CompensationMaster Launches New Division to Provide Sales Force Compensation Strategy and Consulting Services to Banking and Financial Services Industries

CHARLOTTE, N.C., Oct. 6, 2011 /PRNewswire/ -- CompensationMaster announced today that the company has launched a new division that will bring its unique approach to sales force compensation strategy to banks, investment brokerages, asset managers, investment advisory firms, and other financial services businesses. Lee A. Griffin, an industry veteran with experience in many sectors of the financial services industry, has joined CompensationMaster to build and lead the new division.

"Retaining key talent and motivating the sales force are challenging issues for many banks and other financial services businesses," said Lee A. Griffin, vice president of business development for CompensationMaster's Financial Services division. "We offer an innovative and proven approach that allows companies to give people a say in how they would like to be compensated – to build greater trust and transparency into the process, align the goals of the sales force and management, and become more responsive to the market. The outcome is that management and the sales team both walk away winners and, in turn, so do the clients and customers."

CompensationMaster's approach to sales force compensation, which has been proven over the past 25 years in other variable-pay industries, incorporates proprietary software that uses a complex algorithm based on Pareto Optimality. This software calculates how much to pay sales associates while achieving corporate revenue and profitability targets. Using this business modeling system, it is possible to design innovative compensation plans and predict with a high degree of accuracy what the results will be from the new compensation structures, thereby eliminating runaway plan designs.

The company approaches compensation plan design from the bottom up, ensuring that the needs of the sales force are addressed and barriers to greater production are removed. It also utilizes a sophisticated strategy for introducing new compensation plans, which is designed to maximize buy-in, ensure retention of key personnel, and accelerate productivity.

"Lee has the perfect background to lead us into the financial services arena," said David J. Cocks, president of CompensationMaster. "His experience and connections are unparalleled, and we are delighted to have someone of his caliber managing this division. We are beginning to see significant interest in our approach in this market, and are looking forward to successfully introducing our approach to sales force compensation into this new arena. When you combine transparency and choice in sales force compensation you can truly move mountains."

Griffin has almost 20 years of experience in the banking and financial services industry, specializing in sales management, back office operations, product and project management.  Prior to joining CompensationMaster, Griffin worked for WNS Global Services, where he led business development for the financial services vertical for North America.  Previously he was an executive with Accenture, working with clients that included investment firms like Merrill Lynch, large property and casualty insurers, money center and tier I & II banks like Bank of America and Wells Fargo, the federal government, and ConocoPhillips. He was also managing director and COO with The Xelian Group, and held various leadership positions with NationsBank, First Union and Wachovia Bank & Trust. 

About CompensationMaster

CompensationMaster's strategic approach to developing and managing merit-based compensation systems has been proven over nearly three decades to accelerate revenue, motivate the sales force, and build long-term, sustainable financial stability into a business. Today, more than 60,000 sales representatives in a variety of industries around the world are working under compensation plans designed through the CompensationMaster system. More information is available at www.CompensationMaster.com.

SOURCE CompensationMaster