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One of the first things that come to mind when figuring out how much to pay someone in an executive role is either conducting or purchasing a market study. However, there are several other things that must be completed first.
Designing your executive pay plan can be daunting—you need to consider a whole host of factors, such as the company's goals and the competitive environment. Let's take a look at some design considerations for effective executive pay plans.
One of the first things that comes to mind when figuring out how much to pay someone in an executive role is either conducting or purchasing a market study. However, there are several other things that must be completed first.
Designing your executive pay plan can be daunting—you need to consider a whole host of factors, such as the company’s goals and the competitive environment. Let’s take a look at some design considerations for effective executive pay plans.
Sales compensation philosophies should be in alignment with company objectives while still motivating the sales team—all without going over budget. This can be a challenge, but there are some tips to help employers get it right. The 5 ‘Rights’ of Sales Compensation “When we’re talking about sales compensation objectives, we define them as the 5 […]
Executive compensation levels can set the tone for the competitiveness of the organization. How a company defines its executive compensation philosophy will determine how much is offered to executives, which will in turn influence the strategic direction of the organization. For example, does your organization strive to hire only people who perform higher than all […]
Designing an executive pay plan requires a lot of facets to be considered, not the least of which is: how high should executive pay be? But the exact amount is far from the only consideration. How should an organization decide to pay executives? Is there a formula to use? Unfortunately, it’s seldom that simple, and […]
Sales compensation can be tackled from a strategic standpoint to ensure it is in alignment with company goals and objectives. This is important when getting started in the process. In fact, to ensure that their sales compensation plan is strategically aligned, here are 5 steps employers can take. Here are 5 steps to ensuring strategic […]
5 Components of an Effective Pay-for-Performance Program There are 5 major components of an effective pay-for-performance program: Evaluation forms. These can be differentiated by employee groups if necessary. The evaluation form should clearly show the rating options for each category or goal and overall ratings. The form should clearly define what constitutes each performance or […]
After implementing a pay-for-performance program, how do you ensure it is effective? How do you assess it? Can you improve its effectiveness even with a tight budget? These are just a few of the considerations for HR professionals after a pay-for-performance system has been implemented.