Maintaining a high level of executive talent is crucial for any company looking to solidify their spot in the marketplace, and as a company experiencing rapid growth, TriMedx wanted to ensure they were poised for continued success. Competitively compensating their executive talent was a key component of their long-term strategy for success; and as such, they collaborated with Compdata Consulting to conduct a market analysis of their executive compensation packages.
To meet the objectives of TriMedx, Compdata Consulting used various compensation sources to analyze compensation packages for eight key executive positions. Evaluations were performed for base salary and total compensation, and salary ranges were developed for each of the positions. All evaluations and pay ranges constructed were based on TriMedx’s current company size, as well as their anticipated company size based on projected future growth.
Once the analysis was complete, Compdata Consulting determined base salary and ranges for most of TriMedx’s executives were competitively priced, based on their current company size. However, they recommended additional perquisites to further enhance Trimedx’s offerings in comparison to peer organizations. In addition, adjustments to base salaries and ranges would need to be considered as the company expanded in order for their executive compensation packages to remain competitive.
“While we were pleased to discover our executive compensation packages were on par with the current market, Compdata Consulting helped us identify opportunities for improvement,” said Barbara Burcope, vice president of human resources for TriMedx. “We also now understand how to revamp our executive compensation philosophy in order to be prepared for future growth.”
The analysis of their executive compensation packages proved to be a beneficial first step in their long-term planning. Trimedx continues to partner with Compdata Consulting on a variety of compensation initiatives as they anticipate future growth.