Executive compensation or pay is the financial payments and non-monetary benefits provided to high-level management in exchange for their work on behalf of an organization. Senior management and executive-level employees play an important role in the company because they are the ones making important decisions and making strategies.
The rapid global spread of COVID-19 has had enormous impacts on society, taking both a serious economic and human toll. Many companies are faced with balancing competing responsibilities to various stakeholders. While the primary focus is on taking care of employees and ensuring business stability, many companies are also facing new challenges in appropriately managing executive compensation.
Many businesses have reevaluated executive pay programs in the past due to tough economic conditions. Now they must do so under an unprecedented gathering of external expectations. Some industries like restaurants, airlines, and hotels were hit harder by the pandemic. Top-level management and executives are taking pay cuts in an effort to help struggling employees as the coronavirus wreaks havoc on their industries.
Having a Total Rewards and Compensation professional on your team is crucial. Companies are being forced to re-evaluate their compensation and benefits policies and practices given the financial condition of their company. Executive pay is under a constant spotlight and is constantly scrutinized by shareholders, media, employees, and customers. It is imperative that organizations do the right thing during this time to ensure and establish trust. At Search Solution, we partner with companies to help them find compensation professionals who can help them do just that.
At Search Solution, we specialize in Human Resources, Total Rewards, Compensation and Benefits. With companies responding to the day to day challenges of the crisis and the world starting to go back to the office these professionals are essential. Total Rewards and Compensation professionals are busy creating incentive plans for short- and long-term circumstances. As day to day challenges continue to emerge, executives and HR leaders should strategize adjusting their total rewards strategy for the year ahead.
Companies need these types of professionals now more than ever before.