Executive compensation is the most perplexing and dynamic field in Total Rewards and making progress requires a wide and profound comprehension of methodology, plan, organization, and assessment of executive compensation plans.
Having the Certified Executive Compensation Professional assignment gives you traction in the present serious world. The certification implies that you are a specialist in your field. It gives you, and your boss, trust in your work abilities. As a pacesetter, it exhibits that you essentially have the information, experience, and significant abilities expected to style and oversee programs that draw in, propel, and hold dynamic executives and pioneers who can supply positive business results and hierarchical techniques.
Certified Executive Compensation Professional
How does the CECP assignment vary from other WorldatWork Society assignments? This claim to fame certification consolidates information and abilities upheld experience inside the field and accordingly the business standard group of information that is needed for individual and business achievement.
The CECP assignment is accomplished by finishing one far-reaching competency-based test while different assignments simply as the Certified Compensation Professional® (CCP®), Global Remuneration Professional (GRP®), Certified Benefits Professional® (CBP), and Work-Life Certified Professional® (WLCP®) certifications require breezing through numerous particular educational program-based tests.
Insight into Field Before I Take CECP Test
WorldatWork Society suggests that CECP competitors have at least three years of involvement. As a competency-based test, there’s no single prep course that covers all the substance inside the examination. you should survey the incomparable CECP Body of information which addresses the whole arrangement of information and abilities needed for professionals working inside the field.
Ready to Test My Availability for CECP Test
WorldatWork Offers practice tests to help you get familiar with the sorts of questions asked out and out of information zones inside the test. Practice tests offer basic gratitude to test your availability by surveying your qualities and shortcomings, and help distinguish information holes where you’ll require extra investigation or experience.
- There are 110-160 questions on the competency-based tests.
- Certified Executive Compensation Professional™ CECP™ Body of information
Competitors planning for the CECP assessment should audit the Body of information (BOK). The BOK addresses the whole arrangement of information and abilities needed for professionals working in the executive compensation field. Set because of the business standard, the BOK was recognized by WorldatWork Society using a legitimate practice examination finished by a large number. The CECP assessment covers all point regions tended to inside the Body of information.
The Body of information involves 4 principal information areas comprising 85 absolute undertakings addressing regular abilities, information, and abilities of the central compensation professional ExamOut. you should audit the BOK while playing out a self-appraisal of your individual qualities and shortcomings of the theme interest. you should audit all point regions with a more profound fixation on those that you have recognized as territories of shortcoming.
Key Management of Executive Compensation
- Understand the mission, vision, and business procedure of the association
- Ensure arrangement of executive compensation with business procedure
- Develop the central compensation procedure
- Identify destinations for executive compensation plans
- Understand the authoritative culture
- Understand the administration construction of the association
- Recognize inner and outside impacts on executive compensation
- Identify investor interests and concerns
- Track industry patterns and practices
- Develop a hearty working relationship with the compensation advisory group of the Board of Directors
Plan Executive Compensation Plans
- Acquire peer-bunch market information
- Analyze and decipher review information
- Analyze and decipher intermediary information
- Conduct work assessments for executive positions
- Assess the serious climate
- Identify target serious market position for executive jobs
- Understand executive compensation benchmarking measures
- Understand transient motivator plan ideas
- Understand long-haul impetus plan ideas
- Understand administrative prerequisites for executive compensation
- Understand multivariate investigation
- Understand value vehicles won’t repay executives
- Understand value compensation valuation techniques
- Understand supplemental executive advantages (e.g., conceded compensation)
- Determine the least difficult transient motivator (STI) approach
- Determine the easiest long-haul motivator (LTI) approach
- Build market-based suggestions for base compensation
- Build market-based suggestions for transient motivating forces
- Build market-based suggestions for long-haul motivating forces
- Build market-based suggestions for all-out executive compensation
- Make suggestions for extra executive projects
- Make suggestions for executive advantages
- Make suggestions for executive perquisites
- Establish execution measures for all arrangement parts
- Design/create stock proprietorship rules
- Assess the interior value of existing projects and proposed plans
