Short-Term Incentive Plan
Description Incentive Plan Template
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FAQ
Once an incentive award is paid to a non-exempt employee who has worked overtime, a new Average Straight Time Hourly Earnings (ASTHE) must be calculated. The math is the base pay for all hours worked, plus any non-discretionary incentive pay, divided by the number of hours worked.
Short-term incentives are used to create focus on short-term or immediate goals, and align rewards with individual and business performance. Long-term incentives are typically designed for executives who make strategic decisions for the company.
Annual incentive opportunity is typically expressed as a target percentage of the executive's salary, and plans are typically constructed to provide threshold, target and maximum levels of performance which then generate corresponding threshold, target and maximum levels of pay.
Examples of common short-term incentive pay plans include: Annual incentive plan. A pay plan that rewards the accomplishment of specific results. Rewards usually are tied to expected results identified at the beginning of the performance cycle.
STIP Award means a performance bonus earned pursuant to the terms of the Corporation's Short-Term Incentive Plan that may be settled in any combination of cash or Common Shares (either issued from treasury or purchased in the open market).
Short-term incentives, also often referred to as annual incentives, are intended to compensate executives for achieving the company's short-term business strategy based on achievement of goals by the board compensation committee.
Short-term Incentive Calculation The target STI is calculated by multiplying an employee's year-end annualized Total Target Compensation (base salary including Target Commission and Target MBO) by the STI target percentage associated with his/her band and exemption status.