Byron Earnheart is the Programming Director for the Barret School of Banking in Memphis, TN and the host of the “Main Street Banking” podcast sits with Randy Goggans to discuss this age old question.

Bryon says, “There’s an age-old question in bank management that I’ve heard all the nearly 25 years I’ve been in the business. How do we get more business referrals from our employees? And the next question is going to be something like…”why didn’t this incentive plan work?!”

If that situation sounds familiar (and I’m betting it does because, ya know…it’s banking) then you might want to check out the episode today because a possible solution is amazingly simple.”

Incentives, such as bonuses, commissions, or performance-based rewards, can motivate employees to perform at their best. When employees know that their hard work and achievements will be recognized and rewarded, they are more likely to put in the extra effort to excel in their roles.

Community banks need employee incentive programs for several reasons, as these programs play a crucial role in motivating and retaining their employees while driving overall organizational success.