{"id":11573,"date":"2023-11-03T16:47:18","date_gmt":"2023-11-03T15:47:18","guid":{"rendered":"https:\/\/www.akeron.com\/vulki\/?post_type=news&#038;p=11573"},"modified":"2023-11-03T16:49:08","modified_gmt":"2023-11-03T15:49:08","slug":"incentive-compensation-management-challenges-in-financial-services-industry","status":"publish","type":"news","link":"https:\/\/www.akeron.com\/vulki\/en\/news\/incentive-compensation-management-challenges-in-financial-services-industry\/","title":{"rendered":"Incentive Compensation Management Challenges In Financial Services Industry"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"11573\" class=\"elementor elementor-11573\" data-elementor-post-type=\"news\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-26bb0dd elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"26bb0dd\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-56c6394\" data-id=\"56c6394\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-44e1975 elementor-widget elementor-widget-text-editor\" data-id=\"44e1975\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 20-08-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<div class=\"elementor-element elementor-element-acf1e28 elementor-widget elementor-widget-heading\" data-id=\"acf1e28\" data-element_type=\"widget\" data-widget_type=\"heading.default\"><div class=\"elementor-widget-container\"><h3 class=\"elementor-heading-title elementor-size-default\">Scenario<\/h3><\/div><\/div><div class=\"elementor-element elementor-element-a7c2250 elementor-widget elementor-widget-text-editor\" data-id=\"a7c2250\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><p>In times of high inflation, the number one priority for investors and financial services institutions is to protect savings and maximise return.<\/p><p>The financial services sector is therefore entrusted with the demanding task of meeting these needs while assuring customers are making the best investment decisions. \u00a0<\/p><p>In this context, client facing resources such as brokers\/private bankers and portfolio managers become roles that should be properly motivated while managing compliance set by regulators.<\/p><p>A reliable system for managing incentives and commissions is a primary success factor to meet the expectations outlined above.<\/p><\/div><\/div><div class=\"elementor-element elementor-element-02c1523 elementor-widget elementor-widget-heading\" data-id=\"02c1523\" data-element_type=\"widget\" data-widget_type=\"heading.default\"><div class=\"elementor-widget-container\"><h3 class=\"elementor-heading-title elementor-size-default\">Challenges and critical issues in Incentive Compensation process<\/h3><\/div><\/div><div class=\"elementor-element elementor-element-4731486 elementor-widget elementor-widget-text-editor\" data-id=\"4731486\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><p>Here are the major challenges organizations face when designing and implementing an incentive compensation process.<\/p><\/div><\/div><div class=\"elementor-element elementor-element-2d3b5f8 elementor-widget elementor-widget-heading\" data-id=\"2d3b5f8\" data-element_type=\"widget\" data-widget_type=\"heading.default\"><div class=\"elementor-widget-container\"><h5 class=\"elementor-heading-title elementor-size-default\">TALENT RETENTION<\/h5><\/div><\/div><div class=\"elementor-element elementor-element-a2e351c elementor-widget elementor-widget-text-editor\" data-id=\"a2e351c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><p>It is no secret that retaining top talent is key to promoting organizational growth. Recruiting and retaining new employees is expensive and time consuming. Moreover, turnover negatively affects the productivity and morale of your employees.<\/p><p>It is not all about the money, but certain roles are measured on performance and there is an expectation that performance is managed in a transparent and rewarding manner.<\/p><p>A clunky and error prone compensation process leads to higher turnover rates.