Client Objectives
Bank of America was preparing for annual contract negotiations with their media agency, while also in the midst of restructuring agency resources to align with changing business needs. The company wanted to achieve a clear view of its media agency’s financial model, contract, team structure, and fees compared to peer organizations and standard practices in the marketplace.
Results
R3 established remuneration best practices for Bank of America, including moving to a performance-based compensation model that focused on accountability and delivering business goals.
R3 PROCESS
Assessment – Interview of key stakeholders to gain clarity on scope of work, compensation structure, and business challenges.
Data Analysis – Analyzed data on scope of work, agency fees, resource allocation, seniority mix and talent gaps. Evaluate and benchmark existing model.
Contract Review – Review of contract terms and comparison of fees to peer organizations and standard practices in the marketplace.
Best Practice – Gap analysis was provided on the current state of the relationship, and actionable recommendations for improvement were delivered.
