Benefits and Compensation

What Did You Learn About Exec Comp to Apply to 2014?

Executive Compensation Checklist

General

 

 

 

Do you have a plan for executive compensation?

Yes□  No□

Is it in writing?

Yes□  No□

Does it have stated goals?

Yes□  No□

Do those goals include:

 

  • Increasing productivity?

Yes□  No□

  • Increasing quality?

Yes□  No□

  • Retaining good employees?

Yes□  No□

  • Attracting good employees?

Yes□  No□

  • Rewarding good performers?

Yes□  No□

  • Encouraging an ”ownership” attitude?

Yes□  No□

Does your executive compensation plan meet these goals?

Yes□  No□

Is your executive compensation plan reviewed at least annually?

Yes□  No□

Has your executive compensation plan been reviewed by your attorney?

Yes□  No□

 

 

Policy

 

 

 

Are there job descriptions for your executive positions?

Yes□  No□

Are they in writing?

Yes□  No□

Have you analyzed the job content of the executive positions? Is this analysis in writing?

Yes□  No□

Is your executive compensation plan coordinated:

Yes□  No□

  • With the job description?

Yes□  No□

  • With the job analysis?

Yes□  No□

Does your policy address:

 

  • Merit increases for your executives?

Yes□  No□

  • Incentive plans for your executives?

Yes□  No□

  • Retirement plans for your executives?

Yes□  No□

  • What occurs if there is a hostile takeover?

Yes□  No□

Does your policy address:
 
  • Not going to work for a competing company after they leave?

Yes□  No□

  • Not recruiting key employees after they leave?

Yes□  No□

  • Not disclosing trade secrets after they leave?

Yes□  No□

  • Not usurping corporate opportunities?

Yes□  No□


Comp planning in limbo? You need a plan Join us January 9 for an interactive webcast on The Face of Compensation for 2014: How to Create a Winning Strategy in the New Year. Learn More.


Legal Issues

 

 

 

Do you compensate your executives in accordance with the law? (29 CFR 541.100)

Yes□  No□

If you believe that an executive is exempt from the overtime requirement, have you confirmed in writing that the (29 CFR 541.100):

 

  • Executive is salaried? (29 CFR 541.602)

Yes□  No□

  • Primary duty of the person is to manage? (29 CFR 541.102)

Yes□  No□

  • Executive supervises two or more employees? (29 CFR 541.104)

Yes□  No□

  • Executive has the authority to hire and fire or effectively recommend such decisions? (29 CFR 541.100)

Yes□  No□

Do you review executive positions at least annually to confirm that they continue to be exempt from the overtime requirement?

Yes□  No□

Does your executive compensation plan comply:

 

  • With the equal pay law? (29 USC 206)

Yes□  No□

  • With other discrimination laws?

Yes□  No□

If you have a retirement plan, does it comply with applicable laws?

Yes□  No□

If you offer a health benefits plan to executives, does it comply with applicable laws?

Yes□  No□

If you offer fringe benefits to executives, do you comply with the applicable tax laws for these items?

Yes□  No□

Have you considered written employment contracts for executives?

Yes□  No□

If you offer deferred compensation, do you comply with the requirements of Internal Revenue Code Sec. 409A?

Yes□  No□

If you have written contracts with executives, do they permit you to:
  • Change bonus plans?

Yes□  No□

  • Change benefits plans?

Yes□  No□

  • Change job duties?

Yes□  No□

  • Change compensation?

Yes□  No□

  • Terminate their employment?

Yes□  No□

  • Relocate them?

Yes□  No□


Comp planning tools for 2014. Join us January 9 for an interactive webcast on The Face of Compensation for 2014: How to Create a Winning Strategy in the New Year. Earn 1.5 hours in HRCI Recertification Credit. Register Now.


Communication

 

 

 

Do you communicate your executive compensation plan?

Yes□  No□

Do0 you have individual meetings with the executives to explain the compensation plan designed for them?

Yes□  No□

Do you respond:

 

  • To requests by executives for adjustments for their particular needs?

Yes□  No□

  • Promptly to questions from executives about your compensation plans?

Yes□  No□

Are you consistent in the manner in which you communicate with executives concerning compensation?

Yes□  No□

Are you consistent in the manner in which you compensate executives

Yes□  No□

In tomorrow’s Advisor, an end-of-the-year checklist for incentive compensation, plus we announce a timely webcast—Face of Compensation 2014—that will help you get your priorities straight for next year.

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