Executive Compensation: Gear Up for Year-End
At year-end, while some may want to simply focus on closing out the year and step back from the difficult decisions and planning, executive compensation professionals, management, compensation committees, and boards need to remain focused on the future.
Executive compensation is a year-round endeavor, and now is a critical time to build on successes - and correct set-backs. Prepare for the coming year now to secure an even stronger and more responsive executive compensation program.
Because executive compensation is becoming even more complex, it’s imperative to focus on the most-pressing questions today:
- How do you evaluate and improve upon the performance and engagement of executives and the organization?
- How do you gauge shareholder participation or the effectiveness of incentive programs, pay for performance, and benchmarking?
- Have your strategies changed? Have your benchmarking peers changed or no longer align with your approach?
Compensation professionals, executives, and boards have all felt the recent intensifying spotlight on executive compensation, which makes it even more vital to have the right, thoughtful conversations before entering a new season. Continue reading to see how to more effectively gauge successes, fix set-backs, and make other important changes now so that you can enter the new year with a highly successful and competitive compensation plan.
Is Best Practice Best for Your Executive Compensation?
Designing and implementing an executive compensation program is no easy feat with the intense internal and external pressures to make the right decisions. When carefully balancing public scrutiny, competition, pay for compensation and talent management, organizations face a number of challenges in structuring their executive pay programs.
In an effort to identify the right strategy, it can be tempting to follow the best practices of peer organizations. Common practice, however, isn’t always the best practice. Your firm is unique—your executive compensation program should be one of a kind, too.
It’s time to reconsider the virtues of conventional, one-size-fits-all executive pay practices
Are you ready for a program refresh that will revitalize your executive pay program? Download this whitepaper to find out why cookie-cutter designs aren’t ideal and learn why a personalized approach could help you stand out from the crowd.
Mercer consultants design and implement executive rewards programs that align with business performance, secure key talent, and respond to stakeholders’ concerns. With more than 20 consultants dedicated to the Executive Compensation practice across Canada and backed by a global firm, organizations benefit from an objective, informed and analytic approach.
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