Rhode Island Compensation Program for Officers and Certain Key Management Personnel (RI CP for Officers and KM) is a comprehensive initiative designed to ensure equitable and competitive compensation for key personnel in Rhode Island state agencies. This program aims to attract, retain, and motivate highly skilled individuals who play a crucial role in the effective functioning of state organizations. The RI CP for Officers and KM offers a range of compensation packages tailored to different job roles and levels of responsibility within the state agencies. These packages are designed to align with industry standards and prevailing market rates while also considering the unique aspects of the public sector. Key features of the Rhode Island Compensation Program for Officers and Certain Key Management Personnel include: 1. Salary Structure: The program incorporates a salary structure that provides a framework for determining compensation levels based on position classification, experience, and performance. The structure ensures that employees are appropriately compensated for their contributions. 2. Performance-Based Incentives: To recognize exceptional performance, the program includes variable pay components such as performance-based bonuses and annual merit increases. These incentives serve as motivators for officers and key management personnel to go above and beyond in their roles. 3. Benefits and Allowances: Besides competitive base salaries, the program offers a comprehensive range of benefits and allowances. These may include health insurance, retirement plans, paid time off, flexible work arrangements, professional development support, and other perks aimed at enhancing employee satisfaction. 4. Job Evaluation and Benchmarking: Regular job evaluations are conducted to assess the complexity and significance of positions within state agencies. Benchmarking against both public and private sector organizations ensures that compensation remains competitive and reflects market realities. Attachments: 1. RI CP for Officers and KM Policy Document: This attachment provides a detailed overview of the program, including its objectives, eligibility criteria, compensation components, and policies regarding performance evaluation and rewards. 2. Salary Structure Chart: This visual aid presents the different salary bands and ranges applicable to officers and key management personnel in Rhode Island state agencies. It highlights the progression opportunities available within the program. 3. Performance-Based Incentives Framework: This document outlines the criteria and guidelines for awarding performance-based incentives under the program. It elucidates the performance evaluation process, the metrics considered, and the formula used to determine the bonus or merit increase amounts. 4. Benefits and Allowances Summary: This attachment provides a concise summary of the various benefits and allowances included in the compensation program. It offers a quick reference guide for officers and KM personnel to understand the additional perks they may be entitled to. By implementing the Rhode Island Compensation Program for Officers and Certain Key Management Personnel, the state aims to attract and retain top talent while ensuring fairness and accountability in the compensation practices within its agencies. This program demonstrates Rhode Island's commitment to creating an environment where officers and key management personnel can thrive professionally and contribute effectively to the state's growth and development.
Rhode Island Compensation Program for Officers and Certain Key Management Personnel with attachments
State:
Multi-State
Control #:
US-CC-20-297D
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Word;
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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)
Rhode Island Compensation Program for Officers and Certain Key Management Personnel (RI CP for Officers and KM) is a comprehensive initiative designed to ensure equitable and competitive compensation for key personnel in Rhode Island state agencies. This program aims to attract, retain, and motivate highly skilled individuals who play a crucial role in the effective functioning of state organizations. The RI CP for Officers and KM offers a range of compensation packages tailored to different job roles and levels of responsibility within the state agencies. These packages are designed to align with industry standards and prevailing market rates while also considering the unique aspects of the public sector. Key features of the Rhode Island Compensation Program for Officers and Certain Key Management Personnel include: 1. Salary Structure: The program incorporates a salary structure that provides a framework for determining compensation levels based on position classification, experience, and performance. The structure ensures that employees are appropriately compensated for their contributions. 2. Performance-Based Incentives: To recognize exceptional performance, the program includes variable pay components such as performance-based bonuses and annual merit increases. These incentives serve as motivators for officers and key management personnel to go above and beyond in their roles. 3. Benefits and Allowances: Besides competitive base salaries, the program offers a comprehensive range of benefits and allowances. These may include health insurance, retirement plans, paid time off, flexible work arrangements, professional development support, and other perks aimed at enhancing employee satisfaction. 4. Job Evaluation and Benchmarking: Regular job evaluations are conducted to assess the complexity and significance of positions within state agencies. Benchmarking against both public and private sector organizations ensures that compensation remains competitive and reflects market realities. Attachments: 1. RI CP for Officers and KM Policy Document: This attachment provides a detailed overview of the program, including its objectives, eligibility criteria, compensation components, and policies regarding performance evaluation and rewards. 2. Salary Structure Chart: This visual aid presents the different salary bands and ranges applicable to officers and key management personnel in Rhode Island state agencies. It highlights the progression opportunities available within the program. 3. Performance-Based Incentives Framework: This document outlines the criteria and guidelines for awarding performance-based incentives under the program. It elucidates the performance evaluation process, the metrics considered, and the formula used to determine the bonus or merit increase amounts. 4. Benefits and Allowances Summary: This attachment provides a concise summary of the various benefits and allowances included in the compensation program. It offers a quick reference guide for officers and KM personnel to understand the additional perks they may be entitled to. By implementing the Rhode Island Compensation Program for Officers and Certain Key Management Personnel, the state aims to attract and retain top talent while ensuring fairness and accountability in the compensation practices within its agencies. This program demonstrates Rhode Island's commitment to creating an environment where officers and key management personnel can thrive professionally and contribute effectively to the state's growth and development.
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