RBC FINANCIAL GROUP – PERFORMANCE & INCENTIVE PROGRAM
Rideau was asked by RBC to assist them in developing an incentive program that had annual parameters but could also sustain a longterm approach. Rideau developed an employee performance recognition program proposing a non-cash, “common award currency” (points) solution.
Sales and service personnel expressed an overwhelming desire for more non-cash incentive recognition – lots of it – frequently and instantly. Since its initiation, this incentive program has been designed to provide “lots” of recognition in 5 fundamental levels of achievement.
Instant Bonuses: Recognition incentive opportunities valued at approximately $10 each allocated across the system to managers for presentation at their subjective discretion within defined parameters.
Quarterly Bonuses: Recognition incentive opportunities valued at approximately $50 each allocated across the system to regional managers for presentation at their objective discretion with criteria.
Annual Runners-Up: Runners-Up to the Convention Finalist Award valued at approximately $500 each awarded based on successful performance of sales and service criteria annually.
Convention Finalists: Finalists and their guests would join the top executive for a week-long sales convention on a cruise.
Leo Award Winners: Finalists would be recognized with the “Leo Award” as the Best of the Best.
Rideau successfully built its initial RPA System (Rideau Performance Administration System) by developing in-house proprietary software to administer this ROYAL PERFORMANCE program and to track, report and transact this points-based program. The RPA System is now a multi-functional platform integrating transactional IVR, website and account management with diversity serving all RBC divisions, units and business platforms – worldwide.
For more than a decade, the Royal Performance program has proven itself as a valued business tool for employee performance at RBC Financial Group. Its constant, verifiable success and tremendous employee acceptance propelled its original use within the sales and service environment to its current universal use throughout the entire organization, in all divisions and business units.
Having proven the “litmus test” over time, this recognition program has become an integral part of the sales effectiveness toolkit and is a significant part of RBC’s culture. It receives strong executive support, middle management buy-in and employee approval. It is credited with supporting and contributing to increased retention, especially of top performers, and increases in overall employee satisfaction. It is an indispensable management tool for training managers on the necessity to constantly and consistently recognize and reward staff.
Currently, approximately 300,000 incentive program recognition awards of various values are presented annually in the form of RBC Performance points (averaging about 5 – 6 recognition incentive opportunities per year per employee). These points are redeemed for approximately 60,000 employee reward items annually or accrued for future redemption (averaging approximately one award redeemed and shipped per participant per year).