Overcoming Market Pressures: Compensation Design that Balances Company Goals & Industry Shifts

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About the Host

Don McDermott

D.G. McDermott Associates

 

Don McDermott is a recognized authority in the field of compensation with over 30 years of related experience as both an internal and external consultant. He has an MBA from Fairleigh Dickinson University and a BA from St. Mary's Seminary and University.

Don served as National Officer of the WorldatWork/American Compensation Association and President of the New York Compensation Association.  WorldatWork/American Compensation Association have granted Don its highest award—Life Membership—for his contributions to the field of compensation.

Prior to his consulting experience, Don held senior positions in human resources and compensation and benefits at Bankers Trust Co., NL Industries, Gulf & Western Industries, and M&T Chemicals, Inc.

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One of the questions employers consistently struggle with is when to adjust pay levels. While being mindful of market trends and changing wage laws is critically important, these external considerations are just one piece of the puzzle. The most strategic approach to compensation management requires organizations to consider their own business needs as well.

Maintaining competitive pay can be a delicate balancing act, and with employee compensation comprising 60-70% of operating costs, making the wrong decision can have costly consequences. To maintain pay levels that are “just right,” companies must routinely design, review, and update their compensation programs.  A “set it and forget it” approach doesn’t work.

During this session you will learn:

  • How raises to minimum wage and market factors can affect businesses

  • Ways to maintain a pay philosophy that’s consistently competitive with the market

  • Best practices for designing, reviewing, and updating compensation programs

  • How and why companies should perform specialized compensation surveys
Theresa M. Worman

Executive VP, Strategy & Development | Compdata Surverys & Consulting


 

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