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Life Sciences Compensation Remains Strong For Senior Leaders

Posted by Jeremy Anderson on October 31, 2018 at 3:08 PM
Life Sciences Compensation Remains Strong For Senior Leaders

The state-of-pay in the life sciences industry continues to be strong – very strong.

According to the latest State-Of-Pay Reports from Marsh McLennan Agency (MMA), compensation for CEOs, Chief Financial Officers, General Counsels and board directors is at an all-time high.

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Topics: Employee Benefits, Compensation Consulting

Total Rewards Compensation – A Winning Strategy In California’s Full-Employment Economy

Total Rewards Compensation – A Winning Strategy In California’s Full-Employment Economy

How do you recruit, retain and motivate top-performing employees in California’s tight labor market?

Faced with stiffer competition for talent, a growing number of employers are adopting a “total rewards” approach to pay that manages compensation, benefits and retirement as a single, integrated program.

The holistic approach of a total rewards strategy breaks down the silos typical in many HR departments. With closer coordination between different HR disciplines, companies can create compelling pay strategies that differentiate themselves in the marketplace. At the same time, HR leaders can address the concerns of Chief Financial Officers, who increasingly want data to justify compensation.

Strong Headwinds

A total rewards strategy makes sense given the three challenges facing employers in the most competitive labor market in nearly a decade.

First, California, like other states, has adopted pay equity laws. Those laws should bring greater equity to the workplace over time, but most immediately, they will impact existing pay structures and go-to-market strategies.

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Topics: Employee Benefits, Compensation Consulting

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