Beyond Vision Team –
Annual pay increases will be in effect on this Friday’s pay date. Special thanks to Rebecca Arrowood, Connie Gensel, Dave Krupski and Dennis Martin for the help in getting this process completed. Whether or not you will be receiving an increase this Friday, your supervisor will be communicating with you before Friday. Please note, any reference to the new pay rates will not be available in the Paycom ESS until Friday afternoon. Also, any employee receiving a pay increase will be paid retroactive to the first pay date in January 2022. You will see this retroactive payment on your paycheck this Friday.
We developed our compensation structure in 2019. At that time, I put together a presentation for all employees. I understand that we have a lot of new people at Beyond vision. I hope to have a video presentation for all employees some time next week. In the meantime, you may be asking, “Why did I get the raise I did”? Below is the summary of the main factors that go into determining raises at Beyond Vision.
- Performance – employees receiving an overall rating of “Outstanding”, “Very Good”, and “Satisfactory”, receive raises. Employees with overall ratings of “Poor” or “Needs Improvement” do not.
- Salary grade. All positions at Beyond Vision are in a specific salary grade. We determine the grade level of each position by benchmarking our positions with similar positions in the job market. Also, internally, we analyze the relationships between our positions. Each salary grade has a minimum pay rate, a mid-point pay rate, and a maximum pay rate. On an annual basis, we look at all of our positions and modify pay grades, if determined it is needed. Where your current pay rate falls in the salary grade also impacts your merit rate increase (as well as your performance.)
- Budget: Beyond Vision’s overall financial performance and budget also helps determine pay increases. In order to help us budget pay increases, we use third party employer provided salary data to help us determine what is happening with wages in the labor market. We benchmark against actual pay increases. We do not use any general economic indices.
- Start Date in 2021: If you began your employment with us in 2021, your merit increase will be prorated based upon the number of months between your start date and 12/31/2021.
Again, I hope to have a video out next week to provide you all with more details. And, as always, thank you for your efforts in 2021. 2022 is shaping up to be an exciting and challenging year. I look forward to working together with all of you.
Best regards,
Rob
Posted February 22, 2022
