Compensation
Dow Aero (“Company”) has developed the following policies to highlight bonuses, reimbursements, and payroll.
Bonuses
The Company uses formal recognition programs, including lump-sum bonuses, incentive plans, and non-monetary awards to motivate and retain valued employees who provide exemplary performance or achieve specified targets. These programs are intended to reward employees whose achievements have resulted in a positive benefit to the Company. Bonus can be either awarded as:
Monetary
A lump-sum bonus to recognize a specific achievement or cost-savings; or
An incentive plan with clearly defined goals, pre-established criteria, and regular payout(s) when objectives are met or exceeded.
Non-Monetary
Including recognition awards, career development opportunities, along with Company-paid fees for special lectures, training programs, and conferences.
Departmental Guidelines
Management should reward employees for their invaluable results and the positive conduct they bring to their peers and coworkers, in addition to the Company.
Specific selection criteria shall be established by the department, with prior approval necessary from both the Senior Management and the Company’s Human Resource (“HR”) department before a formal recognition program is implemented. Funding of program expenses is subject to federal and state laws as applicable to accounting, budgeting, payroll, benefits, purchasing, along with the Company’s principles and practices.
Formal processes for awarding monetary bonuses during a regular yearly interval and detailed protocols for department guidelines on requesting bonuses are in-development. In the meantime, Company-wide bonuses are determined by Senior Management generally at the end of the year (when financially-permissible). Managers and supervisors may still request monetary bonuses anytime during the year within an employee's profile of the Company’s Human Resources Information System (HRIS), currently BambooHR, and should directly consult with Senior Management or the Company’s HR department for requesting non-monetary bonuses.
Awarding Bonuses
Monetary
This bonus is included within a scheduled payroll date, alongside any earned wages and approved paid time off (PTO) or reimbursements.
Non-Monetary
These bonuses may be awarded immediately upon recognition, or later provided or reimbursed as appropriate.
PTO Cash Out
Any PTO more than two (2) weeks (80 Hours) in an employee’s account may be cashed out twice yearly and paid to the employee (at employee’s current pay rate) in lieu of taking such PTO. PTO Cash-Out is not a guaranteed benefit and is subject to approval/denial by Human Resources. Determination of approval or denial will be based on multiple factors. At minimum, the following conditions must be met to prior to receiving cash-out approval:
Must have at least 1 year of continuous employment with Dow Aero.
Cash-Out request(s) must not exceed 80 Hours per request.
No more than 2 requests for Cash-Out allowed per calendar year.
Employee must have already used at minimum 40 hours of PTO in the same calendar year or remaining balance of PTO after
Cash-Out must be at least 40 hours.
Reason for Cash-Out request provided to Human Resources.
No disciplinary actions within the previous 2 months.
All approved PTO Cash-Out requests will be process within the next regular payroll cycle after approval.
Reimbursement for Work-Related Expense
Employees are to reimbursed for reasonable travel, lodging, or other expenses that are connected with job duties and responsibilities.
To apply for qualifying expense reimbursements, employees shall add their record(s) within the appropriate table found on the Reimbursement tab of their BambooHR profile; supporting receipts and other records can be uploaded within the Documents tab.
Approved reimbursements will be pre-taxed and used to to reduce payroll deductions, if available. These reimbursements shall generally be applied within the next two payroll dates, after a reimbursement request has been verified.
Repair/Replace Reimbursement for Personal Tools
Employees who use personally owned tools to complete job duties for the Company are eligible to receive up to $250.00 every calendar year for combined tool repairs and/or replacements that are necessary due to general wear and tear that occurs while completing job duties.
To be eligible for a reimbursement on personal tool repairs and replacements employees shall:
Have worked with the Company for six (6) continuous months or more.
Currently maintain an employment status of Full-Time.
Employment statuses of Part-Time, Leased, Contractor, Temporary, Internship, etc. are not eligible for this reimbursement.
Provide and maintain a current inventory log of personal tools with Human Resources.
Be in good standing with the Company.
When a personal tool has been damaged, eligible employees may submit a request from the following:
Once a request has been received, Human Resources will verify that the employee meets the eligibility requirements stated above. In proceeding, Human Resources will notify the employee’s direct manager of the request. The employee’s direct manager will make the final determination on the request. The employee will receive notice in writing once a final determination has been made.
Notice for an approved request will include the payroll date for which the reimbursement is to be applied. Notice for an unapproved request will include reason(s) for the denied request.
Schedule and Method of Payment
Employees are paid on a bi-weekly basis, regardless of position and employment classification or status. Payroll cycles begin on every other Monday and end on every other subsequent Sunday, while payroll dates occur five (5) days after the end of a payroll cycle regardless if the payroll date falls on a holiday.
Select here to view the Company’s payroll calendar >
The Company has mandated that the method of payment for payroll will be via direct deposit. All employees are required to enroll for direct deposit after being added to the Company’s payroll, but before the end of the current payroll cycle. Employee additions to the Company’s payroll shall only occur on the first day of the payroll cycle. Employees may add up to four (4) combined checking or saving accounts for direct deposit.
Making a Change
To make a change to your home address, marital status, direct deposit information, and/or federal/state withholding status or number of exemptions must be made through the Company’s Human Resources Information System (HRIS), BambooHR. For assistance on managing payroll information please see Update Direct Deposit Information or Updating Withholding Information
Deductions
Mandatory deductions include:
Federal and State Income Taxes *;
Social Security; and
Medicare.
* Based on an employee’s Federal and State W-4 Withholding filing status; may be adjusted on the Pay Info tab in BambooHR.
Routine questions about tax deductions may be directed to Human Resources, however, advice on tax withholding strategies should be discussed with a personal accountant or financial planner/advisor.
Select here to use the Internal Revenue Services (IRS) withholding calculator >
Pre-tax deductions are available for:
Group medical, dental, and vision insurance (deduction is automatic for participants in these plans).
Pretax deferrals made to a Traditional 401(k) account.
In addition, optional post-tax deductions are available for:
Post-tax deferrals made to a Roth 401(k) account.
Voluntary life insurance for employees and their family members.
Paystubs
Paystubs will become digitally available upon each payroll date. All eligible employees are encouraged to regularly view the Pay Info tab in their BambooHR profile to view their paystubs; may be found via the web or by using either the BambooHR iOS or Android app.
Reporting Payroll Mistakes
Should you recognize an issue on your paystub, please notify Human Resources immediately.
Employee Compensation Confidentiality
While the Company continues to maintain and expand transparent position pay range structures throughout the organization, the Company considers a specific employee’s compensation information to be confidential. An employee’s compensation information includes:
Hourly or Salary Pay Rate;
Bonus History;
Reimbursements; and
Paid Time Off (PTO) Rewards.
Any employee that possesses knowledge of compensation information for anyone other then themselves, including applicants, is not permitted to internally or externally share this information except for on an as needed basis only and upon receiving prior approval from the highest ranking official within the Company’s Human Resources department. Employees that may have access to compensation information can include:
Appropriate Human Resources (HR) personnel;
Employees designated to perform certain hiring or payroll processes;
Supervisors and Managers;
Department Leads;
Executives and Company Officers; and
Third-Parties authorized to access this information.
e.g. payroll processing staff, accounting firm, etc.
This policy does not prevent employees from choosing to voluntarily share their own compensation information.