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)
West Virginia Compensation Program for Officers and Certain Key Management Personnel with attachments
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The West Virginia Division of Personnel Administrative Rule implements the statutory provisions for classification plans, pay plans, open competitive examinations, promotions, layoff and recall, appointments, dismissals, demotions, and other human resource matters consistent with the West Virginia Code.
Three major compensation types: direct, indirect, and non-monetary compensation. Assess budgets, priorities, goals, and employee locations before determining the right compensation strategy.
Compensation Level means the sum of (A) the greater of (1) Executive's annual base salary in effect on the date of termination or (2) Executive's annual base salary in effect immediately prior to the Change of Control, plus (B) an amount (the "Bonus Amount") equal to the greater of (1) Executive's maximum bonus ...
Here, we discuss five key components that influence pay rates the most: Aligning industry market trends with internal standards. ... Years of experience and education level. ... Variable compensatory factors (such as shift work) ... Location. ... In-demand skill sets. ... The cost of not offering competitive pay.
Job Responsibilities Prepares position descriptions, audit or survey reports, and position evaluations, and recommends classification actions. Consults with managers, supervisors, and employees on a variety of organizational management, compensation, and related human resources issues including performance initiatives.
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.
STC cushions the adverse effect of a reduction in business activity on workers by averting layoffs. The program also ensures that impacted workers will be available to resume prior employment levels when business demand increases. Businesses must have an approved plan with WorkForce WV to be eligible for this program.