5) Fine-tune performance management systems
Finally, financial institutions must create (or revise) performance management systems to reflect this new dynamic and way of working. After all, if an agent only receives certain types of calls (or customers), the system will be inherently biased.
Financial institutions must reexamine base performance pay that is measured against the mean or median and review sales incentives. And they must create mechanisms for agents to be promoted to (or demoted from) different groups, upskilled on new products, and given the time to prove themselves.
As financial institutions seek more personalized and segmented models, they must regularly establish baseline metrics and standards for agent performance. These new performance management systems must also be as transparent as possible for agents and team leaders so that they know what behaviors and outcomes to motivate and reward.