Employment and Executive Compensation
Your employees and executives perform work in exchange for compensation. This transaction must be thoroughly documented so each party understands their responsibilities. Today, compensation can mean many things. It can include wages, commissions, overtime, health benefits, retirement funds, stock options, and more. The team at Long Island Employment Lawyer has years of experience composing employee and executive compensation packages that are enticing to future employees while meeting the companies needs. Our team is available today to discuss our services. If you would like to schedule a free consultation or receive a free quote, feel free to email or call our customer service team today.
Employment and Executive Compensation Services
Today’s employee expects to be well compensated for their work. While a high salary is enticing, many other things can improve and enhance a compensation package. Our lawyers have helped hundreds of businesses in Long Island design competitive and enticing compensation packages. Whether you need to hire 100 new employees or a new executive, we have the skills and knowledge to provide a detailed and comprehensive compensation package. A compensation package can be used to entice new employees, increase employee satisfaction, and reduce employee turnover. Our team is available today to guide you through the process.
How is Compensation Used?
Whether you’ve been in business for 50 years or are a brand new startup, you’ll need a good compensation system that can entice new, qualified employees and keep your current employees happy. Over time as your company grows, you’ll need to adjust the compensation system of your business to meet your goals while keeping your employees happy. A great compensation system will help you recruit new employees and reduce the risk of losing your experienced employee. It can increase employee satisfaction and morale while achieving equity in the company as well. Compensation can also be used to highlight exceptional employee performance.
Components of a Compensation Package
A fair compensation package will be based on a few key components. The job description and its responsibilities is a major factor in determining the compensation for the position. Job analysis and job evaluation can alter the compensation package over time. An employee that excels should be rewarded for their performance. Pay structures are a way of standardizing your compensation packages throughout your business.
Different Types of Compensation
Every employee wants a great salary. While a high salary is one of the most important aspects of a compensation system, many other components can be included to entice new employees, and help you retain your experienced employees. Commissions, bonuses, and overtime pay are ways to give back to your best and most dedicated employees. Profit-sharing and stock options can give your employees equity in your company and help them feel like a part of the business and its success. With the rising costs of healthcare, health benefits have become increasingly important to any employee. Other additions can include vacation time, retirement packages, travel costs, housing allowances, and more.