Role of Fair Reward, Incentives and Remuneration System for Motivating Sales People of Banking, Financial Services and Insurance (BFSI) Sector

Abstract

Purpose: The paper intends to study the factors and essentials of fair incentive, rewards system which drives Banking and Finance salespeople to be productive, and also understand are they generate sales for business or not. Sales jobs, especially for financial products is extremely competitive for employees those who works as a salesman, A smart sales managers can use to his skills, ability, and knowledge for getting an advantage in increasing sales income and profit. Methodology: The data was collected through an administered questionnaire in direction to get the first-hand information on perception. ANOVA method used to test the significance & hypothesis testing. The research though covered people from different areas; the field of study was limited to Nagpur city only. Practical Implications: Nagpur city has included in the first list of emerging smart cities; it is a fast growing city & holds significance in direction of growth potential of investment and banking in central India. Findings: Encouragement by rewards and incentive system play key role to search new business opportunities for the growth of the company, and rewarding the salesperson and sales executive's people who do their best job of bringing new customers from the saturated market. It is also highlighted the viability of reward and incentive system to motivate sales people who work in a commission based environment and putting effort into their work for reaching their sales target and goal. Originality: This paper presents the actual researched picture of Banking, Financial Services and Insurance (BFSI) Sector sales person's viewpoint in the Nagpur city. It shows that good and sound remuneration/compensation plan is one of the effort to meet with the expectation and aspiration of sales force on one hand, and overall objectives of management on the other. Keeping Salesforce, Sales team, motivated will be quite easier when business facing good time and selling of products are flowing freely in the market, but when business hits a rough patch it can be a herculean task to keep their top salespersons and performers on board.