<\/p><\/div><\/div><div class=\"elementor-element elementor-element-46e1cd5 elementor-widget elementor-widget-heading\" data-id=\"46e1cd5\" data-element_type=\"widget\" data-widget_type=\"heading.default\"><div class=\"elementor-widget-container\"><h5 class=\"elementor-heading-title elementor-size-default\">MANAGE COMPLEX INCENTIVE MODELS<\/h5><\/div><\/div><div class=\"elementor-element elementor-element-572e4e7 elementor-widget elementor-widget-text-editor\" data-id=\"572e4e7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><p>FS organisations feature complex, structured, and highly personalised incentive models. They are often managed by manual and fragmented systems, which inevitably leads to errors. In addition, manual processes are resource intensive and reward teams are inevitably focussed on low value activities with the frustration and risk of potential overpayments.\u00a0<\/p><\/div><\/div><div class=\"elementor-element elementor-element-1c24cef elementor-widget elementor-widget-heading\" data-id=\"1c24cef\" data-element_type=\"widget\" data-widget_type=\"heading.default\"><div class=\"elementor-widget-container\"><h5 class=\"elementor-heading-title elementor-size-default\">INADEQUATE HR MANAGEMENT SYSTEM<\/h5><\/div><\/div><div class=\"elementor-element elementor-element-cf3ebe2 elementor-widget elementor-widget-text-editor\" data-id=\"cf3ebe2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><p>HR management solutions are not suitable to manage these processes. Incentive models require a higher level of flexibility and need to be remodeled with higher frequency than base salaries or MBO calculations.<\/p><\/div><\/div><div class=\"elementor-element elementor-element-caec0bd elementor-widget elementor-widget-heading\" data-id=\"caec0bd\" data-element_type=\"widget\" data-widget_type=\"heading.default\"><div class=\"elementor-widget-container\"><h5 class=\"elementor-heading-title elementor-size-default\">NEED TO MEET REGULATORY REQUIREMENTS<\/h5><\/div><\/div><div class=\"elementor-element elementor-element-beb47a1 elementor-widget elementor-widget-text-editor\" data-id=\"beb47a1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><p>The compliance factor is also relevant. Financial Services are a highly regulated sector for all sorts of reasons. Meeting regulatory requirements primarily involves a completely transparent, verifiable, and traceable compensation process.<\/p><\/div><\/div><div class=\"elementor-element elementor-element-5a5bca4 elementor-widget elementor-widget-heading\" data-id=\"5a5bca4\" data-element_type=\"widget\" data-widget_type=\"heading.default\"><div class=\"elementor-widget-container\"><h5 class=\"elementor-heading-title elementor-size-default\">A SINGLE SOURCE OF TRUTH<\/h5><\/div><\/div><div class=\"elementor-element elementor-element-36ff4bd elementor-widget elementor-widget-text-editor\" data-id=\"36ff4bd\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><p>Digitising the compensation process removes the above-mentioned obstacles and issues.<\/p><ul><li>creates a single repository of rules and regulations where all information is traceable<\/li><li>prevent errors<\/li><li>ensure rapidity of calculations<\/li><li>saves time and effort<\/li><\/ul><\/div><\/div><div class=\"elementor-element elementor-element-83664a7 elementor-widget elementor-widget-heading\" data-id=\"83664a7\" data-element_type=\"widget\" data-widget_type=\"heading.default\"><div class=\"elementor-widget-container\"><h3 class=\"elementor-heading-title elementor-size-default\">Digitalisation: the key to success<\/h3><\/div><\/div><div class=\"elementor-element elementor-element-e91def5 elementor-widget elementor-widget-text-editor\" data-id=\"e91def5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><p>The digitalization of processes quickly responds to the growing and widespread need for planning and managing incentives, as it effectively simplifies and streamlines the work of strategic roles.<\/p><p>Benefits include:<\/p><ul><li>The\u00a0<strong>HR Department<\/strong>\u00a0can monitor and control the variable remuneration of employees by managing reference KPIs effectively;<\/li><li>The\u00a0<strong>Finance\/Accounting<\/strong>\u00a0Department can produce more accurate company\u2019s budgets and forecasts by optimising the control over incentive-related commercial costs;<\/li><li>The\u00a0<strong>IT<\/strong>\u00a0Department can centralise and efficiently manage key processes that would otherwise be scattered and out of control;<\/li><li>Lastly, digitalisation supports\u00a0<strong>the entire structure<\/strong>\u00a0in monitoring the progress of incentives through accurately tracking performance.