Careers - Incentive Plan

To make the plan relevant to each department and to encourage department collaboration, we have given the Partner in Charge (PIC) of each department the ability to set a goal that, if met, will unlock additional dollars for their department. We have also given the PIC the ability to choose the most relevant criteria for their department, based on their specific needs. Knowing that needs change over time, the PIC will be able to set goals and select criteria each plan year.

DEPARTMENT GOAL

A department goal is established each year by the PIC in collaboration with department leadership. This goal is intended to inspire the teamwork and specific actions needed to potentially unlock the Above & Beyond component of the Incentive Plan Pool. The department’s successful completion of their annual goal will unlock 0.5% of the Incentive Plan Pool Floor. When the Above & Beyond component is achieved, none of those dollars will be contingent upon completion of the department goals.

CRITERIA WEIGHTING

A team member is rewarded with dollars from the Incentive Plan Pool based on points they earn each year. Points are earned based on their above and beyond contributions in the criteria selected by their department PIC. By August of each year, a PIC must choose no less than four of the following seven criteria each plan year for their department. This allows the PIC to choose the most relevant criteria to the department based on their individual needs. Total points available will always be 100, and the distribution of points to each criterion will be determined by the PIC and approved by Executive Board each year. A single selected criteria cannot be weighted less than 10 points or more than 40 points in any given year.

RISK ADVISORY DEPARTMENT GOALS

Improve year-over-year department realization

Why/Alignment

With the department still being in growth mode a focus on realization can help the department work towards the "Above and Beyond" component.

Measurement

Jeff has set a goal of improving department realization, year-over-year, by 3%. FY 2023's realization was 65.8%. To achieve this goal, the department's realization will need to be 68.5%.