Employers not Using Pay for Performance for RFP Writers

May 7, 2008 (PLANSPONSOR.com) - The compensation earned by 65% of the members of request for proposal (RFP) teams is not tied to the success they generate, a new survey found.

Because of that, declared a news announcement from the Professional Association for Investment Communications Resources (PAICR), “firms are losing out on a key opportunity to motivate and retain RFP professionals.”

The Princeton Junction, New Jersey-based PACIR said that while one out of five RFP’s gets through the first cut by a hiring company, 25% of managers do not track RFP through rates to measure effectiveness. Just under a third of respondents said their RFP database data is never checked, generally due to aggressive deadlines and limited manpower. Only 25% of managers consistently check databases.

However, the announcement said consultant databases are a key focus for managers, who have been investing capital in enhancing the process to ensure accurate, efficient delivery. The number of managers employing automation is set to double to 20%.

Regarding internal data, compiling a firm’s assets under management is generally the last data point finalized, typically taking 16 days to complete, PACIR found.

More information is available at www.PAICR.com