Hennepin Minnesota Compensation Program for Officers and Certain Key Management Personnel with attachments

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Hennepin
• 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 Hennepin County Compensation Program for Officers and Certain Key Management Personnel is a comprehensive system established in Hennepin County, Minnesota to ensure fair and competitive compensation for officers and key management personnel. This program aims to attract and retain highly qualified professionals by offering competitive salaries, bonuses, and various benefits. The primary objective of the Hennepin County Compensation Program is to provide equitable compensation packages that align with the county's strategic goals and objectives. This program applies to all officers and key management personnel, including directors, department heads, and other top-level executives within the county government. The main components of the Hennepin County Compensation Program include salary structures, performance-based incentives, job evaluations, and market analysis. These components work together to create a fair and competitive compensation package for individuals holding officer and key management positions. To ensure transparency and adherence to best practices, this program is regularly reviewed and revised based on market trends and internal equity considerations. Hennepin County maintains an attachment to the program, detailing the specific salary ranges for each position. This attachment provides a clear understanding of how salary levels are determined and ensures consistency across departments. The program also emphasizes performance-based incentives, allowing officers and key management personnel to earn additional compensation based on their performance metrics and achievements. These incentives can include bonuses, profit-sharing, or merit-based salary increases. Hennepin County attaches great importance to conducting regular job evaluations to assess the evolving responsibilities and requirements of each officer and key management position. These evaluations help determine appropriate salary ranges and ensure that employees are compensated fairly based on their job performance and industry standards. Moreover, the Hennepin County Compensation Program includes a robust market analysis process. This analysis compares compensation packages offered by similar organizations and private sector counterparts to ensure that the county remains competitive and attractive to top talent. By benchmarking against industry standards and regional market conditions, the program confirms that compensation levels are consistent with prevailing trends. In addition to the standard compensation program, Hennepin County may offer supplemental attachments that cater to specific groups of officers or key management personnel. These attachments address unique circumstances or requirements and may include provisions for relocation incentives, executive benefits, or retirement plans tailored specifically for certain positions. Overall, the Hennepin County Compensation Program for Officers and Certain Key Management Personnel strives to provide fair, competitive, and performance-based compensation packages to attract and retain top talent within the county government. The various components and attachments of this program ensure that compensation is aligned with strategic goals, market trends, and employee performance.

The Hennepin County Compensation Program for Officers and Certain Key Management Personnel is a comprehensive system established in Hennepin County, Minnesota to ensure fair and competitive compensation for officers and key management personnel. This program aims to attract and retain highly qualified professionals by offering competitive salaries, bonuses, and various benefits. The primary objective of the Hennepin County Compensation Program is to provide equitable compensation packages that align with the county's strategic goals and objectives. This program applies to all officers and key management personnel, including directors, department heads, and other top-level executives within the county government. The main components of the Hennepin County Compensation Program include salary structures, performance-based incentives, job evaluations, and market analysis. These components work together to create a fair and competitive compensation package for individuals holding officer and key management positions. To ensure transparency and adherence to best practices, this program is regularly reviewed and revised based on market trends and internal equity considerations. Hennepin County maintains an attachment to the program, detailing the specific salary ranges for each position. This attachment provides a clear understanding of how salary levels are determined and ensures consistency across departments. The program also emphasizes performance-based incentives, allowing officers and key management personnel to earn additional compensation based on their performance metrics and achievements. These incentives can include bonuses, profit-sharing, or merit-based salary increases. Hennepin County attaches great importance to conducting regular job evaluations to assess the evolving responsibilities and requirements of each officer and key management position. These evaluations help determine appropriate salary ranges and ensure that employees are compensated fairly based on their job performance and industry standards. Moreover, the Hennepin County Compensation Program includes a robust market analysis process. This analysis compares compensation packages offered by similar organizations and private sector counterparts to ensure that the county remains competitive and attractive to top talent. By benchmarking against industry standards and regional market conditions, the program confirms that compensation levels are consistent with prevailing trends. In addition to the standard compensation program, Hennepin County may offer supplemental attachments that cater to specific groups of officers or key management personnel. These attachments address unique circumstances or requirements and may include provisions for relocation incentives, executive benefits, or retirement plans tailored specifically for certain positions. Overall, the Hennepin County Compensation Program for Officers and Certain Key Management Personnel strives to provide fair, competitive, and performance-based compensation packages to attract and retain top talent within the county government. The various components and attachments of this program ensure that compensation is aligned with strategic goals, market trends, and employee performance.