What workforce skills do you need, where can you find them, and what will they cost? To answer these questions, organizations need to understand the business environment at the national, global, and, possibly even more importantly, the local level.
Labor market assessments can provide organizations with local-level insight on labor market conditions such as workforce demographics, workforce availability, and business landscape. These assessments typically analyze historical and current conditions to strategically inform leaders about the market they are in or one they are looking to enter. In this webinar, professionals from BDO and HRForecast will discuss how to conduct a local market assessment considering a variety of inputs including competitors for talent, sources of talent, cost of living, cost of labor, micro-inflationary pressures, and commuter flow patterns. When paired with traditional compensation benchmarking surveys, this information is extremely valuable when designing compensation and total rewards.
We will also take a step into the future of big data to see how the market for skills can be assessed in its current state, and how these tools can serve as an aid to forecast future supply and demand of labor and help mitigate labor challenges.
In this webinar, we will answer:
- What is a labor market assessment?
- What economic factors need to be considered in workforce planning?
- How can “big data” be used to gain market pay and skills insights never before available?
Judy Canavan has more than 30 years of experience in compensation consulting and design. She leads BDO USA’s Compensation Surveys practice and is a managing director in the Global Employer Services practice. In addition to implementing custom compensation research and surveys, Judy focuses on helping companies tie their compensation programs to their organizational strategy. Judy conducts complex competitive assessment assignments, designs annual and long-term incentive plans, develops Board of Director compensation packages, and conducts custom compensation and total rewards surveys.
Prior to joining BDO, Judy founded the company HR+Survey Solutions. She has also worked with Sibson Consulting and served as a senior compensation consultant in several management capacities. In addition, Judy served on the faculty at the University of Southern California, Board College as an Assistant Professor of Human Resource Management. Judy spearheaded a major research initiative into corporate governance, the results of which were cited in Directors and Boards, The Wall Street Journal and The New York Times. She has been published in Directors and Boards as well as in Workspan and WorldatWork Journal.
For more than 30 years, Mike has focused on providing consulting advice and assistance to clients on matters pertaining to executive compensation, as well as related human resource issues. He has worked with virtually every type of organization and addressed all forms of direct compensation, as well as other organizational and human resources issues. Mike has extensively worked with all levels of client organizations, including board members, senior executives, and employee task forces.
Mike has experience in all phases of compensation consulting, including competitive assessments, plan audits, plan design, plan documentation, training/ communications, litigation support/expert witness testimony, and ongoing support for plan oversight and administration. He has worked with a broad variety of tax-exempt organizations on matters related to executive compensation, board oversight/governance, and IRS Intermediate Sanctions, as well as general compensation matters.
Mike holds a senior-level position as one of the leaders of BDO’s compensation consulting practice. Located in BDO’s Boston office, he serves clients throughout the nation. Prior to joining BDO, Mike managed his own consulting practice for 10 years. He previously held principal positions at both William M. Mercer and Sibson & Company and was also a manager at a Big Four firm.
Before joining HRForecast in 2021, Julius has worked in consulting, supporting clients to build and maintain efficient innovation processes.
In his role as Head of Solution Consulting at HRForecast, Julius supports customers across industries on a global scale to build data-driven SWP processes leveraging HRForecast’s digital solutions.
