Scorecard Reviews are done every 90 days to provide feedback for continuous improvement and to confirm that you are fairly compensated for the Role you hold.
Completing the Scorecard Review is your responsibility, not your Team Leaders.
You must present first draft of your review on the last day of your current Scorecard completion and the review needs to be completed within one week of starting.
Your Scorecard Review should be an affirmation of everything discussed weekly in One-On-Ones. There should be no surprises or misalignments. If both you and your Team Leader have been communicating well over the last 90 days the Scorecard Review should take less than an hour of both of your time. If it is taking longer, or there is misalignment in the scorings, it could be indicative of a communication problem that you both need to work on during your One-On-Ones.
You track and record your Scorecard Review in your Scorecard. If you are completing your first Scorecard Review, or if you want to use the latest spreadsheet version for your Scorecard Review, make a copy of the Scorecard Review spreadsheet and rename it for you, or if you already have the spreadsheet and have completed prior reviews in it simply add 2 columns to the left of your last review and copy the previous 2 columns from the last review into these two new columns and then update all green cells as per the following:
- Add or confirm your Start Date - the date you were hired.
- Confirm the Role that you currently hold and the Location referenced for your Compensation. The spreadsheet will lookup and return the Current Minimum and Maximum Recommended Base Compensation for that role.
- Add or update what your Total Compensation (Benefits, Retirement, Profit Sharing, Variable, Time Away) and current Annual Base Compensation Actual is. If you don't know ask Accounting and they can provide this information to you.
- Copy the Current Minimum and Maximum Recommended Base Compensation into the two corresponding fields at the bottom to keep the value for these numbers as of this review date. The Recommended Base Compensation can change from one quarter to the next as we update our minimum and maximum levels based upon market data reviews every 90 days.
Next complete your Scorecard Review in your Scorecard as per the latest instructions listed in the Scorecard Template and add the corresponding Scores to their respective lines in the spreadsheet. Once done invite your Team Leader to complete their Scorecard review.
When your Team Leaders Scores are entered the spreadsheet calculates your recommended base compensation using the following formula;
- Loyalty; in our base compensation calculation we give loyalty, how long you have been with the company, a maximum weighting of 25%. We do this because we feel the longer you have been with us the more knowledge and experience you have, but, we think there is a cap to this and we think that cap is 6 years. In other words if you have been with us for 6 years there probably isn’t any difference between what you know and what someone who has been with us for 25 years knows. Therefore the 25% weighting is prorated and calculated based on the time we have been together up to the 6 year maximum.
- Overall Score; the sum of your scorecard attribute scores divided by the sum of the max scores, 3 for each question, is multiplied by 75% and that result is combined with your Loyalty score to determine your overall score out of 100%.
- Recommended Base Compensation; is the difference between the Minimum and Maximum Recommended Base Compensation multiplied by the Overall Score percentage and added to the Minimum Recommended Base Compensation to determine your Recommended Base Compensation. We don't increase compensation from one year to the next based upon a cost of living allowance or by amount of time from the last date a person's compensation was increased. We use market data and our recommended compensation calculation to determine what base compensation increases need to be made and when.
The results of the Recommended Base Compensation calculation are a guideline, not a fixed rule. If you are scoring consistently higher than your current compensation for two consecutive Scorecard Reviews then your Team Leader should recommend an increase for you. If you are scoring consistently lower than you are currently paid, or there is misalignment in how you score your performance versus how your Team Leader scores your performance, or other mismatches in expectations, then you and your Team Leader need to get the performance differences addressed over the next 90 days with a Performance Improvement Plan.
Once you and your Team Leader have completed your Scorecard Review update the status of your Scorecard in the Scorecard Status Spreadsheet.
Whether you want to share the conclusions reached in your Scorecard Review with some or all members of the company is your choice. Scorecard Reviews are not published to the Company unless the person who was reviewed chooses to do so.