Maine HR Convention: May 11-15, 2020 – Samoset Resort, Rockport, ME


 

Workshop C: Is it Time to Raise Your Wages?

Wednesday, May 13th, 2020 @ 10:15 am - 11:45 am

How to Stay Competitive in Today’s Talent Market

What’s it all about? Great employees are a key factor in generating revenue for your business. They also are one of the leading cost drivers in your organization. In the ongoing tug-of-war of resource allocation – where does compensation fit into the equation? David Weaver returns to navigate this tricky landscape. Through research and real-world examples, we’ll determine the critical factors to consider when making the case to increase wages. We’ll take a look at the competitive market rates, retention factors for critical employees, and of course merit increases for star players. Analyze national trends, competition for talent, and identify red flags to answer the age-old question: Are we paying our employees enough?

Why you’ll want to participate in this session.

  • Add value to your portfolio by becoming your organization’s economist by gaining insight on the latest national and local trends of compensation including base pay, incentives, and new legislation affecting these programs.
  • Identify key data indicators of wage issues within your organization – resignations, cost for new talent, and top performers’ behavior.
  • Determine how to assess your internal compensation practices against external competitive values and create an organization-wide model.
  • Learn to compile the essential internal and external data necessary to build a business case for increased wages, and how to speak in CFO language to add credibility.

Approved for SHRM Credit and HRCI BUSINESS Credit.

TALENT QUEST Track

Program Faculty: David Weaver