Introduction
Each report addresses certain needs of an entity. This report is particularly prepared in the interest of a bank that is planning to increase and improve their sales performance. The main aim of this report is to provide an opinion on how sales should be improved to a certain level through employee motivation.
Analysis of model sales performance
To improve their performance, the branches need to be maintained and employees are motivated using various incentives. From the table, it is apparent that the FX product performance of Yamati, North Point, and central, Sai Ying Pun, CWB Plaza and Mgk Nathan Rd will result in increasing the performance of the branches for the period. The targeted sales growth of the branches will be 62% and the operating margin is expected to be stable along with a similar stable growth of cash flows. The FX product sales of the branches will increase significantly. Although the growth trend continues that is the sales figure improving from 1,185,009 to 2,206,584 it is not very impressive considering the fact that during the same period competitors can take advantage of the opportunities not taken.
It is evident from the above figures that the company will continue to deliver extremely good results in terms of a strong volume of sales and growth. During the 3rd quarter of the year 2010, the company’s sales will go up by 86.21%. The solid performance of the branches in the quarter highlights the possibility of profitable growth of FX products of the company. Yet, with the deceleration of the economy, it would be difficult to experience significant levels of profit by the company. Nevertheless, by sustaining and strengthening their position in the market, the market shares of the company can be strengthened.
It can also be observed that some branches will not yield the expected sales due to low sales proposed in the second quarter. When we look at the 2nd quarter of the table, it shows a completely different outlook when compared with the 3rd quarter. This means that considering the whole year, the selected branches should a completely different. In the table, the selected branches showed improved sales in the second quarter. The disparity between the second quarter and third quarter can be explained as a result of the tremendous fluctuations of the dollar conversion rate. The sharp increase can be explained by the sudden change in the organizational policy which is a major contributor towards the branch performance, and the sudden drop in the value of the dollar during the period also coupled with the effect of the policy change.
Incentive plan for employees of the branches
To achieve the above results the right mixes of the compensation package have to be devised in ascertaining whether it fully supports the business strategy and is effectively aligned with the interests of share holders and stakeholders. The ext action that banks should take pertains to determining the components of the entire rewards and whether they fit into the structure of the organization and the workforce. Each aspect of the compensation programs including salaries, bonuses, incentives, rewards, and recognition plans has to be considered so that employee aspirations are met in the context of opportunities to prove their worth to the organization.
It is essential to review the effectiveness and efficacy of the prevailing pay for performance programs. The issue of whether employees are getting the desired results and experiencing the expected behaviors has to be considered and the management has to review the existing incentive plans. The objectives of the rewards plans in terms of short-term and long-term performance have to be ascertained in confirming if they are aligned with the bank’s business and strategic objectives. Internal and external influences have to be identified and the kind of performances to be rewarded has to be identified. The bank should investigate whether it is rewarding all its high performers in keeping with the ratio of achievements for the banks and as compared to other employees. It makes a great deal of sense to set goals and to check if the current goal-setting process makes much sense. Individual and departmental goals have to be in sync with the overall strategic plans. The manner in which performance will be assessed and the right measures that will be adopted should be identified and put in place. The performance evaluation process of the organization has to be reviewed and ensured that it is compliant with the entire organization and is objective and accurate. The entire idea is to make employees feel that they are valued and given fair treatment.
Conclusion
There has been a phenomenal increase and the branches should look to the future by making sure that some of the inefficiencies of the operations are ironed out in order to help them achieve bigger and better things in terms of their sales. It would be advisable that the company concentrate on the selected branches for FX product.