When looking for executives that can take your business to a higher level, there can be challenges. You must locate the proper candidates and interview them, but perhaps the most challenging aspect of hiring executives is figuring out what to pay them. Luckily, executive compensation consultants could help as you bring on new executives. How?
Freeing Your Time
As you're poring over executive resumes and meeting new people, you might simply not be eager to look over salary statistics or contact professional organizations to determine what executive pay should be. To avoid giving yourself more tasks to do as you're hiring, allowing consultants to advise you about salary is helpful. Through your work with them, you can give a better answer to prospective employees as you interview candidates and give offers of employment.
Evaluating Your Offers
Your knowledge of what executive salaries are could be limited. You might have a few executives on board already, but you may have just set salaries on your own without much research. Executive compensation consultants will discuss whether your offers to new managers make sense. You'll know if you're lowballing executives or offering them too much in salary. That way, you'll provide your interviewees and selections with a salary that's both attractive and appropriate.
Helping With Incentives
Executives rarely get paid a single salary. Typically, year-end incentives and bonuses are also included as part of a full executive package. Most executives will expect this, so you'll need to figure out what you'll be offering. An executive compensation consultant can look at your company's budget, talk with you and examine industry standards to come up with a incentive and salary package that's competitive.
Planning for Future Staffing Issues
Executive compensation consultants will also help you beyond what's happening today. You'll be hiring more executives and managers in the future as company growth continues. For that reason, having an executive salary consultant to analyze your budget, sales numbers, and possible future needs is helpful. They can give you a plan that will ensure that your company remains healthy even as you bring on executives to your team over time.
All of these consultant benefits can give you the tools you need to pay managers and executives what they deserve. As you hire, the data you get from executive compensation consultants will help you attract and keep managers who can put their brains to work in your company.