Motivating the Troops (and paying them for their performance)
November 29, 2005
BusinessWeek highlights "Electronic Scorecards" used in the banking industry. The article tells the tale of a Kansas City based bank called UMD Financial that’s using performance management to align goals and pay for performance.
From the article:
In the past the bank paid people based primarily on seniority and cost-of-living adjustments. Now a substantial part of compensation for managers depends on how they perform against scorecard goals.
It’s interesting that the article doesn’t tell what processes or which software the company is using to do this. I know I’d be interested - and from the comments, so are other readers.
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