- Assist in guaranteeing the lawful consistency of all arrangement plans
- Work with interior and outside partners on chief compensation programs
- Consult with outside specialists on the executive compensation plan
- Understand all executive prize components
- Understand business agreements and arrangements
- Understand severance and change-in-charge arrangements
- Understand budget reports
- Understand assessment and bookkeeping standards for executive compensation
- Make powerful and concise introductions on executive compensation recommendations and patterns
- Obtain fitting arrangement endorsements
Regulate Executive Compensation Programs
- Administer base compensation program for executives
- Administer extra projects for executives
- Administer transient impetus programs for executives
- Administer long-haul motivating force programs for executives
- Administer benefits for executives
- Administer supplemental advantages for executives
- Administer conceded compensation programs for executives
- Administer perquisites for executives
- Provide data and guidance to executives on advantages and perquisites
- Analyze purchase interior executive staffing moves
- Analyze purchase outside executive recently recruited employees
- Interact with/uphold the compensation panel of the Board of Directors on arrangement organization
- Provide logical devices (and training) to be utilized by the compensation advisory group to evaluate the change in executive compensation programs (e.g., count sheets, and so on)
- Interact with/uphold different councils of the Board of Directors
- Develop all executive prizes-related materials and reports for chief gatherings on a case-by-case basis
- Work with executive compensation specialists
- Manage specialist organization relationship with the stock office
Oversee Specialist Co-Op Relationship
- Manage specialist organization associations with other executive prizes suppliers
- Coordinate with Finance to supply information required for value counts
- Collaborate with Accounting
- Collaborate with Legal
- Collaborate with Investor Relations
- Manage the move up of execution and monetary outcomes to control the authority audit and assurance measure on conclusive prize payouts
- Communicate and associate with senior executives
- Communicate with executives about the points of interest of their all-out individual remuneration bundles
- Administer executive compensation programs as per all applicable bookkeeping and expense prerequisites
- Assist in the fulfillment of all intermediary revelation necessities (Compensation Discussion and Analysis [CD&A], plain exposures, other)
- Prepare records depending on the situation for investor gatherings
- Conduct Securities and Exchange Commission (SEC) research
Assess Executive Compensation Programs
- Use measurable devices and cycles to gauge plan execution
- Analyze the accomplishment of shifted executive compensation plan plans
- Obtain subjective and quantitative information on arrangement execution
- Evaluate executive compensation plan execution against destinations
- Evaluate the exhibition of executive compensation specialist co-ops
- Evaluate the inward value and outside intensity of executive compensation programs
- Assess legitimate consistence
- Identify and report unintended results of executive compensation plans
- Identify and actualise expected improvements to executive compensation plans
Executive compensation is the most intricate and dynamic field in Total Rewards and making progress requires a wide and profound comprehension of the system, plan, organization, and assessment of executive compensation plans.
Having the Certified Executive Compensation Professional assignment gives you traction in the present serious world. Certification means that you are a specialist in your field. It gives you, and your boss, trust in your work abilities. As a pacesetter, it shows that you have the information, experience, and significant abilities expected to style and oversee programs that draw in, rouse, and hold dynamic executives and pioneers who can supply positive business results and hierarchical techniques.
This assignment is intended for professionals engaged with different parts of executive compensation. WorldatWork Society perceives that skill in executive compensation comes from an expansive kind of involvement and training. As a competency-based assignment, the WorldatWork Society suggests CECP up-and-comers have at least three years of involvement.
I Eligible to Become CECP®
The CECP certification is accomplished by breezing through one complete test that upholds what’s perceived because of the Executive Compensation Body of information. All competitors, regardless of involvement, should survey the ensuing four stages.
Audit CECP Body of Information (BOK)
- Supplement Your Knowledge
- Take the Practice Exam
- Register for the CECP Exam
Audit the territories of qualification above and ensure that you have met all requirements for the CECP® test. If you do not meet those necessities, you’ll either proceed with your examinations and information to figure up to the CECP® prerequisites else you can look at one among the contrary HR certifications that WorldatWork must offer.
Holding CECP® Certification
Upon fruitful fulfillment and expenditure of the CECP® test, all professionals should stay dynamic to remain in their assignment.
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