ENTERPRISE BANK BEGINS PERFORMANCE-BASED COMPENSATION SYSTEM
By BABAJIDE KOMOLAFE
AFTER months of creating the required awareness among staff, Enterprise Bank Limited (EBL) has started the implementation of the performance based compensation system, which entails the inclusion of a variable pay.
The system commonly known in the industry as Performance Induced Pay (PIP) was late last year approved for execution by the Board.
A statement by the bank's Corporate Communications Department said since it came into effect, the new model has made it possible for hardworking and outstanding staff to earn even more than their pay at the end of every month, while those with abysmal input receive only their guaranteed pay at the end of the month.
Designed to create a level playing field for all staff, the administration of the new performance based compensation system is managed using what the bank tagged Performance Management Strategy (PMS) framework, which involves the utilisation of different measurement indices applicable to both the sales and support segments of the business.
It would be recalled that sometime in September 2011 when the Enterprise Bank MD/CEO, Ahmed Kuru, addressed staff; he promised to chart a new path for the new bank and envisioned the ideal institution that is expected of Enterprise Bank.
He also defined high level strategy that will enable the management actualise the vision.
According to Kuru, the emphasis of the bank's new vision, mission and core values remains value creation and a motivated workforce.
For that reason he added that the focus at all times must be on delivering quality service to the various stakeholders, which meant that both market-facing and service support staff must work assiduously as a team to lift high all the bank's performance indices on the blueprint of the bank.