Bonuses not bumper enough for young bankers
Tom Castley, VP EMEA of Xactly:“The news that young professionals are set to turn their back on the financial sector as bonuses fail to live up to their high expectations is problematic for the industry. This however is largely due to the fact that these young professionals were not communicated with properly, so didn't have a clear view of their compensation and benefits and what would be a realistic bonus. Our research found that money is what drives people, with over a quarter of employees in the UK stating that a financial bonus is their top motivator and is the reward they seek. Bonuses, commission and other monetary aspects are some of the quickest motivational levers companies can pull to align and motivate staff and can be applied throughout the whole organisation.
“If it wants to retain top talent, the financial sector must look at ways to provide their employees with tools to accurately track and predict their pay. Young professionals need a real-time, detailed view of their achievements – it’s not enough to tell employees they will get a bonus ‘if they hit targets’. Employees need to understand what they need to do to achieve those targets and be able to map their performance against this, tracking, for example, sales expectations. Giving young professionals this view of performance and the bonus that they’re earning will inspire them. It ensures that the right people are rewarded and allows employees to achieve the second thing they crave: recognition. As a result the business will better understand where its success comes from, and employees will be encouraged to remain loyal and productive.”
