Colleagues,
Aurecon has established an Annual Performance Incentive (API) plan, for non-owners, to drive a high performance culture across the business and reward individual, team and company success within a financial year. This plan brings together the existing annual staff performance bonus schemes into a one Aurecon approach to recognising and rewarding team and individual contributions.
The plan has been designed to ensure the alignment of goals and targets throughout the business and to balance both individual and team contributions and financial and non-financial outcomes. As KPIs cascade down from the ALT through the various functions to Unit and ultimately individual level, the outcome of the Performance and Development process will be the basis against which performance will be assessed for API purposes.
The API plan is based on the financial year 1 July - 30 June and funding for this scheme is determined annually by the ALT as part of the annual budgeting process. The allocated API pool is set each year as a percentage of our budgeted profit (Budgeted Net Profit Before Tax inclusive of target API) which creates a provisional API pool.
At the end of the financial year, the actual API pool allocated is a percentage of the provisional API pool and is proportional to the companywide profit achieved. Where Aurecon achieves its budgeted profit, 100% of the provisional API pool will be allocated. For above budgeted profit, additional profit will be allocated to the pool based on the percentage set for that year.
Where performance does not achieve budgeted profit, a pro-rata API pool will be allocated to reward outstanding team and individual performance.
An employee is eligible to be considered for an Annual Performance Incentive if for the financial year it relates to they:
• have been permanently employed by Aurecon prior to 1 April.
• have received a 3 (demonstrates) rating on each of the Aurecon behaviours as part of the Performance and Development process.
• have received a 3, 4 or 5 overall Performance and Development rating.
• are still employed by Aurecon on the date of payment. Employees who have resigned and are serving their notice period are ineligible.
• are not an owner at 30 June.
• are not entitled to a contractual incentive as part of their employment conditions.
• Employees on Leave Without Pay, parental leave or other extended leave at the date of payment will receive a pro-rata payment based on their employment during the period 1 July to 30 June.
Incentive payments relating to the financial year will be made in the following October. This allows for the necessary completion of annual Performance & Development reviews and for the Company’s external auditors to sign off on the year-end financial accounts.
We will be working to provide more clarity and regular communications on our company goals and targets and our progress against these.
Regards
Tony and Liam
Colleagues,
Aurecon has established an Annual Performance Incentive (API) plan, for non-owners, to drive a high performance culture across the business and reward individual, team and company success within a financial year. This plan brings together the existing annual staff performance bonus schemes into a one Aurecon approach to recognising and rewarding team and individual contributions.
The plan has been designed to ensure the alignment of goals and targets throughout the business and to balance both individual and team contributions and financial and non-financial outcomes. As KPIs cascade down from the ALT through the various functions to Unit and ultimately individual level, the outcome of the Performance and Development process will be the basis against which performance will be assessed for API purposes.
The API plan is based on the financial year 1 July - 30 June and funding for this scheme is determined annually by the ALT as part of the annual budgeting process. The allocated API pool is set each year as a percentage of our budgeted profit (Budgeted Net Profit Before Tax inclusive of target API) which creates a provisional API pool.
At the end of the financial year, the actual API pool allocated is a percentage of the provisional API pool and is proportional to the companywide profit achieved. Where Aurecon achieves its budgeted profit, 100% of the provisional API pool will be allocated. For above budgeted profit, additional profit will be allocated to the pool based on the percentage set for that year.
Where performance does not achieve budgeted profit, a pro-rata API pool will be allocated to reward outstanding team and individual performance.
An employee is eligible to be considered for an Annual Performance Incentive if for the financial year it relates to they:
• have been permanently employed by Aurecon prior to 1 April.
• have received a 3 (demonstrates) rating on each of the Aurecon behaviours as part of the Performance and Development process.
• have received a 3, 4 or 5 overall Performance and Development rating.
• are still employed by Aurecon on the date of payment. Employees who have resigned and are serving their notice period are ineligible.
• are not an owner at 30 June.
• are not entitled to a contractual incentive as part of their employment conditions.
• Employees on Leave Without Pay, parental leave or other extended leave at the date of payment will receive a pro-rata payment based on their employment during the period 1 July to 30 June.
Incentive payments relating to the financial year will be made in the following October. This allows for the necessary completion of annual Performance & Development reviews and for the Company’s external auditors to sign off on the year-end financial accounts.
We will be working to provide more clarity and regular communications on our company goals and targets and our progress against these.
Regards
Tony and Liam
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