Surveyed businesses also said they expect to hire and increase compensation levels in the coming year to fuel revenue growth. Of those surveyed, 33% said they increased hiring in the previous quarter while 42% expect to hire in the near future. Almost half increased employee compensation in the first quarter of 2016 and expect compensation levels to rise in the future.
Joe Brusuelas, chief economist at RSM, said that as unemployment rates fall, the availability of labor, especially skilled labor, will become a challenge for the middle market. “We believe incentive compensation will become a significant factor in a firm’s ability not only to attract and retain skilled workers, but to grow revenue overall,” said Brusuelas.
Of the executives surveyed by RSM, 71% also said their firms were already using compensation tools to incentivize high performers. The most commonly used types of incentives were monthly, quarterly and annual. The most popular offerings to attract or retain employees were healthcare benefits, retirement programs, opportunities to have input on how work is done, an employee recognition program and flexible schedules.
The report also revealed that while the responsibility for determining incentives varied among firms, it was most commonly performed by the office of the chief executive.
Michael Kesner, leader of the National Compensation Practice at Deloitte, said in a company blog post that while short-term incentives can help, long-term incentives can better retain talent. He said new incentives gaining favor among middle markets are phantom restricted stock, phantom stock appreciation rights and profits interest. The latter provides an interest in a partnership that is not a capital interest, entitling the holder to a percentage of post-grant partnership interest and gains.
“Taking some deliberate steps now can help ensure your key employees can look, feel and act like owners of the company—a quality that is likely to make potential or existing employees think twice about working anywhere else,” said Kesner.
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1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
