Tennessee Proposed Additional Compensation Plan with copy of plan

State:
Multi-State
Control #:
US-CC-15-147I
Format:
Word; 
Rich Text
Instant download

Description

This is a Proposed Additional Compensation Plan, to be used across the United States. This plan seeks to have an additional, or extra, payment plan for Employees of a corporation. It is to be used as a model, and should be amended to fit your particular needs.
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  • Preview Proposed Additional Compensation Plan with copy of plan
  • Preview Proposed Additional Compensation Plan with copy of plan
  • Preview Proposed Additional Compensation Plan with copy of plan
  • Preview Proposed Additional Compensation Plan with copy of plan
  • Preview Proposed Additional Compensation Plan with copy of plan
  • Preview Proposed Additional Compensation Plan with copy of plan
  • Preview Proposed Additional Compensation Plan with copy of plan
  • Preview Proposed Additional Compensation Plan with copy of plan
  • Preview Proposed Additional Compensation Plan with copy of plan
  • Preview Proposed Additional Compensation Plan with copy of plan
  • Preview Proposed Additional Compensation Plan with copy of plan

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FAQ

Willis Towers Watson's Catherine Hartmann, rewards practice leader for North America, typically outlines five key considerations for her clients: competitive positioning, segmentation, performance orientation, affordability and governance.

The average State of Tennessee salary ranges from approximately $33,161 per year for Senior Clerk to $103,243 per year for Risk Manager. The average State of Tennessee monthly salary ranges from approximately $2,551 per month for Production Technician to $10,636 per month for Employee Relations Manager.

Ultimately, salary survey data should be gathered and reviewed every two to three years so that appropriate adjustments can be made to the organization's salary ranges.

You should revise your pay structure annually to ensure it's on par with the job market and accepted among your employees. Some companies revise their compensation plans every 3-5 years, but I find that too much changes in that time.

Most private companies review their plans annually, but reviewing every few years or during rounds of funding are also common. The reality is that each option has its pros and cons, and the frequency of the review largely hinges on your company's goals, upcoming plans, and where you are in your growth phase.

Earlier this year, in January 2023, state employees received one-time bonuses ranging from 1.5% to 3.75% based on their performance ratings. For more information about Pay for Performance or how to calculate your base salary increase and/or one-time cash bonus, please refer to the FAQs, or visit teamtn.gov/hr.

Once a compensation structure has been established, the structure should be reviewed and updated every one to two years to reflect changes in the organization, jobs, market conditions, wages, compression, and pay equity laws.

The Tennessee Plan coverage provides a program of hospital, skilled nursing facility and medical benefits for people enrolled in Medicare. The program is designed to supplement Medicare coverage?that is, to pay certain deductible and coinsurance amounts not covered by Medicare.

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Tennessee Proposed Additional Compensation Plan with copy of plan