Executive Benefits Benchmarking: Attracting and Retaining Key Executives
Executive benefits benchmarking can help organizations know where their executive benefits stand compared to their peer companies, better positioning them to attract and retain valued talent.
Executives shouldn’t have to guess how their benefit plan compares with the plans of their organization’s identified peer group. And compensation committees, board members, and key corporate decision-makers should know how their organization’s plans equate in the short- and long-term when compared to those of their competitors. Knowing and managing this information can be critical to the executive’s retirement readiness and the company’s capability to attract and retain valued employees.
Data identifying the total compensation and benefit plans of executives at publicly traded companies is widely available. It is generally found in proxy statements, plan document filings, and annual reports. And our executive benefits team can access, analyze, and report on this data, which has already been categorized for most companies and is ready for deep-dive analysis.
Executive Benefits Benchmarking for Large and Small Organizations
For executives at smaller or privately held companies, where peer group data may not be as readily available, benchmarking benefits against best practices can be an effective and informative strategy.
Key Considerations of Executive Benefits Benchmarking:
- What are the benefits of your key executives relative to those of the executives in comparable positions at your peer companies?
- What is the Retirement Income Replacement Ratio (RIRR) for the Named Executive Officers (NEOs); your company’s top five highest-paid employees, and the core executive population?
- What should the RIRR be at your company? In other words: what is your retirement strategy within total rewards?
The executive benefits team at OneDigital can help you and your organization answer these questions. You can confidently know exactly how your plans compare with those of your peer group competitors.
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This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, accounting, legal or tax advice. Any tax advice contained herein is of a general nature. You should seek specific advice from your tax professional before pursuing any idea contemplated herein.
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