Reasons Why Executive Compensation Survey is a Must-do
Executive compensation surveys have been very helpful to many business owners in Canada today. If you are a business owner and you still don’t know what it entails, I’ll quickly explain it to you.
Since compensation is the money given in the performances of work, and all the different benefits and services that organizations give to their employees, executive compensation shouldn’t be hard for you to guess out.
Executive Compensation, also known as managerial remuneration, refers to the financial compensation or total remuneration top executives receive in an organization; this compensation features the basic salary, shares, options and all the company benefits.
Executive compensation is different from compensation for lower-level employees.
The salary and other benefits are negotiated and are documented in a customized employment contract. The contract spells out compensation, benefits, perquisites, performance bonuses and other special terms of employment.
Have you ever imagined how easy sitting for a test which questions you already have answers to would be? Yes, you guessed right! This is the same feeling conducting an executive compensation survey brings, only that you won’t be cheating, but acting smart.
Current reports show that managers are very short in supply, and this has caused a really big competition between companies. Several organizations are looking to employ and retain the best managers, and so they come with many offers to entice them.
In Canada, recently, so many business owners have upped their games by getting data on how executives are being compensated in other related companies.
For the past thirty years, executive pay has skyrocketed dramatically beyond the rising levels of an average worker’s wage. Executive compensation is an imperative part of any corporate governance, and it is often decided companies board of directors.
As a business owner, there are many reasons why you should conduct an executive compensation survey, the reasons are explained below:
Why you should conduct an executive survey
1. It helps you to hire the best managers: As a business owner, having really competent managers will take your business to the next level. Conducting an executive compensation survey helps you figure out what managers are expecting, what your competitors are paying and how to beat them at the game.
2. It helps you retain managers: It is one thing to get a manager, it is another to retain them. Studies have proven that there are limited numbers of managers in the labor market; many employers are chasing after few managers, and you don’t want to lose the one you have. Conducting an executive compensation survey helps you know the right steps to take to keep your manager.
3. It helps you motivate your managers: Motivation plays a major role in the increment of a worker’s productivity. Having the right information helps you to know how to keep your workers motivated by the incentives they get from working for you, and this will make them work effectively to achieve company goals; this is what an executive compensation can help you achieve.
4. Helps to minimize corruption: One major way to alleviate or reduce greed and corruption within your business place is to pay well. How do you know you are compensating your workers enough? By knowing what other businesspeople who own a similar company do, of course! This is more reason you should conduct an executive compensation survey.
An executive compensation survey is a must-do for every business owner. In Canada, there are few managers and so many employers who need their services. As a business owner, it will be a wise thing to do to know how well your competitors compensate their executive staff, and then offer something better.
You as a business owner should conduct an executive compensation survey in order to: hire the best managers, retain your managers, keep your managers motivated and also minimize corruption within your business place.
Now that you are aware how important it is to get an executive compensation survey done, you should not hesitate to start right away. To do this survey in Canada, you will need a professional Human Resources Consultant; this is where Coiri comes in.
Coiri Consultant is the right choice to make when you decide to conduct an executive compensation survey in Canada. I am recommending this company because there are the best at what they do. Join the bandwagon of happy business owner today; have Coiri consultant do your executive compensation survey.