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Compensation Philosophy

Compensation Philosophy. Performance-driven and market-referenced We value high performance and compensate employees based on their contributions to the organization’s successes We are committed to paying staff a competitive wage that correlates to performance. Compensation Philosophy.

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Compensation Philosophy

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  1. Compensation Philosophy • Performance-driven and market-referenced • We value high performance and compensate employees based on their contributions to the organization’s successes • We are committed to paying staff a competitive wage that correlates to performance

  2. Compensation Philosophy • Benefits to the organization • Clear message to the organization • Reward high performance • Recognize and reward employees • Committed to pay competitive wages • Hire and retain high performing staff

  3. Compensation Philosophy Applied • Performance-driven and market-referenced • Market Analysis • Commitment to pay staff a competitive wage that correlates to performance • Salary Structure • Group jobs of similar internal value guided by market analysis • Base Increases and Lump Sum Payments • Performance-driven • Rewards and Recognition • Event/project specific recognition

  4. Compensation Philosophy Applied • Market Study • We are committed to paying staff a competitive wage that correlates to performance • Annual process • Monitor market competitiveness • Market adjustments

  5. Compensation Philosophy Applied • Salary Structure • Group jobs of similar internal value guided by market benchmarked jobs • MAIS has 13 salary ranges • Midpoints derived from market analysis • Competitive Range of Pay • 10% above and below the midpoint

  6. Compensation Philosophy Applied • Performance-driven and market-referenced • Base increases and lump sum payments • Priority is to pay more to our high performers and those who contribute to the organization’s success • Accomplished by providing managers with guidelines • Base Increase and Lump Sum Matrix • Position in Range definitions

  7. Compensation Philosophy Applied • Base Increase and Lump Sum matrix • Align pay over time to performance relative to position in range • Range of % increase • Lower paid, higher performing staff may receive higher % increase • Higher paid, lower performing staff may receive lower % or no increase • Lump sums in lieu of base increase in some cases

  8. Compensation Philosophy Applied • Position in Range definitions • Guideline on what performance to expect from staff based on their position in range • Below the competitive range: typically new to the job (e.g. new hire, promotion), and/or not yet fully qualified • Within the competitive range: fully qualified • Above the competitive range: qualifications extend beyond the job and performance is exceptional and sustained at that level

  9. Compensation Philosophy Applied • Rewards and Recognition • A program to encourage and reward work efforts and results that are exceptional and beneficial to the organization • Peer to Peer “Spirit of Excellence” awards • Manager Reward - $25 gift card • Director Reward - $250, $750, $1500 payments • projects • process improvements • production support • customer service • leadership

  10. Compensation Philosophy Applied • Conversations with Staff • Help employees understand: • Compensation philosophy • How philosophy is applied • Discuss performance expectations • Manage expectations for base increases

  11. Compensation Philosophy • Performance-driven and market-referenced • We value high performance and compensate employees based on their contributions to the organization’s successes • We are committed to paying staff a competitive wage that correlates to performance • Questions?

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