Impact
WARD: Ward
COMMITTEE: Human Resources
$ IMPACT: Estimated $72,000 annually
Title
Consideration and adoption of Personnel Policy BEN 6-0 Longevity Pay, effective 7/1/2018 and authorize the Mayor to execute related document
Body
ISSUE: Consideration and adoption of Personnel Policy BEN 6-0 Longevity Pay
BACKGROUND: A recent employee task force initiative and survey was completed and employees overwhelming expressed a desire for this benefit. A policy has been developed to provide an incentive to reward and retain employees who have provided continuous fulltime service to the City of Smyrna and to enhance recruitment of new employees. Longevity pay bonus would be provided annually to eligible fulltime employees with 5 or more years of continuous fulltime service. The bonus will be based on the length of continuous fulltime service with the City. Staff recommends an effective date of July 1, 2018, which would allow for proper budgeting. The first payments would be in October for eligible employees with anniversaries July - September.
The bonus would be calculated as follows:
Service Multiplier
5 - 9 years $10 per year of service
10 - 19 years $20 per year of service
20+ years $30 per year of service
RECOMMENDATION/REQUESTED ACTION: Staff recommendation: Consideration and adoption of Personnel Policy BEN 6-0 Longevity Pay effective 7/1/2018 and authorize the Mayor to execute related document. The first payments would be in October for eligible employees with anniversaries July - September.