Reminders from the Payroll Office by Susan Larson Fiscal Year End Reviews & Bonuses. By printing time all yearly reviews will be on their way to being completed. This is a busy time of year for department managers and the Payroll office. I thought that I would explain the employee review process, give some stats from last year, and answer some frequently asked questions. In 2016 there were 549 reviews completed for Crest hourly employees. For 2017 that number is just about the same so please be patient while waiting for your supervisor to speak with you on your results, especially for the bigger departments. For 2016 the bonus dollars paid out to Crest Foods hourly employees was over $450,000.00. This number included regular bonus dollars (based on your division) and incentive bonuses paid out to employees who were capped in their current salary range and scored between a 4 and 5 on their review. This included 82 employees last year. To qualify to receive a bonus, you must be an active employee on July 31st and have enough qualifying worked hours in the fiscal year. Bonuses are paid out in the form of a check and are not direct deposited into your normal account. Bonus checks are handed out personally by a member of the Meiners family during your work day either on July 31st or the last business day of July. For 2017 this will be Monday, July 31st. How do you know if you qualify for a cap bonus? Upon receiving reviews back from the various departments, I begin entering scores into a master employee sheet which will look at your current rate of pay vs current and new pay scales. This process identifies the employees who were in the capped salary area last year, and also those who met a capped hourly wage last year. Employees do not qualify for this bonus on the year that your hourly wage hits the top of the pay grade that you are in. You must complete a whole year at that pay rate. The next step in the qualification is to determine what each of those employees received for a final review score and whether it meets the current years’ scoring requirement, which in prior years has been equal to a score of 4, 4.5 or 5. For each em- ployee who meets the scoring requirement, we then figure each employees yearly base salary (ex. $15.00 x 2080 = $31,200.00) then multiply that number by the percentage assigned to their score. Contract Packaging Division employees should watch the bulletin boards in each building where there is a posting that is updated every 4 to 5 weeks with an estimate of where your gross bonus is during the fiscal year. For all the Corporate & Ingredient divisions the bonus dollars are determined by the Crest Foods Board of Directors meeting in June and is coordinated with your employee review score and regular hours worked during the fiscal year. Annual Incentive Raises. Traditionally, the first Monday of August Crest Foods gives out incentive raises based on the final review score that you receive on your annual performance review. The raise percentages are de- termined by the Crest Foods Board of Directors. Postings for the August 7th raises will be posted in July. These raises will go into effect on August 7th and you will then see them on the August 18th pay check. A question that I am asked frequently is how this works if you are close to the top of your pay scale? So the following is an example: Any employee who reaches the top of their pay scale may not see the full percentage amount and only go to the top of their pay scale. An example would be if your current rate of pay is at $14.50 and the top of you pay scale is $15.00. If you receive a score of a 5, which is determined to be a 5% raise, this would equal out to a $.73 per hour increase. You will be capped out at $15.00 and only receive $.50 for this raise. For those of you who work B or C shift the raise is calculated off of your base pay rate not including your shift premium. If you have any questions about either of these topics, please stop by my office or call me (ext 235).
July, August & September 2017 Crest Ink 13
Made with FlippingBook - professional solution for displaying marketing and sales documents online