It’s More Than Cash – Key Compensation Strategies to Attract and Retain Long-Term Talent
Overview
When most people are asked why they work, the quick response is often, “For the money, of course!” While the natural inclination is to place emphasis on financial remuneration, the cash component of a compensation package can mean different things to different people as well as to the employer. There are many important considerations when designing and implementing an effective compensation program, and this is an area of human capital management that can be complex and challenging, particularly in a tightening market for talent.
Neil Kreuzberger and Paul Finkle examined the compensation spectrum by addressing both financial and non-financial incentives that can effectively be deployed in recruiting and retaining talent for the Family Office and Family Wealth Advisory industry.
The topics explored include…
- The importance of establishing a compensation philosophy
- Discussion around models for determining appropriate cash compensation levels
- Reviewing options for short-term and long-term incentive compensation structures
- Discussion around the importance of the “total compensation” package and how the employer can more appropriately take credit for this total compensation
- Highlight of some compensation best practices
- Review of key trends