Pay & Rewards
Overview
Belk provides competitive compensation designed to recognize your performance and reward your contributions to our business.
Depending on your function and level within the organization, your compensation may include base salary, overtime, quarterly and annual bonus, sales commissions, and other rewards.
Base Salary
At Belk, your base salary is the core component of your overall compensation package. It may be an annual salary or an hourly rate, depending on your job level.
Payroll & Taxes
Visit Workday to view your paycheck, update your tax filing information, manage your direct deposit, and more.
Bonus Plan
We want to further reward you for helping Belk meet and exceed its targets. The Belk Bonus Plan is designed to directly reward associates for performance, collaborative efforts and results that drive Belk’s success.
For more information about the Belk Bonus Plan, review the Belk Bonus Plan learning module.
Bonus Program Details
Who is eligible?
Eligible associates include:
- All Officers
- All full-time Corporate Associates, both hourly and salaried
- Division Directors such as LP, Visual, HR, Operations, and Merchandising Directors
- Store and Salon Managers
- Assistant Store Managers, Store Brand Managers, and HR/Operations Managers
- Division and Regional Office Managers, such as LP, Visual, HR, and Operations Managers
- DC/FC and UES Management Staff and Salaried Associates
To be eligible for a payout, you must have participated in the plan for the full quarter in which you complete 13 weeks of service.
How is my bonus calculated?
Your bonus is determined by three factors:
- Belk’s performance attainment against goals
- Your career level target bonus percentage
- Your base pay
Belk Performance Targets
The bonus program is designed to reward you for the Belk performance you most directly influence. The measure that applies depends on your role:
- For stores and salons: Performance is measured by your store’s sales and DCP (direct controllable profit).
- For Regional VPs: Two performance measures apply, equally weighted:
- 50%: Your regional stores’ sales
- 50%: Belk EBITDA, or “earnings before interest, tax, depreciation and amortization”
- For the remaining bonus-eligible population: Performance is measured solely by Belk EBITDA.
How Performance Determines Your Award
As the table below shows, there are three important performance levels:
- Threshold — the minimum performance level required for any award. If performance does not meet this threshold in a given quarter or for the year, no awards are payable for the respective bonus plan measure.
- Target — represents achieving 100% of goal.
- Maximum — the maximum performance level considered in the bonus plan. Performance above this level does not affect your award amount.
At threshold level performance, you are eligible for 50% of your target award. At target performance, you are eligible for 100% of your target award. At maximum performance, you are eligible for 200% of your target award.
| Annual Bonus Plan Measures | Threshold Performance | Target Performance | Maximum Performance |
|---|---|---|---|
| EBIDTA | 94% | 100% | 107% |
| DCP | 90% | 100% | 107% |
| Store Sales | 97.5% | 100% | 107% |
| Payout Opportunity vs. Target | 50% | 100% | 200% |
When performance is between levels, you’ll receive a corresponding percentage of your target award. For example, if Belk’s EBITDA performance is 97% attainment, which is between the threshold and target levels, your award will be 75% of your target; this is shown on the scales made available to you. Or, if Belk’s performance is 103.5% attainment, which is halfway between the target and maximum levels, your award will be 150% of your target, which is also shown on the scales.
Your Career Level
You are eligible for a target award equal to a percentage of your base pay, which may be an annual salary or an hourly rate. Ask your manager or HR Business Partner for this information if you haven’t already received it.
Your Base Salary
Your bonus will be calculated as a percentage of your base salary. Base pay is the core of your compensation from Belk. It may be an annual salary or an hourly rate, depending on your level. It is competitive and market-based, ensuring that this element of your compensation reflects current practices in the retail industry.
Estimate Your Payout
Use the Belk Bonus Plan Calculator to estimate your quarterly payout. You’ll select the tab with the performance measures that apply to your role and then enter:
- Your salary
- Your annual salary if you are a salaried associate
- Your estimated annualized salary if you are an hourly associate (estimated annual hours X hourly rate); for a full-time associate, this would be 2,080 hours
- Your target bonus (provided by your manager or HR Business Partner)
- Belk’s performance attainment for the quarter vs. goal(s)
How frequently are payouts made?
All non-officers will be eligible for quarterly payouts based on quarterly performance and an annual “true-up” if earned. Officers will receive an annual award based on Belk’s annual performance.
- Quarterly awards. Each quarter, you have an opportunity to earn up to your target payout percentage of your quarterly earnings. Quarterly awards are capped at your target award.
- Annual awards. Annually, you have the opportunity to earn up to 200% (two times) your target award amount based on your annual earnings, less any amounts paid the previous four quarters.
Associate Examples
Find out how the bonus plan could work for you by clicking on the following hypothetical examples:
- Corporate Associate (Target Annual Performance)
- Corporate Associate (Exceptional Annual Performance)
- Store Associate (Above Target Annual Performance)
Bonus Payout Timeline
The following table shows key dates for the bonus plan for FY19:
| Payout | Date Received in Paycheck |
|---|---|
| Q1 | May 25, 2018 |
| Q2 | August 31, 2018 |
| Q3 | November 23, 2018 |
| Q4 and Annual | March 29, 2019 |