Have you ever lost a Leadership team member to a competitor?
It’s likely because the competitor offered a better compensation package.
We recommend using an Executive Compensation Benchmarking service to prevent this from occurring regularly.
But what is Executive Compensation Benchmarking?
This blog has broken down what Executive Compensation Benchmarking is, Innovex’s Executive Compensation service, its core benefits, and how it works.
What is Executive Compensation Benchmarking?
Executive Compensation Benchmarking reviews the compensation packages being offered for an Executive level role within a particular industry.
An external Consultancy Firm usually undertakes the review. The Firm will identify the Executive pay offered to those in similar roles within the broader industry of the Organisation.
Then, the Firm will report on the broad compensation ranges they identified within the Organisation’s wider market.
However, Innovex’s Executive Compensation Benchmarking service is different.
We want to help you get the best talent in the industry, not just give you information about salary brackets that you probably already know.
That’s why, we provide you with an Executive Compensation Benchmarking report containing the following information:
– Real-time data regarding the compensation package your core competitors and those in your geographical location are currently offering.
– The Organisation in your industry that currently offers the most competitive salary possible.
– Critical recommendations on how to adapt your compensation packages to improve your overall talent strategy.
What are the Benefits of an Executive Compensation Benchmarking Service?
As established, undertaking an Executive Compensation Benchmarking review with Innovex can allow your Organisation a real-time understanding of the hiring activities your competitors are up to.
Receiving our reports on this information can allow you to achieve the following:
Increase in employee retention.
Whilst turnover in an Organisation is inevitable. It is critical to ensure their core Leadership members who are constantly driving business growth are retained within the Organisation.
The report you receive will allow your Organisation to offer a more robust compensation package in comparison to your competitors, encouraging them to stay within your Business.
Attract the best talent.
If you want the best Leadership team, you need to offer the best compensation packages.
Our reports allow the understanding of the current compensation packages other companies are offering for the roles you are hiring for.
Using this information, your Organisation can create a hiring strategy with a compensation package better tailored to Candidates’ needs than others in the hiring market, turning the heads of the leading Candidates within your talent pool.
Reduce the risk of unneeded high compensation packages.
We offer personal but candid advice on the packages you should offer in your market. The information you receive is data-backed and reflects real-time market activities.
Therefore, if your Organisation takes onboard our recommendations, you can be confident you are offering the right package for your market.
Influence improvement within the leadership team.
Executive Compensation Benchmarking allows your Organisation to understand if the following challenges occurring within your Leadership team may be due to their compensation offerings:
– Lack of employee motivation.
– High staff turnover.
– Hiring replacement gaps between Leadership hires.
By receiving the Innovex Executive Compensation Benchmarking report, you will obtain critical insights on core changes needed to remove these barriers.
How Often Should I get my Executive Compensation Packages Benchmarked?
Our Consultants recommend reviewing your Executive Compensation Benchmarking reports annually, so that your Leadership team always has a compensation package that positively competes in your hiring market.
How does Innovex’s Executive Compensation Benchmarking service work?
Here is our four-step process for delivering your tailored report on the compensation benchmarks within your industry:
- Execute an initial meeting with all Stakeholders involved in the process to undertake a detailed brief on the activity, expectations and requirements of this project to ensure everyone is aligned.
- Our Consultants will create a unique research strategy to map the geographical areas and industry pools based on each benchmarking role required.
- Your Organisations will receive weekly updates via phone and email on the progress of their report from Innovex’s CEO and Founder, Jake.
- The report will be presented within 4-6 weeks from the start of the process.