Reviews, Raises and Incentive Plans
/Performance Reviews and Self Assessments
For many years, IAPE has offered guidance on the subject of performance review and self assessments: annual appraisals should be conducted by managers, skip the self evaluation. Times change, as does our advice.
We recognize that the annual year-end conversation is often an employee’s only chance, or perhaps the best opportunity, to have an informed discussion with her/his manager about goals, expectations, performance and pay. And we recognize that Dow Jones has made changes to this process and has pledged to move to a system of “richer, two-way conversations between employees and managers around performance impact, career development and concrete action steps.”
We also note last week’s message from Kamilah Mitchell-Thomas, and her observation that “the self reflection is optional but highly encouraged.”
If you want to participate in this process by providing a description of your own achievements, please do. Nobody can describe your successes and accomplishments better than you. We continue to believe that performance evaluations are a manager’s job, but we also want to be clear that this should not in any way stop you from helping that process by singing your own praises.
A final reminder: If you are in a performance review that feels more like it’s turning into a disciplinary conversation, you are entitled to have a union representative present. Tell your manager that you’d like to pause the conversation and resume when you have someone with you, and get in touch with us.
Annual Pay Increases . . . And a Bonus!
Last week’s note from KMT also provided the welcome news that our negotiated pay increases would be processed and paid on July 16 (retroactive to July 1). Members hired prior to May 1 of this year are entitled to one of three negotiated pay increases: a 2.25% raise, a $22.50/week minimum increase (for those currently paid less than $1,000/week, gross), or a scale increase for members progressing through our introductory pay scales.
New for this year is the addition of a lump-sum bonus to be paid on August 13, that is tied to the size of the bonus that managers receive. While we do not currently know the actual bonus amount, we expect Dow Jones to inform us of the bonus percentage before it is paid in August.
The 2021 bonus is “targeted” at 0.5% of your pay as of June 30 (so, prior to the calculation of any July 1 pay increase) and will depend on the level of funding of the Dow Jones management bonus (“AIP”). If the AIP is funded at 100%, our bonus will be 0.5% of pay. If the AIP is funded at 90%, the target lump sum will be 0.4% of pay.
If you’re interested in learning more about IAPE’s negotiated pay increases, join us for our next Contract 101 class, July 15 at 2:00 p.m. ET.
Let’s Talk About Incentive Plans
As we settle into a new fiscal year, we’re also preparing to review changes to incentive plan documents for sales personnel.
A reminder to all members in Sales: the IAPE/DJ contract requires that the company provide the union with 45 days to review all SIP changes. Take advantage of that time, and please wait to sign your own plan. As we’ve said before, this review period is most effective when combined with collective action. When a solid majority of affected employees speak out against a particular change, there is a greater likelihood sales management will seriously consider those concerns. With your feedback, we can take the time to review and propose changes as a collective voice.
If you have any issues regarding your SIP, please reach out to IAPE.