Purpose
The bonus plan for managers and officers of [Company Name] is designed to provide incentive compensation for eligible company officers and management-level employees.
Eligibility
Management-level employees are defined as exempt-level employees whose participation in the bonus plan has been approved by the president/CEO. To be eligible for the bonus payment, an officer or a management-level employee must have successfully completed all assigned goals and must be employed as of December 31 of the bonus plan year.
Procedures
The amount of the bonus pool is based on year-end company profit.
Each eligible officer's and manager's bonus is computed as a percentage of base salary received as of year-end. Bonus payments will generally be made no later than March 31 of the following year. The payment will be taxed at the flat Internal Revenue Service (IRS) rate plus applicable state rates for bonus payments.
Bonus compensation, and any other compensation, may be subject to federal or other regulation that supersedes this bonus plan.
The Bonus Plan is provided at the discretion of [Company Name]. [Company Name] reserves the right to administer, modify or terminate the plan with or without notice.
An organization run by AI is not a futuristic concept. Such technology is already a part of many workplaces and will continue to shape the labor market and HR. Here's how employers and employees can successfully manage generative AI and other AI-powered systems.
Related Content
HR must always include human intelligence and oversight of AI in decision-making in hiring and firing, a legal expert said at SHRM24. She added that HR can ensure compliance by meeting the strictest AI standards, which will be in Colorado’s upcoming AI law.
The proliferation of artificial intelligence in the workplace, and the ensuing expected increase in productivity and efficiency, could help usher in the four-day workweek, some experts predict.
Learn how Marsh McLennan successfully boosts staff well-being with digital tools, improving productivity and work satisfaction for more than 20,000 employees.