New Mexico 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) The New Mexico Compensation Program for Officers and Certain Key Management Personnel is a comprehensive program designed to establish fair and competitive compensation structures for employees in executive and managerial roles within the state of New Mexico. This program aims to attract, retain, and motivate highly skilled individuals who play critical roles in managing various departments and agencies across the state. By offering competitive compensation packages, the program ensures that New Mexico remains an attractive destination for top-tier talent. Key features of the New Mexico Compensation Program include: 1. Market-Based Salaries: The program utilizes market research to establish salary ranges that are competitive with similar positions in the private sector and other government entities. This ensures that employees are fairly compensated based on their knowledge, skills, and experience. 2. Classification System: The program utilizes a comprehensive classification system that assigns employees to specific job classifications based on the duties, responsibilities, and qualifications required for each position. This ensures equitable compensation across different roles. 3. Performance Evaluation: The program incorporates a performance evaluation system that assesses individuals based on their achievements, contributions, and adherence to organizational goals and values. This system allows for rewards and recognition based on merit, promoting productivity and excellence. 4. Benefits and Perquisites: In addition to competitive salaries, the New Mexico Compensation Program offers a range of benefits and perquisites to enhance employee satisfaction and well-being. These may include health insurance, retirement plans, flexible work schedules, professional development opportunities, and more. Attachments: 1. Compensation Program Guidelines: This document outlines the framework and guidelines for implementing the New Mexico Compensation Program. It provides an overview of the program's objectives, processes, and best practices. 2. Market Salary Surveys: This attachment contains salary surveys conducted by third-party entities to obtain accurate and up-to-date information on market salaries for various executive and managerial positions. These surveys help inform the program's salary ranges. 3. Classification Framework: This document provides a detailed overview of the program's classification system, including job descriptions for each position and the corresponding salary ranges. It ensures consistency and transparency in job classifications. 4. Performance Evaluation Forms: This attachment includes the performance evaluation forms used to assess employee performance based on predetermined criteria. It provides a standardized method for evaluating and rewarding employees. Different Types of New Mexico Compensation Program for Officers and Certain Key Management Personnel: 1. Senior Executive Compensation Program: This program specifically caters to high-level executives and provides additional benefits and compensation structures tailored to their unique roles and responsibilities. 2. Department-specific Compensation Programs: Some departments or agencies within the state government may have their own compensation programs tailored to the needs and demands of their specific areas. These programs may include additional attachments or guidelines specific to that department's requirements. 3. Special Incentive Programs: Occasionally, the state may introduce special incentive programs to encourage exceptional performance or recruit individuals with unique skill sets. These programs may offer additional bonuses, stock options, or other incentives to eligible employees. By implementing the New Mexico Compensation Program for Officers and Certain Key Management Personnel, the state aims to establish a transparent, fair, and competitive compensation system that attracts and retains top talent, ensuring effective and efficient management across various departments and agencies.

The New Mexico Compensation Program for Officers and Certain Key Management Personnel is a comprehensive program designed to establish fair and competitive compensation structures for employees in executive and managerial roles within the state of New Mexico. This program aims to attract, retain, and motivate highly skilled individuals who play critical roles in managing various departments and agencies across the state. By offering competitive compensation packages, the program ensures that New Mexico remains an attractive destination for top-tier talent. Key features of the New Mexico Compensation Program include: 1. Market-Based Salaries: The program utilizes market research to establish salary ranges that are competitive with similar positions in the private sector and other government entities. This ensures that employees are fairly compensated based on their knowledge, skills, and experience. 2. Classification System: The program utilizes a comprehensive classification system that assigns employees to specific job classifications based on the duties, responsibilities, and qualifications required for each position. This ensures equitable compensation across different roles. 3. Performance Evaluation: The program incorporates a performance evaluation system that assesses individuals based on their achievements, contributions, and adherence to organizational goals and values. This system allows for rewards and recognition based on merit, promoting productivity and excellence. 4. Benefits and Perquisites: In addition to competitive salaries, the New Mexico Compensation Program offers a range of benefits and perquisites to enhance employee satisfaction and well-being. These may include health insurance, retirement plans, flexible work schedules, professional development opportunities, and more. Attachments: 1. Compensation Program Guidelines: This document outlines the framework and guidelines for implementing the New Mexico Compensation Program. It provides an overview of the program's objectives, processes, and best practices. 2. Market Salary Surveys: This attachment contains salary surveys conducted by third-party entities to obtain accurate and up-to-date information on market salaries for various executive and managerial positions. These surveys help inform the program's salary ranges. 3. Classification Framework: This document provides a detailed overview of the program's classification system, including job descriptions for each position and the corresponding salary ranges. It ensures consistency and transparency in job classifications. 4. Performance Evaluation Forms: This attachment includes the performance evaluation forms used to assess employee performance based on predetermined criteria. It provides a standardized method for evaluating and rewarding employees. Different Types of New Mexico Compensation Program for Officers and Certain Key Management Personnel: 1. Senior Executive Compensation Program: This program specifically caters to high-level executives and provides additional benefits and compensation structures tailored to their unique roles and responsibilities. 2. Department-specific Compensation Programs: Some departments or agencies within the state government may have their own compensation programs tailored to the needs and demands of their specific areas. These programs may include additional attachments or guidelines specific to that department's requirements. 3. Special Incentive Programs: Occasionally, the state may introduce special incentive programs to encourage exceptional performance or recruit individuals with unique skill sets. These programs may offer additional bonuses, stock options, or other incentives to eligible employees. By implementing the New Mexico Compensation Program for Officers and Certain Key Management Personnel, the state aims to establish a transparent, fair, and competitive compensation system that attracts and retains top talent, ensuring effective and efficient management across various departments and agencies.