When it comes to creating an executive compensation program, it can be hard to provide the company's leaders with the incentive they need to continue doing their best, without becoming too extravagant. This book gives readers the techniques and understanding they need to design a rewards strategy that will motivate performers while benefiting the entire organisation. Taking a careful look at the complicated state of executive rewards, this no-nonsense, practical guide provides readers with a complete methodology for motivating management to accomplish critical business goals. Instead of a 'one-size-fits-all' approach, the book uses case studies and examples to illustrate what factors should be considered - including corporate environment, key stakeholders, people and business strategy, and organizational capabilities - when designing a program that will benefit both their company, and the people who fuel its success.
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Book Description
When it comes to creating an executive compensation program, it can feel like there’s little gray area between giving top performers too shiny a golden parachute, with exorbitant perks, and providing the company’s leaders with the incentive they need to continue doing their best. This book gives readers the techniques and understanding they need to design a rewards strategy that will motivate performers while benefiting the entire organization.
Taking a careful look at the complicated state of executive rewards, this no-nonsense, practical guide provides readers with a complete methodology for motivating management to accomplish critical business goals. Eschewing a one-size-fits-all approach, the book uses case studies and examples to illustrate what factors should be considered—including environment, key stakeholders, people strategy, business strategy, and organizational capabilities—when designing a program that will benefit both their company and the people who fuel its success.
From the Inside Flap
When it comes to executive pay, it’s hard to know what to do. On the one hand, shareholders, stakeholders, government agencies, and the general public are demanding that safeguards be erected to prevent the excesses of the recent past, such as kingly pay for mediocre performance or stock options that handsomely reward short-term gain and long-term disaster. On the other hand, an across-the-board compensation program that modestly and uniformly rewards executives is a motivation killer that can quickly kill an organization’s competitiveness.
Packed with the latest research data, dozens of real-life examples, and fifty years of total in-the-field experience, Effective Executive Compensation opens your eyes to the challenges of designing a compensation package that effectively motivates executives to achieve corporate goals. There are no shortcuts and no simple answers. But if you get it right, combining short-, middle-, and long-term rewards with the right salary and clear messages regarding performance, obligations, and business imperatives, can result in enormous payoffs. A well-designed executive rewards program not only weeds out the lackluster and the greedy, it also singles out the performers who rise above generic standards to provide the focus and drive your company needs to power ahead of the competition.
Whether you’re a human resources professional, business executive, board member, or informed investor, this sharply witty and deeply insightful guide shows you how to:
• Avoid copycatting your competitors, whose executive compensation strategy may work for them, but not for you.
• State your mission, vision, and values in a way that inspires executives to meet challenges and make good decisions.
• Decode your business strategy from three essential levels—general business strategy, value chain strategy, and specific business strategy—and use the information to develop an executive rewards program that truly aligns with business goals.
• Make sure you’re looking to the future and not stuck on what worked in the past, or focused on mere incremental improvements over prior years.
• Identify your company’s “people strategy”—its operational structures, processes, and culture—and understand its impact on your compensation strategy.
• Pinpoint the exact combination of money, mix, and messages that will comprise the most effective total rewards program for your organization.
• Use the original grahall Economic Impact Analysis (gEIA) to find potential flaws in your overall compensation program design—plus many more tips and tools for designing a superior total executive rewards strategy that benefits shareholders and stakeholders alike.
Michael Dennis Graham and Tom Roth are consultants at Grahall Partners, LLC, a consulting firm that designs total reward strategies for organizations. Both have over 30 years of experience, and together have worked on over 300 reward strategies. Michael has been a consultant and or practice director for Watson Wyatt Worldwide, Towers Perrin, the Hay Group, Arthur Andersen Worldwide, Clark Consulting, and Pearl Meyer & Partners, and is the coauthor of Creating a Total Rewards Strategy. Tom Roth has worked at J.P. Morgan, McKinsey & Co., Register.com, and Pearl Meyer & Partners. Dawn Dugan is a freelance writer based in Hinesburg, Vermont.
After the Enron, Tyco, and WorldCom debacles, we all know what can happen when executives go wild. Creative accounting, inflated pay, runaway perks—and a downward spiral of the companies they run.
Make sure your executives stay on track with a carefully crafted executive compensation strategy, one that is specifically designed to promote the kind of thinking, behaviors, and results you want to see. Effective Executive Compensation supplies a complete methodology for pinpointing the most effective total rewards strategy for your specific company.
Complete with invaluable case studies, investor alerts, and the authors’ five decades of combined experience, Effective Executive Compensation brings a piercing clarity to a complex topic that defies one-size-fits-all solutions. The book shows you how the external business environment can influence compensation, and it helps you fully understand how the mission, structure, and culture of your company determines the amount, mix, and message of your package—and guarantees that you motivate executives to achieve results that benefit everyone.
