An executive compensation consultant is someone who can take a look at your company's current executive pay structure and offer advice that will benefit your company in the long run. Here are just some of the ways that such a consultant could prove to be incredibly valuable to your business.
Get Started on the Right Foot
If you are a somewhat new or growing company and will be hiring executive-level employees for the first time, you will, of course, want to make sure that you get started on the right foot. Your company will need a compensation package that is competitive for your industry if you want to attract the best possible talent to your open positions.
An executive compensation consultant will have the experience and knowledge of working with a variety of other companies in your industry, and he or she will know what you need to do in order to compete with other businesses. Your consultant can make your job openings more attractive by suggesting tweaks to your compensation or benefits package as your new corporation gets off the ground.
CEO Compensation Review
Executive compensation consultants are also important in making sure that the person at the top of your company is being treated fairly. Even large Fortune 500 firms regularly review their CEO's current compensation. If the company has done very well in recent years, perhaps your CEO is entitled to more money. If returns have not been as good, your consultant can help your company craft a plan that will pay the CEO more money but only if they achieve certain goals. This could be the carrot on a stick your company needs to get back on track.
An Outside Point of View
Are you concerned about someone thinking that there is a clique within the board room or that your company is not doing everything it can to make sure that all employees at all levels are paid as fairly as possible? Bringing on an outside voice in the form of a compensation consultant can help nip those complaints in the bud. You'll make it clear that the executives' current pay structure is based on the opinion of one or more outside experts and that you aren't just patting each other on the back as you hand out more stock options.
Contact a firm that provides compensation consultants today to discuss what they can do for your company. To learn more about what executive compensation consultants do, you can contact a company like Gressle & McGinley LLC.Share