Careers at BCBSKS - Compensation
Paying employees at competitive base pay levels enables us to attract and retain the best people. The base pay system is administered to ensure jobs are classified properly and are paid appropriately, both in relation to other jobs in the company, and according to our compensation philosophy.
We will compensate all employees fairly, equitably and competitively to achieve the organization's objectives of providing excellent service to customers while maintaining adequate financial controls and quality operations. This philosophy is based on these principles:
- Compensation will be distinctive and opportunity-based, in order to reinforce the Plan's business strategies, corporate culture and management processes.
- Compensation programs will be designed to reward excellence in performance and achievement, both individually and collectively.
- Compensation programs will include base salary levels that reward all employees fairly and competitively, commensurate with individual skills, performance, job contribution, and market conditions, as well as performance-based incentive plans and other variable compensation programs.
Variable pay is any pay that rewards employees for specific achievements or accomplishments.
Beginning at the first of the quarter following 90 days of employment, all BCBSKS employees become eligible to participate in the Employee Performance Incentive Program (EPIP)
The purpose of the EPIP incentive program is to motivate all employees to perform at levels which ensure that corporate strategic and operational objectives are achieved while rewarding superior performance. The development of specific goals that are directly tied to an individual's performance will provide a better linkage to achieving the corporate and operational objectives.
An employee's incentive opportunity is based on achievement of corporate, as well as individual or area goals.
Corporate goals are approved by the Board of Directors each year. The performance levels for the corporate goals are established on an annual basis and apply to all participants in the program.
Individual/area goals are established by the supervisor and/or management of each area and approved by the division vice president for each eligible employee. These individual/area goals are developed to reflect the level of work being performed by each department.
Incentive Payout Opportunity
Performance measures are based on either quarterly or annual performance results.
- Individual or area goals are paid either quarterly or annually, depending on the position.
- Corporate goals for all positions are paid on an annual basis in the first quarter following the year in which the performance occurred.