3. Developing an Executive Total Rewards Strategic Plan

Chapters one and two have painted the context for executive compensation
and the critical importance of having its strategic framework
tightly aligned with that of the business itself. This chapter follows
with the logical next step; delivering specific prescriptive information
to put ideas into action. With straightforward guidance it details the
elements of an executive total reward strategy, and how to create
such a strategy if one does not already exist.

Executive pay strategy and design should be highly contextual
and the author begins by describing seven external and five internal
context factors that have central importance for understanding or
designing an effective strategy. From these twelve factors the reader
will gain an understanding of why one company’s approach to
executive compensation may differ significantly—and justifiably—
from another company’s approach.

The author devotes time to presenting an executive total rewards
strategy model comprised of twelve discrete elements. Each element is
described, an explanation is given as to why it is important, and then
one or more typical responses are identified. An eleven-step process is
then laid out to help guide the reader when developing a strategy,
starting with data gathering and ending with a strategy document.
The chapter itself concludes with the presentation of a total executive
rewards strategy for a hypothetical technology company to illustrate
an example of a completed document. —Editors



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Issues & Practices or by its ISBN number: 1-893190-25-0.