In partnership with Vinings, we are pleased to offer Leadership Total Rewards. During these unprecedented times, these services can help review your Executive management compensation and short/long term incentive programs. One of the keys to financial recovery post-COVID will be to have the proper management team in place, with the proper goals and incentives.
Read below for ideas to strengthen and align your Total Rewards programs.
The Wood Financial / Vinings team is advising many clients about what can be done during this difficult period to make sure their programs are properly focused and cost-effective. In addition, we know that being able to retain your strongest and best qualified leaders will be one of your keys to the future.
Wood Financial Has Identified Where We Can Help
#1: Review
We can help you review and assess your current management retention, incentive, and nonqualified retirement plans to ensure they are cost-effective and state-of-the art.
#2: Audit
For the funding of your nonqualified deferred compensation plan, we can audit your COLI program to make sure it is institutionally priced and is not excessively-priced.
Several clients learned the hard way the difference in “retail” versus “institutional” COLI. Our audits have resulted in millions of cost savings to some clients.
Even before performing a full audit, with just a little information about your existing COLI, it’s relatively easy to determine if you have an institutional or retail product and if substantial expenses can be reduced.
#3: Focus
We can suggest several “non-cash” methods of compensating your leadership team to ensure retention and focus on the new priorities of operating post-COVID.
#4: Alignment
Many clients are concerned that their short-term incentive plans are now out of alignment with what will need to be accomplished in the next 12 months.
Our Total Rewards team can assist you to bring the plans into proper alignment and answer questions such as:
During the lockdown:
- How would our compensation strategy have been different had we known the coronavirus economy was coming?
- Do our rewards focus on “Productivity Profit” which can be attributable to the management performance?
- Are we properly measuring and rewarding value creation for the post-COVID recovery?
Get Started Today
Let’s set up a call to discuss how these services have helped other clients and how we may be able to help you on your management retention programs and expense reduction.
