Incentives for Growing Companies - a recap
Last year, we published ten areas for Growing Companies to consider when looking at incentives.
Here is a reminder of what was covered:
- Salary Benchmarking:
information on how to collect comparative pay information, focusing on similar businesses in similar sectors or regions. This helps you attract and retain talent by ensuring total reward (base salaries, benefits and performance linked pay) is competitive.
- Pay Equity Analysis:
How to ensure fair pay practices, how to analyse potential gender and diversity pay gaps, and strategies for addressing any emerging issues
Increasing U.S. and EU regulation now means that employees will have greater pay transparency. This will allow employees to have more rights and information to understand pay equity within the company.
- Flexible Remuneration Packages:
understanding how to develop flexible remuneration packages that offer your employees a better work-life balance and personal development. For example, options for remote work, flexible hours, training and education opportunities, etc.
- Performance-based Remuneration:
what incentives are all about. A complex area provides motivation and retention benefits if done right, but demotivation and cost if done poorly.
- Legal and Tax Aspects of Compensation:
vital for your business if you lack, as many do, a dedicated legal function. As non-lawyers, we help you understand the tax implications of various compensation strategies, as well as the legal requirements or pitfalls.
- Employee Stock Ownership Plans (ESOPs):
a great way to incentivise and retain key employees. We help you understand how to set up and manage these plans.
- Benefits Administration and Management:
cost-effective ways to manage benefits such as health insurance, retirement and other employee benefits.
- Creating a Culture of Recognition:
understanding how to develop a remuneration strategy that values employee contributions, fosters a positive workplace culture, and encourages employee retention and engagement.
- Pension and Retirement Plans:
Understanding different types of retirement plans and how they can be used as part of a comprehensive remuneration package.
- Managing Compensation in Times of Change:
Whether it's scaling up, dealing with economic downturns, or navigating a merger or acquisition, businesses need to know how to adapt their remuneration strategies in response to change.
For more information on the series, please click below