The economy has been expanding for over eight years and economists expect continued growth for the foreseeable future. Wages are increasing and people who have been out of the workforce are returning. Yet U.S. businesses continue to report a shortage of qualified candidates for open positions. A survey by staffing firm Adecco found nearly [...]
We've found that business owners - especially those in middle market companies - are often surprised by how much it costs to replace an employee. According to Zane Benefits, a CAP study found average costs to replace an employee are: 16% of annual salary for high-turnover, low-paying jobs (earning under $30,000 a year). So [...]
Engaging a compensation consulting firm to perform a compensation analysis can sometimes be intimidating. It's a little bit like being an 18-year-old and the first in your family to apply to an Ivy League school. What if you actually get in? There will be times when you're uncomfortable and challenged but, ultimately, you're going [...]
Independent Compensation Advisors members, D. G. McDermott Associates, the Wilson Group and Vivient Consulting, announce the roll-out of a new 2018 Executive Compensation Survey specifically designed for privately held, middle market companies in the U.S. This 2018 executive compensation survey gives Board Compensation Committees the opportunity to compare executive compensation data and CEO pay [...]
You know your company has a compensation problem and needs help. Perhaps you're losing employees who claim their salaries are not competitive with those offered by your competitors. Perhaps you need an employee incentive plan but don't know where to start. Maybe your performance management program is not producing the desired results. Whatever your [...]
By Don McDermott at D.G. McDermott Associates We are often asked how, specifically, a compensation consultant adds value to a business. It's important that all businesses appreciate the importance of creating a well-thought through compensation strategy and incentive rewards structure because after your customers, your employees are the life blood of your business. Maintaining [...]
