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By any measure, the banking industry is facing challenging times. From a financial perspective, there has been a

dramatic decline in the performance of the banking marketplace. From a human capital perspective, it's more important than

ever to have an engaged and ramirez jersey high performing workforce. Banks are competing for talent at all levels of the organization and

must be diligent in developing compensation programs that attract, motivate and retain a high performing workforce. How can

banks develop and manage compensation programs that reward employees for the bank's financial performance in this challenging

banking market and, at the same time, be effective in recruiting, motivating and retaining the key talent necessary for ramirez jersey the

bank's success?

A successful total rewards program should be designed to balance the needs of the organization with the needs of the

workforce. While designing a program can be challenging, it does not have to be daunting. Leaders must first identify the

needs of its workforce and then work ramirez jersey to develop a total rewards approach that best meets these needs and fits with the

culture of the organization. To start, employers should take a holistic view of compensation, while considering the following

steps:

Step 1: Develop Compensation Philosophy - a clearly defined compensation philosophy is the foundation from which a

compensation program should be built. In defining a philosophy specific to your organization, ask:
Where does the bank want to stack up relative to its peers?
What is the right "mix" of the total compensation package?
Does it support the business strategy?
Is it aligned with shareholder and stakeholder interests?

Step 2: Determine which total rewards components best fit the organization and the workforce - consider salary, bonus,

benefits, awards and recognition programs. What do employees really want? Employees want to feel valued, fairly compensated

and distinctly rewarded and recognized for their contributions to the organization.

Step 3: Review the effectiveness of current pay-for-performance programs. Are they achieving the desired results and

behaviors? In developing or reviewing your existing incentive plan(s) consider the following: