Some of the most essential people to your organization are those who lead it. After all, your executives are the ones who create the vision, motivate your employees, and ultimately, take responsibility for the long-term health of your company. So making sure they receive a competitive, well-designed pay package is vital.
Our HR consultants can help you structure an executive compensation plan that includes:
- Competitive analysis of industry compensation trends
- Short- and long-term incentive plan design with performance measures
- Internally consistent compensation
- Cash, incentives and other compensation
A well-designed annual incentive plan can better motivate your executives to reach their performance objectives. We can design plans with performance metrics, incentive payout levels, funding allocations, payout mechanisms and modeling costs. We can also create documentation and communications.
Types of annual incentive plans include:
- Bonus pool
- Gain sharing
Long-term incentives can help you retain your senior executives, while allowing the company to stay profitable and focused on strategic goals. The value of the awards is generally based upon measured enterprise value or predefined objectives. Long-term incentives are used almost exclusively for senior executives, and then on a selective basis.
A tax-deferred retirement compensation plan offers your senior executives an attractive advantage over your competitors. The most common deferred compensation plans have features such as:
- Contributions from salaries or bonuses are deposited to an account where balances grow on a tax-deferred basis
- Money deferred from pay is tax free at time of deferral
- Taxes are only applied when money is withdrawn
- Up to 100% of regular and/or performance-based compensation can be deferred
Call (877) 521-4011 to talk to a Frost HR Consultant or request a call or email.