More specific compensation resources. Ensure that pay is perceived to be fair and equitable. FoxHill Compensation Philosophy Statement (Sample) FoxHill compensation philosophy has one overarching goal: rewarding employees for driving outstanding business performance. Sample Key Executive Compensation Arrangements Policy Notice: This sample policy document does not constitute professional advice and is not a subsitute for the law and regulations related to the topics addressed herein. 4.1.4   Actual base salary for an individual relative to the target pay will be determined upon recommendation of the president. IV. The transparency of this commitment benefits both the employee and the organization when it comes to pay strategy and salary negotiations. The executive committee is a permanent committee of the board. The organization’s executive compensation program is designed to Encourage the attraction and retention of high-caliber executives. You may also have diff… Why is a compensation philosophy important for NFPs? The governing body should explain the reason for its decision to use incentive compensation in the written documentation of its decision 3. Having a compensation philosophy ensures that your company has consistency across salary, bonus and incentive structures. Do your homework: There are numerous national and local nonprofit compensation surveys available. Tip #1 – Create a Nonprofit Compensation Philosophy and Strategy. A well crafted compensation philosophy and strategy is the foundation for your compensation program. As a higher education system charged with serving the citizens of Tennessee, we recognize our faculty and staff as our most critical asset and our principal … When developing a compensation policy, the board should list all components of the package. The IRS considers “compensation” to include the total of all “income” received by the CEO, which includes, for example: contributions to retirement accounts, housing and car allowances, as well as insurance premiums paid by the nonprofit to benefit the executive director, and even club memberships if the membership primarily benefits the individual rather than the nonprofit. We design programs to attract and reward high-performing teams, while being reasonable in the eyes of donors and regulators. Charity Navigator (http:/www.charitynavigator.org) Charity Navigator offers a study of nonprofit CEO compensation, broken down by geography, domain, organization size, and other variables. According to an HRsoft poll, 60% of organizations have a written compensation … Compensation Philosophy Template. Among the responsibilities and authority of the executive committee is that relating to executive compensation. Employee benefits and compensation are becoming increasingly complex and expensive, especially for small businesses. You will need to create a new peer group of publicly traded companies who kind of seem similar to you, but don’t overshadow you. The Committee will have the authority to review and oversee the Company’s overall compensation philosophy, and to oversee the development and implementation of compensation programs aligned with the Company’s business strategy. For example, one job seeker who was looking for a position as a senior program officer in a foundation began by looking at some of the nonprofit salary surveys. A compensation philosophy is necessary no matter what stage your company is in. [Company X]’s Compensation Philosophy A well crafted compensation philosophy and strategy is the foundation for your compensation program. A base for decisions exists and neither the board nor a staff member needs to reinvent the wheel each time a human relations issue arises. This sample outlines the organization’s compensation philosophy and acceptable sources for comparable pay. 2.3   Supplemental Pay Policies. As a higher education system charged with serving the citizens of Tennessee, we recognize our faculty and staff as our most critical asset and our principal source of excellence.

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