Questions and Answers
What is the basis for the bonus calculation?
Performance against predefined objectives
What is the formula for calculating the bonus?
MEBA * Performance Score
What is the frequency of bonus payments?
Annually
When are objective setting and performance appraisals conducted?
Signup and view all the answers
What is a condition for accrued bonuses to be paid out?
Signup and view all the answers
What is the minimum performance level required for employees to participate in the bonus program?
Signup and view all the answers
What is the requirement for employees to participate in the bonus program?
Signup and view all the answers
Which role is excluded from the Leadership Bonuses program?
Signup and view all the answers
What is the minimum performance score required to qualify for an annual salary review?
Signup and view all the answers
What is the annual increase for employees with an average performance score of 80% or higher?
Signup and view all the answers
When do employees receive their increased salary amount after qualifying for the annual salary review?
Signup and view all the answers
What is the minimum performance level required to participate in the Operations Performance Bonus program?
Signup and view all the answers
Who determines the participation of operational employees in the Operations Performance Bonus program?
Signup and view all the answers
What is the minimum tenure requirement for employees to participate in the Operations Performance Bonus program?
Signup and view all the answers
What is the purpose of the annual salary review?
Signup and view all the answers
What is the sequence of increases for an employee who qualifies for both an annual salary review and a promotion-based increase?
Signup and view all the answers
When are bonus payments made to employees participating in the bonus program?
Signup and view all the answers
What is the minimum performance level required for an employee to be eligible for a bonus?
Signup and view all the answers
What determines the 'Maximum Eligible Bonus Amount' (MEBA) for an employee?
Signup and view all the answers
What happens to accrued bonus amounts if an employee resigns or is serving their notice period?
Signup and view all the answers
Which of the following is a qualifying criterion for the Support Function Bonus program?
Signup and view all the answers
What is the impact of company profitability on bonus payments?
Signup and view all the answers
How are bonus amounts calculated for employees participating in the bonus program?
Signup and view all the answers
What is the purpose of the formal offer made to qualifying employees?
Signup and view all the answers
Study Notes
Annual Salary Review
- Employees who joined between March and August qualify for an annual salary review
- Average performance score of 65% or higher, but less than 80%, qualifies for a CPI + (CPI*20%) increase
- Average performance score of 80% or higher qualifies for a CPI + (CPI*50%) increase
- Employees receive the increased salary amount in March of each year
Operations Performance Bonus
- The program is for operational employees (customer services or service delivery) not in leadership roles
- Participation is by invitation only and requires completing the onboarding program and at least 1 year of service
- Employees must achieve an average performance level of "Partially Met" or higher (60% or higher)
- Bonus calculation is based on performance against predefined objectives
- Bonus formula: (MEBA * Performance Score)
- Bonus payments are made annually in March
- Accrued bonuses are subject to company profitability
Leadership Bonuses
- The program is for operational employees in leadership roles (Team Leader or Manager)
- Participation requires completing the onboarding program and at least 1 year of service
- Employees must achieve an average performance level of "Consistently Met" or higher (70% or higher)
- Bonus payments are made annually in March
- Accrued bonuses are subject to company profitability
Support Function Bonus
- The program is for non-operational and non-business development employees not in leadership roles
- Participation requires completing the onboarding program and at least 1 year of service
- Employees must achieve an average performance level of "Consistently Met" or higher (70% or higher)
- Bonus parameters are unique to each employee and determined on a case-by-case basis
- Employees who resign or are serving their notice period forfeit accrued bonus amounts
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
