merit matrix
Use the worksheet from the website to construct a merit matrix. The objective is to reward outstanding performers more than those who exceed expectations and both of these groups more than those employees who meet expectations. Overall merit pool for the company this year is 3%.
Use a bottom third, middle third, and top third of position into range to develop the matrix. For example:
POSITION INTO RANGE
Bottom 1/3 Middle 1/3 Top 1/3
Outstanding Recommended % Recommended % Recommended %
Exceeds Recommended % Recommended % Recommended %
Meets Recommended % Recommended % Recommended %
Does Not meet Recommended % Recommended % Recommended %
Use a single percentage for each of the cells in the matrix rather than a range.
Remember that you will need to determine the % of employees in each of the performance rating categories as well as the range penetration. You may need to manipulate the recommended percentages to reach the merit pool of 3%. If someone is below their range count them in the bottom third, if someone is above their range, for purpose of this exercise, count them in the top 1/3.
Once you have determined the appropriate merit matrix cost out the proposed merit increase for the company for the year 2013 using two possible grant dates – the dates are February 1, 2014 and April 1, 2014.
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