A successful branch manager understands the power of effectively motivating employees and there’s no better way to do this than through incentive compensation plans.
So, how come this isn’t a standard practice across the mortgage industry?
Most likely because managing incentive compensation structures on spreadsheets is a daunting process.
Historically, implementing incentive compensation in mortgage lending meant juggling a multitude of variable-based, complex sales structures using manual approaches that generally involved spreadsheets. As companies and loan volume increased, managing incentive compensation structures became even more cumbersome and labor intensive, requiring significantly more man-hours and financial resources.
Without the right tools in place, the implementation, execution and management of incentive compensation is a highly manual process that lacks transparency, audit trails and creativity, leaves room for errors, and is subject to regulation.
Effectively Manage Incentive Compensation Plans
The good news is, there are solutions available to mortgage companies that make incentive compensation painless. To effectively manage incentive compensation plans, you need a highly scalable solution that is deeply integrated with your core systems, automates as many tasks and processes as possible, effortlessly ties compensation to performance, and provides complete transparency into the entire process.
These core capabilities will not only enable branch managers to effectively motivate employees through incentive compensation plans but will also provide countless added benefits across your entire mortgage company.
Integrated Loan Origination System
- Removes dual data entry.
- Not dependent upon the actions of loan originators or their assistants.
- Keeps your data alive and up-to-date.
- Centralizes your data in one place for efficient collaboration across company departments.
- Eliminates use of multi-tabbed spreadsheets.
- Reduces manual tasks, dual data entry and other administrative responsibilities.
- Avenue for tying compensation to more complicated metrics.
- Greatly reduces errors and potential risks of manual calculations.
Compensation Linked to Performance
- Evaluate performance expectations compared to actual production.
- Easily leverage the data as a source for frequent analysis and progress toward goals.
- Improves visibility intro branch revenues and employee profitability.
- Reveals trend data for benchmarking.
- Unambiguous understanding of how compensation is calculated.
- Provides your sales force with realtime view into their earnings.
- Facilitates proactive decision making and self-management behavior.
- Improves trust and increases engagement.
Start motivating your branch employees with incentive compensation plans managed on CompenSafe. Contact us today to schedule a live demo to learn more about all the ways in which CompenSafe helps 100’s of lenders each day conquer complexity and take down the Spreadsheet Syndicate.
This post is part of the on-going blog series, Conquer Complexity: Defuse the Destructive Power of Spreadsheets in Mortgage Lending that focuses on how to conquer complexity, eliminate the use of spreadsheets, reduce inefficiency, and increase margins!