NLG's Approach to Managing Pay
National Life has a Total Compensation and _________________________ Philosophy to determine individual compensation
Pay for Performance Philosophy
NLG gets our compensation data from
Financial services and insurance industry surveys
Reviewing performance is an ongoing conversation between
Leaders and employees
The largest factor in how much your base salary increase and bonus will be
Performance
What is the NL Today path to get to compensation tools?
Benefits, Compensation, Compensation Benefits
Base pay changes and bonuses are linked to this
Individual performance
Middle data point of the compensation survey data
Market reference point (MRP)
Minimum performance expectations
Tablestakes
How I know that I am a being paid as a top performer
If my bonus is equal to higher than my target percentage
2 valuable NLG resources in helping to understand your compensation
Your leader and People Center Business Partner
NLG's total target compensation aligns with the financial services market at this percent
50%
Employees new to their role will most likely land here on the MRP range
First part of pay range or -30%
True or false= The WFH environment will prevent me from being paid as a top performer
False- Pay for performance is based on the value that you as an individual create in your role
Bonuses are
Discretionary
3 NL Today apps to get more compensation infromation
Ultipro, NL University, Your Benefits
Pay decisions are based on individual performance and what other factor
Market information
Fully competent and well established employees land where on the MRP range
Mid point or 50%
2 factors in determining my individual base pay and bonus increases
Evaluation of table stakes/pay for performance goals and stack ranking
The 2 months that pay decisions are made
January and February
Ultipro, Menu, Myself, Jobs, Variable Pay, Variable Pay Group is where I can find what information
My bonus target percentage
Funding mechanism for NLG's compensation programs
Company performance
Ultipro, Menu, Myself, Jobs, Job Summary will lead me to
My job title, MRP and salary range
Define Pay for Performance
Exceeding the tablestake performance expectations
Base Pay X Target Percentage =
Target Dollar Amount
Document that states what my base salary increase and/or bonus amount will be
Annual Compensation Statement