Idaho Compensation Program for Officers and Certain Key Management Personnel with attachments

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• Control #: US-CC-20-297D
• Format: Word; Rich Text

Description

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)

Idaho Compensation Program for Officers and Certain Key Management Personnel: The Idaho Compensation Program for Officers and Certain Key Management Personnel is a comprehensive system designed to ensure fair and competitive remuneration packages for individuals holding executive positions within public organizations, corporations, or state agencies in Idaho. This program aims to attract and retain top talent, motivating these key personnel to excel and contribute to the growth and success of their respective organizations. Key Features: 1. Market Analysis: The program begins with an in-depth market analysis to determine the prevailing compensation rates for similar executive positions within the relevant industry, sector, or region. This analysis takes into account factors such as job scope, responsibilities, qualifications, and years of experience. 2. Salary Structure: Based on the market analysis, the program establishes a structured salary framework that outlines the salary ranges, job grades, and potential bonus structures applicable to officers and key management personnel. This structure aims to balance internal equity while being competitive with the external market. 3. Performance Evaluation and Incentives: To foster a performance-driven culture, the program incorporates a robust performance evaluation system. Performance metrics are established, considering both individual and organizational goals. Executives are regularly assessed, and their compensation adjustments are linked to their performance outcomes. Incentives like performance bonuses, profit-sharing, and equity-based compensation may also be included to incentivize exceptional performance. 4. Non-Salary Benefits: The program recognizes the importance of offering a comprehensive benefits package beyond base salary. These benefits may include health insurance, retirement plans, life insurance, paid time off, flexible work arrangements, stock options, and other employee wellness programs. Types of Idaho Compensation Programs for Officers and Certain Key Management Personnel: 1. State Agency Compensation Program: This program specifically caters to officers and key management personnel in various state agencies, ensuring consistency and equitable compensation practices across the different branches of government. — Attachment: Sample State Agency Compensation Program structure and guidelines. 2. Corporate Compensation Program: The corporate compensation program focuses on officers and key management personnel within private corporations operating in Idaho. It addresses the unique challenges and market dynamics faced by these organizations to offer competitive compensation packages and attract top-caliber talent. — Attachment: Sample Corporate Compensation Program overview and best practices. 3. Public Organization Compensation Program: Public organizations such as educational institutions, nonprofit entities, or research centers may have their own compensation program tailored to ensure competitiveness while adhering to the organization's specific budgetary constraints and legal requirements. — Attachment: Sample Public Organization Compensation Program outline and case studies. By implementing the Idaho Compensation Program for Officers and Certain Key Management Personnel, organizations can foster a culture of fairness, transparency, and performance excellence. These programs help attract, motivate, and retain talented individuals who drive organizational success in both the public and private sectors.