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Compensation – Making Sense of Dollars & Cents

by: Chris Hingle

Talented executives gravitate toward firms where the structure of the pay – not just the amount – is consistent with their culture. In my 25 years advising businesses, I’ve learned that compensation reflects not only the value placed on employees, but also the environment they work within. Just like the different grades of fuel that determine your car’s power, pay packages should match your organization to ensure maximum performance. Here’s how:

Know Your Culture:
The first step to considering executive compensation is examining the company’s culture, philosophy and mission. A demanding, high-performance environment requires premium-level pay, while a slower-paced job does not. Likewise, the way compensation is structured should reflect the employee and the demands of his or her job. An executive attuned to the high-stakes environment of a startup, for example, will expect performance incentives that differ from those at an established company with a longer outlook. Finding the right combination of base salary, bonus and benefits matters as much as the total amount offered. In short: Your choice of compensation should not be dictated by dollars and cents, but by common sense.

Be Consistent:
Making thoughtful compensation decisions over the long term helps protect the company during uncertain times. If your employees, their jobs and their salaries are matched well from the beginning, your company will develop a reputation for being consistent in how it compensates executives, regardless of the broader economy. Resist the temptation to hire at a lower salary than a position demands simply because the job market is poor. While doing so may save money in the short run, the result often is that the best employees leave as soon as the economy improves.

Professional Guidance:
At Christopher Frederick, we go the extra mile to tackle the industry’s most challenging searches and recruit only the best executive talent.  It starts by listening. With 25 years in business, we’re experts at learning the nuances of a company’s culture and goals. We also delve into each applicant’s goals, motivations and attitude to find the best match for our clients. The result is a world-class executive who is not only qualified, but ready to guide your team to new heights!

Contact:

Chris Hingle: 1-800-EXU-FIRM, (chingle@cfrederick.com)

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With 25 years recruiting executive talent for top firms in real estate and other industries, Chris Hingle is an expert at finding the right candidates for the top jobs. Contact him at 1-800-EXU-FIRM or at www.cfrederick.com

3 Tips for Hiring Executives in a Soft Market

By Chris Hingle

With little more than a job description and an advertisement, any company can set out to find candidates for executive-level positions. While it’s an employer’s market during a downturn, there is no guarantee companies will succeed in attracting quality applicants. In fact, executive searches often require even more planning because top-level candidates – whether employed or not – will be more cautious in making a change. All too often, managers expecting an easy search in a soft market find themselves disappointed by a marginal hire or no hire at all. Regardless of the economy, three simple steps can help hiring managers attract the best talent for executive-level positions:

1. Make the Interview Process More Equitable & Personable

In addition to screening applicants, hiring managers must sell the opportunity to an attractive candidate. Doing so requires an understanding of what motivates an executive beyond pay. Potential hires need to hear how their skills suit a position and the degree to which they can rely on support from upper management. Companies that emphasize common motivating factors stand a better chance of wooing strong talent.

2. Emphasize the Real Benefits & Motivating Factors

While compensation is important, three factors motivate the most qualified candidates: relationships, culture and investing. The best executives look for strong relationships with team members and a company culture that matches their personality. It’s also important to be consistent about job expectations from the beginning and transparent about salary, benefits, and other ways the company plans to invest in the employee.

3. Battle Uncertainty to Attract Solid Candidates

Hiring managers should develop a thoughtfully researched marketing plan and list the qualifications for the position. Outlining the ideal executive profile not only makes it easier to pare down the list of candidates, it also gives them a sense of certainty about the expectations for the job. By conveying how important the company considers the position and emphasizing support from other executives in the company, hiring managers can reduce uncertainty. During the executive interview, managers should emphasize the company’s commitment to progress. Finding the right people for executive jobs can be a challenge in any economy, but the right technique leads companies to the best talent.

(Read more here)

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