TORONTO HYDRO 2014 CORPORATE RESPONSIBILITY REPORT 81 INTRODUCTION MATERIALITY AND STAKEHOLDER ENGAGEMENT OUR WORKFORCE SUSTAINABLE BUSINESS AND OPERATIONS OUR ENVIRONMENTAL FOOTPRINT SUPPORTING OUR COMMUNITY GOVERNANCE AND ETHICS Compensation and remuneration Toronto Hydro Corporation’s compensation strategy focuses on maintaining the ability to attract, motivate, and retain employees who possess the skills identified as critical to our success. We recruit individuals who are capable of exceptional performance. We review the market-competitiveness of our compensation programs for non-union employees on a periodic basis. This review begins with participating in total compensation salary surveys offered through independent consulting firms. We compare our compensation data (e.g., base salary, target performance pay, and target total cash compensation) against aggregate information from companies of similar size, industry and location. Toronto Hydro Corporation also uses benchmarking results to adjust job rates to better align salary ranges with the competitive market. The findings of the benchmarking exercise and the corporate budget are key considerations for any recommendation to the Board of Directors of Toronto Hydro Corporation regarding merit adjustments for the coming year. The final salary budget requires the approval of the Board of Directors. Compensation Toronto Hydro Corporation provides non-unionized employees with a total cash compensation package comprised of two elements: base salary and variable performance pay. Base salary compensates an employee for completion of their responsibilities, accountabilities and technical skills, while variable performance pay rewards employees for their contribution to the achievement of business goals and objectives tied to the utility’s pillars in combination with the successfully demonstrated corporate competencies. Toronto Hydro’s compensation associated with unionized employees is negotiated through the periodic collective bargaining processes. Employees who are part of the Society of Energy Professionals are also eligible for variable performance pay based on their achievement of the deliverables outlined in their annual performance contract, as well as the achievement of the utility’s performance objectives.
Toronto Hydro 2014 CR Report_FINAL
To see the actual publication please follow the link above