MONTVALE, N.J. -
That’s because the $400-million FCU has implemented a new employee incentive program called the ParagonOne Bowl Classic.
The program is designed to boost morale, foster teamwork and help launch Paragon’s newest product, the ParagonOne account. The bundled accounts offer no-fee checking, Express debit and Visa cards and an overdraft line of credit.
The ParagonOne Bowl Classic is the football module of The IncentiveLeague developed by Youngworth Communications Inc., and has proven to be a big winner for credit unions, the firm said, noting similar programs are also available in baseball and soccer versions and the program can be customized for specific product launches or for key products and services.
The IncentiveLeague employs a staff of motivational coaches that can guide each organization through the whole process and utilizes a proprietary web-based software program to help track results. The total cash prize is $5,000.
Richard Rays, CEO of Paragon FCU, said he decided to use Youngworth’s IncentiveLeague as part of an overall effort to improve quality of service and increase sales. He added that employees received training on the rules of the game from Youngworth’s staff, prior to the start of the game.
“The program is quite formal and quite clear in its incentives,” Rays said. “And, we’re able to track our progress.”
Michael Puzycki, AVP of marketing for Paragon FCU, says that the highly motivational contest works well because it sparks a spirit of competition among employees of all levels.
‘Everyone Has A Stake’
“The IncentiveLeague is set-up in such a way that everyone has a stake. The contest has everything from the usual cash incentives for individuals and teams to a subtle yet powerful dose of peer pressure on team managers to keep their teams performing,” explains Puzycki. “No team manager wants to finish in last place.”
“Employees have fun, learn all about our products and services, improve their cross-selling skills and it develops a culture of sales,” said Rays, who added that he is confident the ParagonOne Bowl Classic will address several key issues including increasing member product/service usage, reducing member attrition and strengthening member loyalty.
“This type of program is so important because it helps to familiarize our employees with a new product and takes a rather moderate or no-sales environment and turns it into a culture of sales,” he added. “We tell employees that this is part of their responsibility to see their company grow.”
Puzycki added that the IncentiveProgram helps the sales force focus on the new accounts and go after the “core.” With more than 62,000 members, Paragon is the third largest credit union in the state of New Jersey. For now, the BowlClassic is just getting off the ground but Puzycki hopes it will be more successful than last year’s baseball inspired incentive program that brought in more than $5-million in new business. The approach, however, will be slightly different.
“We’re not focused on balance level. This is different. We’re hoping in eight weeks to open a couple hundred of these accounts and then ramp up after the holidays,” he added.
