Mississippi 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)

Title: Understanding the Mississippi Compensation Program for Officers and Key Management Personnel Introduction: The Mississippi Compensation Program for Officers and Certain Key Management Personnel aims to establish a fair and competitive salary structure to attract and retain talented individuals in crucial leadership roles within the state's organizations. This comprehensive program ensures that officers and key management personnel are appropriately compensated for their responsibilities and contributions. In this article, we will delve into the details of this program, discussing its purpose, features, and various types, along with relevant attachments. Purpose of the Mississippi Compensation Program: The primary objective of the Mississippi Compensation Program is to enhance the state's ability to recruit, retain, motivate, and reward officers and key management personnel by providing a competitive salary and benefits package. The program aims to align compensation with job requirements and market value while fostering a framework that encourages professional growth, excellence, and organizational effectiveness. Features of the Compensation Program: 1. Job Evaluation and Classification: The program employs a systematic job evaluation process to determine appropriate salary ranges for different positions. This evaluation considers factors such as job complexity, responsibilities, required skills, and market dynamics. 2. Compensation Structure: The program establishes a structured compensation framework, comprising salary ranges, pay grades, and steps based on experience, qualifications, and performance. It ensures equitable compensation within and across job families. 3. Salary Administration: A comprehensive salary administration policy governs the program, addressing guidelines for employee compensation, salary adjustments, promotions, bonuses, and retirement benefits. It promotes transparency, consistency, and fairness in determining salaries. 4. Market Analysis: Regular market surveys and analysis help benchmark compensation levels against similar roles in the industry and geographical region. Adjustments are made as required to ensure competitiveness. Types of Mississippi Compensation Programs: 1. Executive Compensation: This program focuses on compensation for high-level executives and officers who play a pivotal role in strategic decision-making. It may include competitive base salaries, performance-based incentives, profit sharing, and long-term equity grants. 2. Key Management Personnel Compensation: This program targets managers and personnel responsible for critical functions or departments. It aims to offer competitive salary packages, performance-based incentives, special allowances, and benefits to attract and retain top talent. Attachments: 1. Mississippi Compensation Program Guidelines: Detailed guidelines outlining the program's objectives, principles, benefits, and eligibility criteria. 2. Salary Structure Chart: A comprehensive chart illustrating the various salary ranges, grades, and steps within the compensation program. 3. Job Classification Manual: A detailed manual defining the criteria used for job evaluation, classification, and benchmarking. 4. Market Analysis Report: A comparative analysis report showcasing salary trends and market rates for key positions within the industry and region. Conclusion: The Mississippi Compensation Program for Officers and Certain Key Management Personnel serves as a vital tool in ensuring equitable and competitive compensation for individuals in crucial leadership roles. By attracting and retaining qualified individuals, the program contributes to the state's success and organizational effectiveness across various sectors.