Marigold Capital is committed to maintaining a compensation system that is equitable, transparent, and consistent, which will allow for the recruitment, retention, and professional development of the best talent. Pay equity and fair compensation improves employee morale, dignity, and engagement in the workplace.
In keeping with the principles of Pay Equity under the Ontario Pay Equity Act, Marigold Capital uses a job comparison method which is gender neutral. Additionally, the job evaluation system has been consciously created with a greater focus on skills, aptitude and knowledge in lieu of emphasizing formal education, with the intent of reducing socioeconomic bias in our pay band structure.
This policy reflects Marigold Capital’s commitment to removing barriers to equitable pay for women as a result of bias and/or systemic discrimination, as well as its alignment with anti-oppressive practices. It also outlines the firm’s basic compensation structure, bonus and incentive pay, and other non-monetary compensation and benefits.
This policy applies to all current employees of Marigold Capital, including full-time, part- time, contract, and permanent employees.
Compensation: Rewards and benefits (monetary or non-monetary) provided to an employee or worker in exchange for their services
Job Evaluation: A systematic comparison of jobs in an organization in order to establish a rational pay structure which is free from bias
Pay Equity: Equal pay for work of equal value
Point factor method: A job evaluation mechanism which involves assigning points to sub-factors and adding them to provide a “score” for the job class
Red Circling: When an employee’s pay rate is approved above the established salary maximum. Base pay increases are frozen until the range maximum surpasses the employee’s rate of pay
Rights, Responsibilities & Expectations:
All Employees have the right to:
- Review, understand and comply with the Pay Equity & Compensation Policy
- Request further information around pay equity practices and their salary
- Receive clearly outlined performance goals relating to discretionary bonuses
- Privacy surrounding individual salaries per the Municipal Freedom of Information and Protection of Personal Privacy Act (MFIPPA)
All Employees are responsible for:
- Reviewing pay statements for accuracy and reporting any suspected errors to their manager as soon as possible
The Employer (Management) is responsible for:
- Understanding and upholding the principles of this policy
- Reviewing and approving the components of the Pay Equity System
- Assessing any newly created position via the job evaluation system prior to initiating a recruitment process for the position
- Providing clearly outlined performance goals relating to discretionary bonuses Pay Equity System:
Marigold Capital’s compensation structure will be maintained using a gender-neutral pay equity system, using a point factor method of evaluation. The system will be approved by Management, and will be reviewed and re-evaluated whenever:
- A new position is added
- A position is eliminated by combining two other positions
- A temporary skills shortage/red-circling process ends
- A new technology affects the value of a job used for pay equity comparison Position Administration:
When a new position is created, or an existing position undergoes significant changes, a
new job description sheet will be prepared by the hiring manager, and the job evaluated by a Human Resources Consultant using the approved job evaluation system.
Managers are required to ensure that existing job descriptions are kept up to date.* Salary Administration:
Special circumstances may be recognized based on “temporary skill shortages”, as defined by the Pay Equity Act. In such circumstances, Management approval is required prior to the employee, or candidate, being extended an offer.
In situations where the employee or potential employee’s salary will exceed the corresponding salary range for the awarded position, the pay of that individual will be considered frozen, or “red-circled”, until the salary range again matches the red-circled pay through normal adjustments.
Other Salary Adjustments:
Adjustments may be necessary from time to time due to reasons of market equity or internal equity. Such adjustments must be approved by firm Management.
All employees are assigned a base salary corresponding to their position. Marigold Capital has a discretionary bonus plan which is based on firm performance and individual employee performance.
Marigold Capital also offers the following employee benefits:
- Flexible Work Hours:
Marigold Capital promotes autonomous and empowered employees. Hours of work are self-monitored, and employees are encouraged to make use of flexible working hours in order to work efficiently and to facilitate a positive work/life balance. Exceptions to self appointed work hours may include mandatory meetings and/or other mandatory employment events. This benefit will remain in place provided performance goals are consistently met.
Employees receive 3 weeks paid vacation per year. One additional week of vacation is provided for every 5 years of service, up to a maximum of 5 weeks.
- Reduced Workload:
Subject to management approval, employees can apply for a temporary or permanent arrangement where the employee works less than the standard number of hours per day and/or days per week and receives reduced compensation.
Hours of Work & Overtime:
It is expected that employee assignments can be completed within regular working hours (up to 40 hours per week). Should overtime be required, in exceptional circumstances, it must be approved in writing by management, prior to the hours being worked.