Research On Performance Management Of Personal Banker For Bank Of Communications

Retail banking is the main battlefield for Commercial banking transformation.Competing heatedly with International commercial banks with mature business operations,as well as low cost highly innovative Internet financial service newcomers,China Commercial banks now fully recognize the impact of personal banker performance management on their business growth.Non-optimized performance management policies could lead to high attrition in core front-line workforce.Therefore,how to attract talent,how to increase productivity and how to form core competitive differentiation of personal banker team,becomes one of key priorities of Commercial bank workforce management.The personal banker team in bank of communications has been set up since 2007.After 3 phases of transformation,the management team has accumulated good experience to manage a large sized team and now is into more detailed management.Phase ? is focused on building up the team from the scratch,the main KPI is to hire quickly,the team realized exponential growth.Phase ? is focused on adjusting workforce structure,improving workforce quality,implementing workforce specialization and optimize performance management.Phase ? is focused on optimization and transformation whilst developing the team.A second stage of transformation is initiated to implement incentive award by personal goal achievement.The key background of Phase ? is that Bank of Communications management team started to review the personal banker compensation policy at the end of 2011 in response to severe market competition,to improve motivation factor to personal banker team,as well as to increase the overall competitiveness of wealth management offerings.The incentive compensation policy transformation was initiated in the second half of 2014,to compensate personal bankers by price,by award and by piece.This was rolled out fully in 2015.This essay focuses on analyzing root causes of issues faced in phase ?,that is,to improve the performance measurement and performance optimization process for the personal banker team.The essay started with providing an overview of the current situation in Commercial bank performance management through peer study,then focuses on specific issues in personal banker performance management within Bank of Communications.The key issues in personal banker team building and management that Bank of Communications faces currently are:1.Gap in the way of working of personal bankers with organizational strategy;2.No clearly defined career path for personal bankers,resulting in senior personal bankers either go into management positions or exist the organization.The first line personal bankers are relatively short-tenured,less experienced,resulting in the team's overall weakness in execution capability;3.Performance management standards vary from region to region.Regionalized human resource reporting lines correspond to complex compensation policies,requiring us to enforce the corporate performance management policy status and direction;4.The less competitive compensation package from the bank reduced the effectiveness on personal banker performance management and motivation.These symptoms all point to issues within the performance management system.Combined with real experience in the two transformations within Bank of Communications,key optimization strategies have been proposed covering areas of evaluation formats,evaluation metrics,and compensation system.Finally the essay concluded that timely optimization of personal banker performance management system is an effective measure for adapting to market competition,increasing productivity of personal banker workforce,improving customer satisfaction and profitability,improving management efficiency and reducing management levels.The essay comes to its evolutionary performance management optimization proposal and future outlook based on facts collected through market peer study,survey questionnaires from first line managers and personal bankers,on-site interviews with branch managers,data analysis from historical performance database,combined with insights of the Bank's current situation.This provides a good reference point for deepening the second bank-wide transformation and performance management system optimization in Bank of Communications.