According to the Bureau of Labor Statistics (BLS), executive demand is predicted to increase over a period of 10 years (from 2012 to 2022) by 11 percent, despite the high level of competition associated with these positions. The more experienced candidates are, no matter which level of executive leadership they are applying for, the better they stand to distinguish themselves. Companies can pay attention to projections such as this when creating their search strategy for a top position.
One interesting aspect of the data from the BLS is the variety of positions, even among similar types of executive roles. Even those who ranked among the highest paid executives in the country can see their compensation package differ from someone in the same industry, depending on other factors like location of business and what the specific challenge is for the company at the time (example: Reorganization, Cost-cutting, Expansion s.o.). Most often it is a supply and demand situation between the Executive and the hiring entity (either CEO, HR or the Board of Directors)
"In addition to salaries, total compensation for corporate executives often includes stock options and other performance bonuses," the source says. Executives typically enjoy also other benefits, such as access to expense allowances, use of company-owned aircraft and cars, club memberships, and company-paid insurance premiums.
Before 2022, 5 percent of CEOs are expected to change their roles, as compared with 11 percent of top executives and 12 percent of general and operations managers.
Executive search consultants will help companies stick to a timeline and set of preferences when looking for new executive talent, and this can include the compensation rates based on external trends.
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