As a business leader, you know how important it is for employee compensation to be competitive within your industry. This is true for all your employees – from those workers at the bottom of the org chart to the executives at the top.
Truth is, however, that competitive compensation may be even more critical at the top end. Why? Because the caliber of your executive team can make or break your company’s ongoing success. That’s why it’s vital to ensure your organization’s leaders are compensated in line with market standards.
So, where do you stand? Is your company on solid ground when it comes to executive compensation and total rewards? To find out, first answer these questions:
- Do you have an updated market-focused executive compensation philosophy?
- Do you know how your current executive compensation stacks up against market benchmarks?
- Do you know how your current executive pay mix (of base pay and incentives) compares to others in your industry?
- Do you have clear succession and development plans – whether internally or externally focused – for your executive positions?
- Are you confident your executive staff members are unlikely to leave due to perceptions of inadequate compensation or development opportunities?
If you answered “No” to any of these questions, you can almost certainly benefit from executive benchmarking.
Why? Because executive benchmarking helps you worry less about attracting and retaining key organizational leaders, so you can focus more on working together and moving the organization forward.
So, just how does executive benchmarking work?
You gather industry data, analyze it, and apply what you learned to make more intelligent executive compensation decisions. Frankly, it’s a complex and time-consuming process that’s easy to get wrong – especially if you don’t have the tools and broad-based industry perspective it takes to see the bigger picture.
The good news is you don’t have to “go it alone”. At Total Reward Solutions, we specialize in compensation, performance management, and reward/recognition consulting services – the kinds of services that help your organization attract key talent, motivate employees, and retain top performers.
And when it comes to delivering executive benchmarking services for you, we will execute a detailed executive benchmarking process that includes:
- Consultation to understand and analyze your compensation philosophy, market, and job profiles
- Development of matches from the TRS database that best align with your market and internal positions
- Obtaining and sharing Base Pay and Total Cash market data
- Analyzing incumbent compensation data
- Developing and reporting on findings, complete with recommendations for changes to the executive compensation plan
- If appropriate, working with you to refine job descriptions and compensation programs
Of course, we understand that your market and your organization are unique, so we tailor our executive benchmarking services to match your needs.
You see, at Total Reward Solutions, we pride ourselves on being your trusted partner for essential employee compensation and total reward services — including executive benchmarking.
So, let’s start a dialogue. Simply click here or contact us today at 317.589.8529.
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