Business Practices Summit Competitive Compensation
ACEC/MN member firms face increasing competition in recruiting and retaining talented and qualified staff to power their workforce. One strategy for businesses to attract and retain top talent is to offer comprehensive compensation and benefits packages. What your organization provides depends on the budget available, the size of your company, and what your employees value most. Your firm is likely already looking to increase profitability in all of the obvious ways, like selling more services, targeting lucrative markets and investing in better, more efficient equipment and staff training. But, has your firm leadership considered that they can be more completive with smarter compensation planning? The ACEC/MN Business Practices Committee has put together a program on topics that can help you develop a better compensation plan for your firm. Attend this summit with an expert panel that will provide you with some of the tools to make your firm more competitive today and into the future.
Session 1: Compensation Trends Worth Watching – Jana Cinnamon, Abdo Eick & Meyers
“What keeps you up at night?” When this question is asked to business owners and leaders, two of the most common responses are: (1) Retaining our top talent or (2) Attracting top talent. We all know that compensation plays a pivotal role in a person’s decision to join, stay or leave a company, but developing a compensation strategy extends much further than determining an employee’s annual salary. During this session, we’ll look at some of the emerging trends in compensation and how to deploy compensation strategies to attract and retain talent.
Session 2: Incentive Compensation Practices across Various Entity Structures – Panel Discussion
In addition to normal annual bonus pool incentives, many engineering firms desire to build in longer-term or multi-year incentive programs for their more experienced work force. These programs can be structured in many ways, and are often different depending on whether the firm is organized as a C Corporation, an S Corporation/LLC, or an ESOP. A panel has been selected to discuss this important topic, as well as answer questions from participants. We plan to cover multi-year bonus plans, deferred compensation arrangements, phantom and management stock plans, and various form of Employee Stock Ownership.
Moderator, Tom Losey, Partner with Boulay CPA’s and Advisors, is leading a panel of experts to discuss best practices relating to this topic, as well as facilitate participant questions. Panelists, Jim Horn, Chief HR Officer of Ulteig Engineering (Ulteig is a 100% ESOP owned multi-state engineering firm). Kent Mainquist, Chief Financial Officer of HGA (HGA is a large multi-state employee owned Design firm organized as a C Corporation). Scott Rollin, President/Founder of Management Compensation Resources, LLC. (Scott’s firm consults on compensation challenges, and designs incentive compensation programs for various types of professional service firms in Minnesota)
Session 3: 2018 Performance Management—It’s Time to Think Differently! - CPI Twin Cities
It’s clear that traditional approaches to performance management with annual reviews are not only ineffective (which has been true for a long time), but actually lead to demotivation and disengagement for younger generations of employees. CPI Twin Cities President and long-time HR executive Maureen O’Malley Rehfuss, and Debby Magnuson, VP of Talent Management, will share their research and best practices for best-in-class performance management. Discussion topics for this session include:
- New approaches to evaluating performance
- How to reduce the complexity and numbers games of performance appraisals
- How to hold people accountable if you are no longer doing formal performance reviews
- What Millennials want from performance feedback and coaching
- How good performance management practices can increase trust, transparency, and open communication in your culture
- Why you should bring a career development perspective to your people management practices
- Integrating “Everyday Performance Management” into your business practices
Jana Cinnamon, M.A. is the Chief Operating Officer at Abdo, Eick & Meyers. Jana develops and implements talent capital strategies to drive firm growth. She is a graduate of the University of Minnesota’s Carlson School of Management with a Master’s degree in Human Resources.
Tom Losey, CPA and Partner in the Boulay Accounting Firm. Tom serves owner-managed companies in several industries, including engineering and design. He is a graduate of the University of Minnesota’s Carlson School of Management and has an Executive MBA Certification from the University of Chicago.
Debby Magnuson is VP of Talent Management with CPI Twin Cities where she is an executive and outplacement coach, leadership development facilitator, and talent management consultant. One of Debby’s research and presentation specialties is managing across generations. Her book, , was published in 2008. Debby has been a regular keynote speaker and group facilitator to audiences large and small for many years.