Establish a Pay for Performance & an Incentive Compensation Program that is Tied Directly to Increased Bank Profitability!
1. Performance Appraisals are a Must
a. How to Determine the Salary Budget
b. The Review Process will be both Objective & Subjective and the following actors will be considered:
c. Salary Range Performance Levels Must be Set and Here’s How
d. Promotional Increases Will Advance, Transfer, or Demote
e. Overview of Salary Administration
f. Maintenance of Position Descriptions
g. Reviewing the Salary Structure
2. The Incentive Plan
The purpose of the Incentive Plan (TIP) is to encourage the attainment of the annual profitability goals by providing your employees competitive cash incentive opportunities that are directly tied to meeting the financial performance goals established annually and approved by the Board of Directors. In addition, the TIP is also designed to recognize individual performance and contribution in the determination of actual incentive bonus awards for individual employees.
a. Participation
b. Definitions of terms used in the description of the TIP
c. Performance Measurements Factors
d. Individual Performance Reviews
e. Award Determination
f. Award Limitations
g. Incentive Payments
h. Additional Provisions
3. Attachments
a. Salaried Non-Exempt Performance Appraisal Form
b. Self-Appraisal Form for Employee to Complete
c. Salary Recommendation after Discussion Form
4. Strategy and Implementation of Compensation Program
a. Organizational Structure
b. Goal Setting Based on the Strategic 5-Year Plan
c. Specific Officer and Board Compensation Levels
5. Summary of the Compensation Program
Mission Statement | Qualifications | Professional Memberships | Starting New Banks | Facilitating Strategic Plans | Recruiting Bank Officers | Stimulating Profit & Growth | Director Education & Retreats | Bank Resources | Guestbook | Home
Back
to Top of Page
Copyright © Calvert Consulting, 2001. All rights reserved