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2 of 2 people found the following review helpful
Format:Hardcover
The recent economic failures and issues were caused in part by poor economic decisions. More specifically, the poor management and lack of judgement concerning executive reward programs played a major role. The book "Effective Executive Compensation:Creating a Total Reward Strategy for Executives" gives an exciting and informative description about how businesses truly should be run. It allows the reader to understand and gain knowledge on the proper way to deal with executive performance and manage executive compensation rewards. I recommend this book to anyone who is interested in business aspects or the recent economy. More specifically those looking for success in business management and or those who enjoy a remarkable read about smart business policies, would absolutely love the insight that this book has to offer. A fantastic addition to any business lovers bookshelf!
1 of 1 people found the following review helpful
Format:Hardcover|Amazon Verified Purchase
In September of 2008 our economic world was turned upside down and few deny that inappropriate executive reward programs were a significant reason. Reward programs incented behavior and decision making that was too short sighted, too excessive, and too disconnected from business sanity. "Effective Executive Compensation: Creating a Total Reward Strategy for Executives" would be a very good book if it were written AFTER the September, 2008 events as it clearly explains what happens when you do it wrong, but it was written BEFORE, which makes it an EXCELLENT book. Get it right and your program can drive business success and get it wrong and your organization can do no better than a boat riding the waves without a motor. To me the key messages from this book are that these programs are complex because no two organizations are the same and therefore each organization should design it's own unique program. Probably the worst mistake would be to follow everyone else. The authors clearly get this and know how to explain it.
I'd say that this book works on two levels, one as an interesting read and two as a reference guide. And while is it described as a guide for executive reward it really can be used for all reward programs for all employees. Be prepared to hear things you never heard before and ignore them at your own risk.
I'd say that this book works on two levels, one as an interesting read and two as a reference guide. And while is it described as a guide for executive reward it really can be used for all reward programs for all employees. Be prepared to hear things you never heard before and ignore them at your own risk.
1 of 1 people found the following review helpful
Format:Hardcover
Compensation can align the interests of a company's CEO with those of its shareholders. Michael Dennis Graham, Thomas A. Roth and Dawn Dugan show you how in their insightful book on effective executive pay, a package they call the "Total Reward Strategy." They explain how to use compensation to get great executive performance, instead of just handing out hefty paychecks and hoping for the best. They demonstrate how each piece of a pay package can focus top executives on the tasks that matter most. Consultants Graham and Roth tapped their considerable experience and expertise to produce a book that is not just a marketing piece. Because it combines readable writing (given the contribution of freelancer Dawn Dugan) with rigorous analysis, getAbstract recommends their book to all interested business readers as well as CEOs, directors, consultants and other professionals directly involved in executive compensation issues.
Most Recent Customer Reviews
Layman's Guide
The highly colloquial style is inappropriate to the subject and mars the content. The bulk of the book is just a rehash of Graham's previous work*. Read more
Published on May 1, 2009 by Floccinaucinihilipilification
A big book to help you think through all the ramifications of...
This is a big book for a big topic. The three authors show you their total rewards strategy, which they claim will provide you with the power and flexibility to compensate your... Read more
Published on December 6, 2008 by Craig Matteson
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economic impact analysis, matching shares, total reward architecture, executive reward strategy, organizational capabilities and people strategy, effective executive compensation, executive reward strategies, various reward components, executive rewards strategy, wealth accumulation incentives, executive reward program, total reward strategy, base salary administration, executive perquisites, total rewards strategy, business environmental impacts, milestone incentives, value chain strategy, total reward strategies, key stakeholder issues, total direct compensation, specific business strategies, total reward program, executive benefits, general business strategy Key Phrases - Capitalized Phrases (CAPs): (learn more)
New York, Case Study, Wall Street Journal, John Wiley, The Free Press, San Francisco, Home Depot, United States, Goldman Sachs, Harvard Business School Press, Glass Lewis, Albany International, Dick Grasso, State-of-the-Art Guide, Englewood Cliffs, The Compensation Handbook, General Electric, Booz Allen Hamilton, Watson Wyatt, John Smith, Exxon Mobil, Preference Berger, National Association of Corporate Directors, Michael Porter, Board of Director Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Surprise Me!
economic impact analysis, matching shares, total reward architecture, executive reward strategy, organizational capabilities and people strategy, effective executive compensation, executive reward strategies, various reward components, executive rewards strategy, wealth accumulation incentives, executive reward program, total reward strategy, base salary administration, executive perquisites, total rewards strategy, business environmental impacts, milestone incentives, value chain strategy, total reward strategies, key stakeholder issues, total direct compensation, specific business strategies, total reward program, executive benefits, general business strategy Key Phrases - Capitalized Phrases (CAPs): (learn more)
New York, Case Study, Wall Street Journal, John Wiley, The Free Press, San Francisco, Home Depot, United States, Goldman Sachs, Harvard Business School Press, Glass Lewis, Albany International, Dick Grasso, State-of-the-Art Guide, Englewood Cliffs, The Compensation Handbook, General Electric, Booz Allen Hamilton, Watson Wyatt, John Smith, Exxon Mobil, Preference Berger, National Association of Corporate Directors, Michael Porter, Board of Director Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Surprise Me!
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