Salary Review Criteria

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Questions and Answers

What is the basis for the bonus calculation?

Employee's role and job title

Performance against predefined objectives and billable hours

Billable hours and company profitability

Performance against predefined objectives (correct)

What is the formula for calculating the bonus?

MEBA * Performance Score (correct)

MEBA + Performance Score

MEBA * Performance Score * Billable Hours

Performance Score / MEBA

What is the frequency of bonus payments?

Bi-annually

Quarterly

Annually (correct)

Monthly

When are objective setting and performance appraisals conducted?

Quarterly Signup and view all the answers

What is a condition for accrued bonuses to be paid out?

Company's profitability Signup and view all the answers

What is the minimum performance level required for employees to participate in the bonus program?

Consistently Met Signup and view all the answers

What is the requirement for employees to participate in the bonus program?

All of the above Signup and view all the answers

Which role is excluded from the Leadership Bonuses program?

Director Signup and view all the answers

What is the minimum performance score required to qualify for an annual salary review?

65% Signup and view all the answers

What is the annual increase for employees with an average performance score of 80% or higher?

CPI + (CPI*50%) Signup and view all the answers

When do employees receive their increased salary amount after qualifying for the annual salary review?

March of each year Signup and view all the answers

What is the minimum performance level required to participate in the Operations Performance Bonus program?

Partially Met Signup and view all the answers

Who determines the participation of operational employees in the Operations Performance Bonus program?

Management Signup and view all the answers

What is the minimum tenure requirement for employees to participate in the Operations Performance Bonus program?

1 year Signup and view all the answers

What is the purpose of the annual salary review?

To recognize good performance 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?

Annual salary review first, followed by promotion-based increase Signup and view all the answers

When are bonus payments made to employees participating in the bonus program?

On an annual basis during March Signup and view all the answers

What is the minimum performance level required for an employee to be eligible for a bonus?

Consistently Met Signup and view all the answers

What determines the 'Maximum Eligible Bonus Amount' (MEBA) for an employee?

Case-by-case basis Signup and view all the answers

What happens to accrued bonus amounts if an employee resigns or is serving their notice period?

They are forfeited Signup and view all the answers

Which of the following is a qualifying criterion for the Support Function Bonus program?

Completing at least 1 year with Linked Signup and view all the answers

What is the impact of company profitability on bonus payments?

If the company is not profitable, no bonuses will be paid out Signup and view all the answers

How are bonus amounts calculated for employees participating in the bonus program?

On a quarterly basis Signup and view all the answers

What is the purpose of the formal offer made to qualifying employees?

To invite them to the bonus program 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

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Description

This quiz covers the criteria for employees to qualify for an annual salary review, including the required performance score and the calculated increase based on the Consumer Price Index (CPI).