Sometimes a significant amount of change must be made in order for companies to achieve their long-term goals. The fund management firm Trust Company has acknowledged this ultimatum and has therefore decided to redesign its corporate structure and revamp its employee incentive program in order to better accommodate long-term achievement and success.
According to Money Management, the global financial crisis and demands for greater accountability in the financial sector were what prompted business to review their incentive programs. The upcoming financial reform legislation is pushing companies to adopt a more “client-centered approach”.
Chief executive of The Trust Company John Atkin said: “Our incentive programs are designed to reward staff for meeting their performance targets, which is crucial to our move to deepen our client relationships.”
Still recovering from the crucial blows of the crisis, Trust Company hopes that the new approach it is taking will improve performance among staff and heighten the relationships that they have with their clients. If the company is able to meet its goal and attract new clients, it should expect to see a 10 percent annual revenue growth over the coming years.