In the fast-paced world of financial institutions, accurately calculating and managing incentive compensation is crucial for motivating sales teams and driving business growth. Desert Financial Credit Union found itself struggling with outdated systems and time-consuming processes in their compensation analytics and payouts. That's when they turned to Xactly Incent, a reliable and time-saving solution that revolutionized their approach to incentive compensation management.
Late Night Calculations and Broken Reports
Desert Financial had been relying on a combination of Excel spreadsheets and legacy technology for their incentive compensation calculations. While Excel offered familiarity, it proved to be a laborious and tedious method of calculating payroll and incentive plans. The team would often find themselves working late into the night (12-2am was not uncommon), manually updating spreadsheets to ensure timely payroll processing.
When it came to generating custom reports for each employee, the process was even more daunting, taking up to 10 minutes per salesperson (with a team of hundreds). Any updates to the system meant rebuilding reports that relied on the previous system, causing unnecessary delays and frustration for the team.
Timely Adjustments and Reliable Reports
Recognizing the need for a more efficient and reliable system, Desert Financial implemented Xactly Incent. This cutting-edge technology provided them with the flexibility to review incentive compensation monthly (not just quarterly), ensuring their business remained resilient in the face of market uncertainty.
With Xactly Incent, Desert Financial gained the ability to make timely adjustments, creating fair incentive programs for their sales representatives.
Matt Mills, Retail Incentive Program Director at Desert Financial, expressed his satisfaction with the new system: "The difference between Xactly Incent and our previous system is night and day. I just pulled an analytics report this morning and it took about five seconds."
99% Faster Calculations and Analytics with Xactly Incent
The impact of Xactly Incent on Desert Financial's operations was significant. Previously, it would take five times longer to calculate payroll. However, with the implementation of Xactly Incent, data and analytics requests are now completed 99% faster, reducing the time from 10 minutes to an impressive five seconds.
With Xactly, pulling analytics takes less time, allowing employees to get tasks done faster and provide better, more in-depth answers to the executive team.
What’s more, this increased efficiency brought transparency throughout the organization. Managers now can easily access employee information without unnecessary back-and-forth communication. The newfound time savings allowed incentive and revenue teams to focus on supporting their colleagues rather than being bogged down with manual dashboard updates. Sales reps now trust that their compensation amounts are correct and updated in real-time.
But don’t just take our word for it. Desert Financial’s Director of Compensation, Sara Reinstein, said it best, “The team is able to run incentives and get payroll out within six days. The quick turn between the deal close and compensation receipt is motivating our sales team, from the top down, to close more valuable deals that drive revenue.”
The Future for Desert Financial and Xactly
The partnership between Desert Financial and Xactly ensures that the credit union will navigate future market fluctuations seamlessly. With Xactly Incent as a trusted ally, Desert Financial can focus on delivering exceptional customer service and driving continued growth in an ever-changing landscape.
Check out the full results and benefits Xactly Incent brought to Desert Financial in their Customer Story.