<\/li><\/ul><\/div><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Scenario In times of high inflation, the number one priority for investors and financial services institutions is to protect savings and maximise return. The financial services sector is therefore entrusted with the demanding task of meeting these needs while assuring customers are making the best investment decisions. \u00a0 In this context, client facing resources such [&hellip;]<\/p>\n","protected":false},"featured_media":11575,"parent":0,"menu_order":0,"template":"","tag-news":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Incentive Compensation Management Challenges In Financial Services Industry - Vulki Software Platform<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.akeron.com\/vulki\/en\/news\/incentive-compensation-management-challenges-in-financial-services-industry\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Incentive Compensation Management Challenges In Financial Services Industry - Vulki Software Platform\" \/>\n<meta property=\"og:description\" content=\"Scenario In times of high inflation, the number one priority for investors and financial services institutions is to protect savings and maximise return. The financial services sector is therefore entrusted with the demanding task of meeting these needs while assuring customers are making the best investment decisions. \u00a0 In this context, client facing resources such [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.akeron.com\/vulki\/en\/news\/incentive-compensation-management-challenges-in-financial-services-industry\/\" \/>\n<meta property=\"og:site_name\" content=\"Vulki Software Platform\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-03T15:49:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.akeron.com\/vulki\/wp-content\/uploads\/sites\/2\/2023\/11\/top_banner_blog_eng-2048x1135-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2048\" \/>\n\t<meta property=\"og:image:height\" content=\"1135\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.akeron.com\/vulki\/en\/news\/incentive-compensation-management-challenges-in-financial-services-industry\/\",\"url\":\"https:\/\/www.akeron.com\/vulki\/en\/news\/incentive-compensation-management-challenges-in-financial-services-industry\/\",\"name\":\"Incentive Compensation Management Challenges In Financial Services Industry - Vulki Software Platform\",\"isPartOf\":{\"@id\":\"https:\/\/www.akeron.com\/vulki\/en\/#website\"},\"datePublished\":\"2023-11-03T15:47:18+00:00\",\"dateModified\":\"2023-11-03T15:49:08+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/www.akeron.com\/vulki\/en\/news\/incentive-compensation-management-challenges-in-financial-services-industry\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.akeron.com\/vulki\/en\/news\/incentive-compensation-management-challenges-in-financial-services-industry\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.akeron.com\/vulki\/en\/news\/incentive-compensation-management-challenges-in-financial-services-industry\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.akeron.com\/vulki\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"News\",\"item\":\"https:\/\/www.akeron.com\/vulki\/en\/news\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Incentive Compensation Management Challenges In Financial Services Industry\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.akeron.com\/vulki\/en\/#website\",\"url\":\"https:\/\/www.akeron.com\/vulki\/en\/\",\"name\":\"Vulki Software Platform\",\"description\":\"Composable platform to motivate and sell better\",\"publisher\":{\"@id\":\"https:\/\/www.akeron.com\/vulki\/en\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.akeron.com\/vulki\/en\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.akeron.com\/vulki\/en\/#organization\",\"name\":\"Vulki Software Platform\",\"url\":\"https:\/\/www.akeron.com\/vulki\/en\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.akeron.com\/vulki\/en\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.akeron.com\/vulki\/wp-content\/uploads\/sites\/2\/2023\/05\/LogoVulkiDef.svg\",\"contentUrl\":\"https:\/\/www.akeron.com\/vulki\/wp-content\/uploads\/sites\/2\/2023\/05\/LogoVulkiDef.svg\",\"caption\":\"Vulki Software Platform\"},\"image\":{\"@id\":\"https:\/\/www.akeron.com\/vulki\/en\/#\/schema\/logo\/image\/\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Incentive