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Compensation Consultant

Compensating Your Executive Team on a Shoestring

Abstract:

Whether your company is a start up, a growing company or a mature company, compensating your employees is critical to attracting, motivating and retaining them. This article describes the key considerations to setting compensation for your executives based on the stage of company growth.

You have this great idea that will be an absolute killer in the marketplace. No other company is working on it, yet if you asked the practitioners in the fields, it is something that will revolutionize the business. If you can get the product to market, it will sell itself. You'll make a killing if you're successful. You just have to find the right talent to develop the product, test it and get it into production. The problem is that talent costs money. The great talent is already working for other, bigger companies where the compensation package handsomely rewards them. (Unfortunately, no one has yet figured out how to compensate employees without some form of money. Now there is the next new company idea!)

If you work it right, you can recruit the right talent, compensate them for their contribution and compete with the industry giants. It is all in how you package the deal. Here's what you need to make success affordable.

Recognize that there are three major elements to compensation that are within your arsenal: base salary, annual bonuses and long term compensation. Each one of these components triggers different types of behaviors that are deep inside your future employees' psyche. You just have to figure out how to use them to your advantage.

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