Whether putting together a compensation package for someone leaving a company or trying to put together an attractive incentive package to recruit the right person, it's important to find an executive compensation consultant that understands your business' needs. There are many consulting companies for executive benefits to choose from. Consider which business strategy of compensation consulting firms would best suit your company's needs.

When structuring executive compensation plans consider:

1. The employees covered under the plan.
2. The compensation is compatible with company goals.
3. What types of executive compensation plans are offered at similar companies.
4. The use of cash incentives for short-term goals.
5. Adding insurance coverage to packages.
6. Providing any number of perks.

By using a CEO compensation expert, the right people can be attracted to your company.

Action Steps
The best contacts and resources to help you get it done

Research executive compensation plans

You should do an analysis of executive compensation plan to figure out if it will be suitable for your individual business.

I recommend: Business & Legal Reports (BLR), a human resource website, has an article with the top steps needed for comprehensive xecutive compensation plans. Personnel Systems Associates has recommendations on how to effectively provide an analysis of executive compensation plans.

Attend an executive compensation conference

For those who work in human resources or benefits, it is advantageous to attend an executive compensation conference to keep current on popular incentives.

I recommend: Holding an annual executive compensation conference, the NASPP (The National Association of Stock Plan Professionals) is an association for professionals in the stock market. Topics are related to current trends and useful information for an executive compensation consulting firm. The conference is usually held in the fall. The Conference Board puts on an annual conference in the spring to provide an update on information needed by CEOs and human resource executives to effectively recruit an executive compensation consulting firm.

Find executive compensation consultants on the web

Whether you are looking for a sales executive compensation plan or for one that suits another type of industry, an executive compensation consultant should be current on the incentives that are popular in executive compensation plans, and understand your business' industry.

I recommend: In business for over 25 years, Compensation Resources has CEO compensation consultants that assist companies in compiling compensation packages for CEOs, top executive officers and boards of directors. They strive to customize their services to individual industries and businesses by providing education and facilitation. Pearl Meyer & Partners is an executive compensation consulting firm that provides consulting and planning, as well as guidance for executive compensation plans. Steven Hall & Partners provides compensation consulting services that include board remuneration, current cash compensation, long-term incentive compensations and marketplace compensation surveys, among other things.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Look for a CEO compensation expert that has experience in your industry.
• •  Trade journals and magazines that are industry specific may offer information on recruiting trends.