Compensation Management Challenges In Financial Services Industry - Vulki Software Platform","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.akeron.com\/vulki\/en\/news\/incentive-compensation-management-challenges-in-financial-services-industry\/","og_locale":"en_US","og_type":"article","og_title":"Incentive Compensation Management Challenges In Financial Services Industry - Vulki Software Platform","og_description":"Scenario In times of high inflation, the number one priority for investors and financial services institutions is to protect savings and maximise return. The financial services sector is therefore entrusted with the demanding task of meeting these needs while assuring customers are making the best investment decisions. \u00a0 In this context, client facing resources such [&hellip;]","og_url":"https:\/\/www.akeron.com\/vulki\/en\/news\/incentive-compensation-management-challenges-in-financial-services-industry\/","og_site_name":"Vulki Software Platform","article_modified_time":"2023-11-03T15:49:08+00:00","og_image":[{"width":2048,"height":1135,"url":"https:\/\/www.akeron.com\/vulki\/wp-content\/uploads\/sites\/2\/2023\/11\/top_banner_blog_eng-2048x1135-1.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.akeron.com\/vulki\/en\/news\/incentive-compensation-management-challenges-in-financial-services-industry\/","url":"https:\/\/www.akeron.com\/vulki\/en\/news\/incentive-compensation-management-challenges-in-financial-services-industry\/","name":"Incentive Compensation Management Challenges In Financial Services Industry - Vulki Software Platform","isPartOf":{"@id":"https:\/\/www.akeron.com\/vulki\/en\/#website"},"datePublished":"2023-11-03T15:47:18+00:00","dateModified":"2023-11-03T15:49:08+00:00","breadcrumb":{"@id":"https:\/\/www.akeron.com\/vulki\/en\/news\/incentive-compensation-management-challenges-in-financial-services-industry\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.akeron.com\/vulki\/en\/news\/incentive-compensation-management-challenges-in-financial-services-industry\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.akeron.com\/vulki\/en\/news\/incentive-compensation-management-challenges-in-financial-services-industry\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.akeron.com\/vulki\/en\/"},{"@type":"ListItem","position":2,"name":"News","item":"https:\/\/www.akeron.com\/vulki\/en\/news\/"},{"@type":"ListItem","position":3,"name":"Incentive Compensation Management Challenges In Financial Services Industry"}]},{"@type":"WebSite","@id":"https:\/\/www.akeron.com\/vulki\/en\/#website","url":"https:\/\/www.akeron.com\/vulki\/en\/","name":"Vulki Software Platform","description":"Composable platform to motivate and sell better","publisher":{"@id":"https:\/\/www.akeron.com\/vulki\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.akeron.com\/vulki\/en\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.akeron.com\/vulki\/en\/#organization","name":"Vulki Software Platform","url":"https:\/\/www.akeron.com\/vulki\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.akeron.com\/vulki\/en\/#\/schema\/logo\/image\/","url":"https:\/\/www.akeron.com\/vulki\/wp-content\/uploads\/sites\/2\/2023\/05\/LogoVulkiDef.svg","contentUrl":"https:\/\/www.akeron.com\/vulki\/wp-content\/uploads\/sites\/2\/2023\/05\/LogoVulkiDef.svg","caption":"Vulki Software Platform"},"image":{"@id":"https:\/\/www.akeron.com\/vulki\/en\/#\/schema\/logo\/image\/"}}]}},"_links":{"self":[{"href":"https:\/\/www.akeron.com\/vulki\/en\/wp-json\/wp\/v2\/news\/11573"}],"collection":[{"href":"https:\/\/www.akeron.com\/vulki\/en\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/www.akeron.com\/vulki\/en\/wp-json\/wp\/v2\/types\/news"}],"version-history":[{"count":4,"href":"https:\/\/www.akeron.com\/vulki\/en\/wp-json\/wp\/v2\/news\/11573\/revisions"}],"predecessor-version":[{"id":11581,"href":"https:\/\/www.akeron.com\/vulki\/en\/wp-json\/wp\/v2\/news\/11573\/revisions\/11581"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.akeron.com\/vulki\/en\/wp-json\/wp\/v2\/media\/11575"}],"wp:attachment":[{"href":"https:\/\/www.akeron.com\/vulki\/en\/wp-json\/wp\/v2\/media?parent=11573"}],"wp:term":[{"taxonomy":"tag-news","embeddable":true,"href":"https:\/\/www.akeron.com\/vulki\/en\/wp-json\/wp\/v2\/tag-news?post=11573"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}