As a leader in the insurance and financial services industry, we stay on top by hiring, motivating, and keeping high-performing employees ... like you! Our pay-for-performance compensation program is just one way we accomplish this.
Offering You a Competitive Pay Opportunity
State Farm participates in a number of third-party salary surveys to compare our compensation program with pay for similar positions at peer companies, including Fortune 100 organizations, and industry competitors. We review labor market data annually, and make necessary adjustments, in order to maintain our competitive pay position and provide you with a premium base pay opportunity relative to other available employment options.
Our pay-for-performance program helps high-performing employees receive larger compensation awards for their efforts. Employee performance goals are directly tied to achieving results that contribute to your department's goals, and ultimately, to Enterprise goals.
Helping You Perform and Succeed at State Farm
Your supervisor will help you establish your individual result goals for the upcoming performance cycle. You will also discuss the competencies (skills and knowledge) needed to achieve the goals you establish. These result goals and competencies will form the basis for measuring your performance during each annual performance period.
A mid-cycle performance review provides an opportunity to sit down with your supervisor and assess your progress. This is scheduled about halfway through the annual performance period.
We encourage you to request informal performance conversations with your supervisor throughout the performance cycle, as needed. These provide opportunities to gain valuable feedback on your progress and help your supervisor identify any additional efforts needed to help you work toward your performance goals.
Annual Pay Reviews
At the end of the performance period, you and your supervisor will meet for an end-of-cycle review to assess how well you achieved your results goals and demonstrated the competencies you established for the performance period. Following this review, you and your supervisor will meet to discuss your pay.
You may be eligible for a merit increase and incentive award, based on your performance assessment and position within your salary range. Any merit increase award you receive will be added to the current base compensation rate that determines your biweekly paycheck. Unlike merit increases, incentive awards are received as one lump-sum payment separate from your base compensation rate.
Don't hesitate to ask your supervisor for further explanation or additional information regarding the compensation components applicable to your position.
We are proud to offer a comprehensive rewards package — just one of the many reasons State Farm is a great place to work!
This brief overview of Pay-for-Performance is not intended to be a complete explanation of program features. For more detailed information and state exceptions, please refer to the online Human Resources Policy Manual for U.S. employees.