Tennessee 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) Title: Tennessee Compensation Program for Officers and Certain Key Management Personnel: Overview, Types, and Attachments Description: The Tennessee Compensation Program for Officers and Certain Key Management Personnel is a comprehensive initiative designed to ensure fair and competitive compensation packages for individuals in leadership roles within the state's organizations. This detailed description provides an overview of the program, highlighting its key aspects, types, and attachments. 1. Overview: The Tennessee Compensation Program aims to attract, retain, and motivate highly skilled individuals capable of effectively leading and managing various state agencies and departments. This program recognizes the significance of offering competitive compensation to officers and key management personnel, enabling the state to remain competitive with the private sector. 2. Types of Compensation Programs: The Tennessee Compensation Program encompasses several types of programs that cater to different sectors and levels of leadership within the state. The key programs include: a. Executive Compensation Program: This program focuses on officers holding the highest positions within state government agencies and departments. It ensures their compensation aligns with industry standards, attracting top-tier executive talent. b. Upper Management Compensation Program: This program targets key individuals within state organizations who are responsible for driving significant results and carrying out strategic initiatives. It offers competitive pay according to their unique skill set and role requirements. c. Middle Management Compensation Program: This program aims to provide attractive compensation and benefits packages for mid-level managers who play a critical role in ensuring effective implementation of policies and delivering desired outcomes. 3. Attachments: The Tennessee Compensation Program includes various attachments that complement the core program. These attachments provide supplemental resources, guidelines, and frameworks to effectively administer and execute the program. Some common attachments might include: a. Compensation Guidelines: These guidelines offer a comprehensive framework for determining appropriate compensation levels, considering factors such as job responsibilities, market competitiveness, performance, and experience. b. Salary Structures: The program may include specific salary structures outlining pay ranges, salary bands, and the criteria for progression within each compensation program. c. Performance Evaluation Metrics: To ensure transparency and accountability, the program utilizes performance evaluation metrics to assess individual performance, which then influences compensation decisions. d. Benefits and Incentives: The program may offer a range of benefits and incentives, such as healthcare plans, retirement packages, performance-based bonuses, and stock options, to attract and retain top talent. e. Reporting Requirements: State agencies may be required to regularly report compensation data and program outcomes to maintain transparency and ensure compliance with relevant laws and regulations. In conclusion, the Tennessee Compensation Program for Officers and Certain Key Management Personnel encompasses various types of programs tailored to different leadership levels. These programs are supported by attachments such as guidelines, salary structures, performance metrics, benefits, and reporting requirements. This comprehensive framework contributes to attracting highly skilled individuals to crucial positions within the state, fostering effective governance and administration.

Title: Tennessee Compensation Program for Officers and Certain Key Management Personnel: Overview, Types, and Attachments Description: The Tennessee Compensation Program for Officers and Certain Key Management Personnel is a comprehensive initiative designed to ensure fair and competitive compensation packages for individuals in leadership roles within the state's organizations. This detailed description provides an overview of the program, highlighting its key aspects, types, and attachments. 1. Overview: The Tennessee Compensation Program aims to attract, retain, and motivate highly skilled individuals capable of effectively leading and managing various state agencies and departments. This program recognizes the significance of offering competitive compensation to officers and key management personnel, enabling the state to remain competitive with the private sector. 2. Types of Compensation Programs: The Tennessee Compensation Program encompasses several types of programs that cater to different sectors and levels of leadership within the state. The key programs include: a. Executive Compensation Program: This program focuses on officers holding the highest positions within state government agencies and departments. It ensures their compensation aligns with industry standards, attracting top-tier executive talent. b. Upper Management Compensation Program: This program targets key individuals within state organizations who are responsible for driving significant results and carrying out strategic initiatives. It offers competitive pay according to their unique skill set and role requirements. c. Middle Management Compensation Program: This program aims to provide attractive compensation and benefits packages for mid-level managers who play a critical role in ensuring effective implementation of policies and delivering desired outcomes. 3. Attachments: The Tennessee Compensation Program includes various attachments that complement the core program. These attachments provide supplemental resources, guidelines, and frameworks to effectively administer and execute the program. Some common attachments might include: a. Compensation Guidelines: These guidelines offer a comprehensive framework for determining appropriate compensation levels, considering factors such as job responsibilities, market competitiveness, performance, and experience. b. Salary Structures: The program may include specific salary structures outlining pay ranges, salary bands, and the criteria for progression within each compensation program. c. Performance Evaluation Metrics: To ensure transparency and accountability, the program utilizes performance evaluation metrics to assess individual performance, which then influences compensation decisions. d. Benefits and Incentives: The program may offer a range of benefits and incentives, such as healthcare plans, retirement packages, performance-based bonuses, and stock options, to attract and retain top talent. e. Reporting Requirements: State agencies may be required to regularly report compensation data and program outcomes to maintain transparency and ensure compliance with relevant laws and regulations. In conclusion, the Tennessee Compensation Program for Officers and Certain Key Management Personnel encompasses various types of programs tailored to different leadership levels. These programs are supported by attachments such as guidelines, salary structures, performance metrics, benefits, and reporting requirements. This comprehensive framework contributes to attracting highly skilled individuals to crucial positions within the state, fostering effective governance and administration.