(1) The purpose of this procedure is to: (2) This procedure applies to all staff, excluding the Vice-Chancellor, with an entitlement for an annual performance bonus as specified in their employment contract. (3) KPI's - Key Performance Indicators. Aligning business objectives with specific and measurable individual targets. (4) See Remuneration Policy . (5) A performance bonus provision may only be included as part of a remuneration package for the following staff: (6) The following table provides the range of bonus percentages: (7) All bonus payments will be non-superable except where necessary to satisfy the University's obligation under Superannuation Guarantee (SGC) legislation. (8) Managers are to ensure set KPI's are determined in accordance with the three elements listed in (11) below and are included in the staff member's annual Staff Performance and Development Program (SPDP) plan. These KPI's will form the basis for assessing and grading annual performance. KPI's are to be set in accordance with the following timelines for staff with a performance bonus entitlement: (9) An annual performance review will be undertaken annually to measure and reward eligible staff against set KPI's and behaviour aligned to University values and to recognise exceptional performance for the period under review. (10) Bonus payments will be based on performance across the calendar year from January to December. Where an employee commences part way through the year, performance will normally be assessed on a pro-rata basis for the period. Thereafter, staff will only be eligible for a performance bonus based on completion of a full calendar year. (11) The Vice-Chancellor holds absolute authority to approve any bonus payment and/or reduce the maximum percentage limits for any given year based on the University's overall performance and financial position. (12) Employee bonus payments are determined by three elements: (13) Percentage weightings will be assigned to each of the above categories on the following basis: (14) The payment of performance bonus will be made after final approval is obtained from the Vice-Chancellor and would normally occur in April of the year following the review period. (15) NilRemuneration - Performance Bonus Procedure
Section 1 - Purpose / Objectives
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Section 2 - Scope / Application
Section 3 - Definitions
Section 4 - Policy Statement
Section 5 - Procedures
Part A - Procedures
Eligibility
Bonus Parameters
Delegations and Authorisations Policy
Maximum Bonus Parameters
Band 2 positions
20% of base salary
Band 3 positions
10% of base salary
Other approved positions
5% or 10% of base salary
Performance Criteria
Annual Review Process
Determination of Bonus Amounts
* As a guide, meeting budget objectives is an expected outcome of managers with budget responsibilities. Therefore, in assessing this KPI, a performance bonus reward would normally only occur if budget targets are exceeded.
Position Band
Element
Indicative Weighting (as a fraction of total bonus)
2
All elements
1/3rd for each element
3& other approved positions
1
1/2
3& other approved positions
2
1/3rd
3& other approved positions
3
1/6th
Payment of performance bonus
Part B - Roles and Responsibilities
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Role
Responsibilities
Manager
In consultation with the staff member, develop clear KPI's and objectives as part of the annual SPDP process.
Assess the performance of staff eligible for a performance bonus for the year of review, and provide recommendations to the Vice-Chancellor for consideration and approval.
People & Culture
Administer the annual performance bonus review process including:
- The provision of information to managers of eligible staff in their areas, and the process they are required to follow to make their recommendations.
- Collate recommendations for VC approval.
- advise eligible staff of review outcomes and process recommendations for VC approval.
Vice-Chancellor
Assess/modify/approve recommendations for payment of annual bonus.
Section 6 - Guidelines
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This is not a current document. It has been repealed and is no longer in force.