January 12, 2021 – K. Graney and A. Bond on 2020 Incentive Program

You are currently viewing January 12, 2021 – K. Graney and A. Bond on 2020 Incentive Program

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Hi everyone. It’s Tuesday, January 12. Today I’d like to provide you with an update on our Incentive Program. Joining me is Andrew Bond (AB), our Vice President of Human Resources.

Andrew thanks for joining me on the podcast. To start, and I know our folks have been asking, let’s talk about the status of our Incentive Program for 2020.

AB: Thank you for having me join the podcast. To summarize:

  • Our incentive program for the second half of 2020 had the following major components:
    • Safety
      • MDA, MTC, Carpenters, IBEW, Quonset Point hourly employees and non-represented hourly employees were all eligible for a safety bonus as well as a population of salaried supervisors. The safety goals were achieved.
    • Meeting Organizational Goals
      • Each Vice President identified several critical milestones or objectives that their organizations had to meet by the end of the year. To meet the incentive in this area, each group had to achieve two of the three of their stated goals. All key milestones were met.
    • Hours Worked
      • As in the past, total hours worked determined eligibility.

To start with our #1 priority, safety, congratulations to the organization for recording our best-ever-year on safety in 2020.  Kevin, as you stated in your podcast last week, our goal is zero injuries, and last year we made great progress toward that goal. Further, the organizational goals established by each VP were met with each organization achieving two of three or three of three goals.

Regarding the incentive award, the maximum amount an employee will receive is $750, depending on the organization he or she works in and the number of hours he or she worked. The award will come as a “live” check, as we’ve done in the past, and the checks are scheduled to go out the week of January 25.

KG: Thanks for the summary Andrew. It’s important to point out that the goals reached for each organization, the 2/3 that you talked about—some more than that—was met in a year that was unlike any we’ve experienced. We should really be proud of this performance, I know I am, including the best-ever safety performance our Operations teams demonstrated. 

We have identified over-arching 2021 goals to support our increases in Virginia and Columbia-class construction. But before we share those goals, which we’ll do in the coming weeks—we’ve actually already rolled them out to the directors and will be passing those along to everybody—we need to close out our individual 2020 performance goals and make sure that people are doing their annual evaluations. Andrew, let’s talk about that—please remind our listeners about what that means for them.

AB:

Salaried employees can now complete their 2020 self-reviews—the deadline for completion is Friday, January 22. From there, supervisors will then complete their reviews by February 17, and employees will complete the process by the individuals’ acknowledging their supervisor’s review by February 26.

KG:

It’s important to reflect on what these annual evaluations are about. It’s important for each individual contributor within our organization to get meaningful feedback from their supervisors. As far as the leadership team is concerned, it’s even more important that we’re providing a no-holds-barred honest assessment of the performance of our folks. I’m encouraged by the work we did last year to streamline the process and make it more effective. We should be demanding from our leaders across the organization that honest and candid feedback on our performance. I need you to participate in that and make sure that you’re listening for that feedback and looking for those opportunities where you can improve your performance.

So thanks Andrew for that summary.  In the coming weeks, the leadership team will be sharing our organization’s goals and objectives for 2021. We’re starting from a position of strength since we completed those goals in 2020 so we could hit the bricks running here in 2021. Our alignment and consistent effort across the enterprise is what will help drive improvement. As 2020 taught us, there is no way to predict what 2021 will bring. What we do know, and our 2020 results prove it, is that open communication, teamwork, mutual support and treating each other with a customer-service mindset are critical to our success.

Thanks for listening; we’ll talk again soon.

Kevin

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