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Executive Compensation Packages

The executive compensation package is a highly complex and detailed thing. It has to be big enough and special enough to attract quality candidates for upper level jobs. At the same time, it can't be too ostentatious, or the company offering it risks creating a bad public image while attracting people who are motivated for the wrong reasons. The public is especially sensitive to news stories of executives who are compensated with seven-figure bonuses, pay that's in the millions of dollars and other overly large perks. Companies that are too free with their money when it comes to executive compensation packages may find themselves in a public relations quagmire.

Executives don't respond to the normal incentives offered to lower-level employees, like pay for performance plans and paid time off plans. Executives expect generous salaries, regular bonus pay and an abundance of non-monetary incentives such as stock options and luxurious offices. Some companies even provide such things as town car service and personal errand services to their executives. Finding the right type of compensation package for upper-level employees is a critical step in any corporate plan.

Executive Compensation Packages to Suit Each Company

Professional compensation consultants can help companies decide on the right executive compensation package to offer. The compensation consultant will:

Analyze the company's business plan and goals
Look at the current and projected budgets
Examine actual profits and expected profits
Look at current performance incentive plans
Learn about the corporate culture in that company

Once all of these things are in place, a sound executive compensation program can be developed. Contact Fox Lawson & Associates, a division of Gallagher Benefit Services, Inc at jfox@foxlawson.com for nationwide compensation consulting.

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