- Associated Press - Saturday, January 14, 2017

INDIANAPOLIS (AP) - Indiana Economic Development Corp. officials are hoping to retain its staff through recent adjustments to its compensation structures, including higher salaries and new performance-based pay.

Agency officials and a few other top executives received salary increases over the past year as a result of a compensation study by McCordsville-based Total Reward Solutions LLC in November 2015.

The agency commissioned the study because too many staffers were leaving in search of higher pay elsewhere, the Indianapolis Business Journal (http://bit.ly/2jDw8vt) reported.

Agency spokeswoman Abby Gras said there was more than 50 percent turnover in the last two years.

The incentive payments come from private donations through the IEDC’s Work Foundation. The foundation reported receiving contributions totaling $1.1 million in the first 10 months of 2016.

Indiana’s new secretary of commerce, Jim Schellinger, could earn close to $300,000 through a combination of base salary and performance-based pay, but his 2017 salary hasn’t been set yet. Schellinger previously served as IEDC president, where he earned a base salary of $185,000.

Gras said Gov. Eric Holcomb will decide his 2017 base pay, but Schellinger has not yet decided whether or not to accept incentive pay.

Performance-based compensation is based on both individual job performance and overall agency performance. Gras said performance goals can be confidential because they involve future plans.

IEDC board member John Thompson said the pay increases have reduced turnover.

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Information from: Indianapolis Business Journal, http://www.ibj.com

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