20-297D 20-297D . . . Compensation Program for Officers and Certain Key Management Personnel which is administered by Chief Executive Officer with approval of Compensation Committee. Participants receive variable compensation tied directly to achievement of key corporate-wide objectives. Participants fall within either Band A, Band B, or Band C depending on nature of their positions and their impact on corporation. Opportunities for variable compensation awards vary depending upon which "Band" participant falls into. Awards can range from 12.5% to 75% of base salaries. Plan provides that awards will not be paid unless earnings, after subtracting variable compensation, are greater than dividends paid in year for which variable compensation is to be awarded. Awards are paid in cash, stock grants and restricted stock (no transferability during first five years after grant and forfeiture of stock upon termination of employment, except for retirement, death or disability, during first years after grant)
Hawaii Compensation Program for Officers and Certain Key Management Personnel with attachments
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FAQ
A compensation study is a review of current pay practices and salaries compared to similar organizations. These studies determine market value of each position, propose equitable salary ranges and ensure internal pay parity that can attract, engage and retain employees. Why are we doing a compensation study?
Compensation of course means the salary paid to an employee. Compensation can also include additional employee benefits such as bonuses, health insurance, retirement, life insurance, etc. Classification is a system which identifies which jobs are classified together in a separate grade.
Three major compensation types: direct, indirect, and non-monetary compensation. Assess budgets, priorities, goals, and employee locations before determining the right compensation strategy.
Classification and compensation plans group positions on the basis of a uniform criteria (i.e. job duties and knowledge requirements). It then allocates positions to salary grades that reflect their relative worth to the organization.
MOST COMPETITIVE In addition to salary, which is an important part of the compensation package, an employee is eligible for a broad range of valuable benefits, such as comprehensive health care insurance, life insurance, retirement programs, sick leave, vacation leave and paid holidays.
Compensation refers to the monetary value of a job: the wages and benefits. Classification encompasses the job title, duties and responsibilities of the job, and based upon those, the pay range in which the job is placed.