120 Adelaide Street West
Suite 2500
Toronto, Ontario M5H 1T1
Phone: (416) 644-6584
Fax: (416) 367-1954
www.mcdowallassociates.com
Current Trends and Compensation Definers
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| 1) Wage and Salary
Increases still taking place in current Economy: • Increases for 2009 are generally between 2.5% - 3.5% 2) Paying for Performance: • Rewarding top performers is key in this economy • Pay-for-Performance system is a “must” to ensure you are recognizing performance 3) Executive Compensation: • “Say on Pay” gaining momentum in organizations and bringing with it accountability for performance |
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DEFINE COMPENSATION PRACTICES |
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1) Shape Your Pay Policy: • Engage your Board, Council or Management team and ask key questions on what you want in a Pay Policy 2) Meet Legislated Requirements: • Whether you are public or private sector, ensure your organization is compliant with Ontario’s Pay Equity legislation 3) Know How Your Organization Compares to the Market: • Check back to your Pay Policy and decide how and where you want to spend your salary budget 4) Be Prepared for Shortage of Skills (aging workforce): • Incorporate knowledge transfer through effective Succession Planning |
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• Define your Pay
Policy
• Implement a compensation structure that will meet legislative
requirements, market and workforce demands
• Implement a Pay for Performance system
• Implement a Succession Planning tool
Please contact us at:
information@mcdowallassociates.com
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