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Staying Ahead of the Curve: Tech Convergence in Financial Services Q&A

How are financial services firms responding to the changing digital landscape? This article answers some of your most pressing questions as they relate to tech convergence, and how firms are adapting to an ever-changing business environment.

Will Your Job Exist in 10 Years?

Technology and artificial intelligence (AI) are transforming the workplace as we know it. New skills and competencies are emerging, as jobs continue to evolve, forcing employees to ask themselves—will my job exist 10 years down the road? This article explores the future of work and how firms are preparing their talent for this new, tech-driven world.

The Spotlight: Mark Miles, Partner, European Wealth Management

Mark Miles is the head of wealth management in Europe. He leads the development and delivery
of market leading business improvement consulting, leveraging the firm’s proprietary data
and unrivalled insight of client experience, pay & productivity, and talent from its Scorpio and
McLagan wealth consulting businesses.

Compensating Non-Executive Directors (NEDs) for Skills, Experience, and Time

Are non-executive directors being fairly remunerated for their skills, experiences, and time? In this first article of a two-part series, we will discuss common questions that boards are exploring in Southeast Asia and other regions across the globe.

Broad Corporate Governance Changes Proposed in Canada

On April 8, 2019, the federal government of Canada introduced Bill C-97 to implement certain provisions of the budget and other measures. The Bill proposed several important amendments to the Canada Business Corporations Act (CBCA), forcing prescribed corporations to develop new remuneration approaches and meet new requirements. This article takes a closer look at the planned regulatory changes and how to best prepare your firm for what lies ahead.

Infographic: Is Your Audit Function Keeping Pace with the Market?

In this infographic, we walk through recent trends for the audit function in universal banks and discuss how to measure and interrogate your audit function performance data.

Why It Pays to Find Your Balance

Between the changing regulatory environment and evolving customer demands, wealth managers are realizing that incentive plans must reflect more than just shareholders’ needs, leading to the use of a broader set of metrics, often in a balanced scorecard approach. This article outlines how to strike the right balance between multiple quantitative and qualitative metrics to ensure firms remain competitive, create desired outcomes, and are in line with regulatory principles when creating a well-functioning incentive scheme.

Benchmarking 101: How to Benchmark, and Why It Matters

To recruit top talent in today’s competitive market, it’s important to know what your peers are paying and compare your compensation strategy against this data. Regularly benchmarking your firm’s positions to survey matches is the best place to start. This article delves into the ins and outs of benchmarking and provides a quick guide for making the process as seamless and effective as possible.
 

Important Tax Changes Affecting Employee Retirement Plans in Asia

Tax, administration, and financing updates have been implemented in Hong Kong and Singapore.
From reviewing longstanding processes and ensuring compliance for recently required reporting, to reassessing and communicating new tax deductions and exemptions, the topics outlined in this article highlight key changes and provide more information on what employers can do to effectively manage these changes so there are no surprises in the near term.

The Spotlight: Warren Rosenstein, Partner, Global Head of FinTech, Consulting Services, and Regional Head of Latin America

Warren Rosenstein has global responsibility for McLagan’s financial technology and consulting services practices and oversees the firm’s Latin America financial services business. Warren helps clients build customized reward and human capital strategies that support each firm’s unique business requirements. He has designed solutions ranging from job architecture, performance management, incentive design, salary banding, compensation philosophy, staffing models, and productivity optimization.

Are Performance Ratings Really a Thing of the Past?

Major companies are dropping the use of performance ratings when it comes to managing their employees. Is this the common future trend, and how are firms responding? This article takes a closer look at new performance strategies that are happening across the globe, with a specific focus on Asia and the financial services sector.

The Spotlight: Michael Deeks, Partner, Asset Management

Michael Deeks leads McLagan’s asset management practice, delivering performance and reward consulting services to traditional and alternative asset managers, as well as asset owners. In particular, Michael advises on broad-based and executive compensation and carried interest arrangements. His work also includes conducting benchmarking and market practice studies. Michael’s team recently launched McLagan’s Operational Due Diligence IQ Study, which provides asset managers with performance benchmarks on over 150 non-investment risk factors and best practices.

The Rise of Islamic Banking

Islamic finance is the fastest growing sector in global banking and its potential for further growth is only increasing by the minute. As Islamic banks continue to expand in both their traditional market and into the West, what will be their key to success and what does this mean for longstanding global banks?

Top 5 Ways to Maintain Your Salary Structure

Having a strong salary structure is crucial for determining individual employee pay. This article shares the top 5 things you should consider to successfully maintain your organization’s salary structure and remain competitive in the market.

Fighting the War for Digital Talent

What should financial services firms keep in mind as they design their employee value propositions and total reward strategies to compete for top tech talent? This article discusses the evolution of financial services in the digital age, compares the industry practices of financial services and technology, and offers food for thought when adapting your firm’s talent and rewards strategies to the new digital world.

The Latest Salary Provisions and Their Impact on Employee Rewards

As reported in the Aon Washington Report, the last couple of weeks have seen two significant developments in the area of broad based compensation. This article summarizes proposed provisions and what employers should do next.

Banks in India: Navigating the New RBI Guidelines

 The Reserve Bank of India (RBI) has, through a recent discussion paper, proposed new guidelines for executive compensation for private sector banks in India. The planned guidelines entail major changes to the existing guidelines, including a proposed cap on variable pay and inclusion of Employee Stock Option Plans (ESOPs) under variable pay. This article provides a quick summary of the changes that are occurring, who they will affect, and what banks should consider.

Preparing for a Tsunami of M&A in the Global Financial Services Industry

As M&A activity continues to pick up in the global financial services industry, it’s important to determine driving factors and use the checkpoints listed below to ensure a smooth transaction for both your business operations and employees.

The Spotlight: Joel Davies, Partner, European Asset Management and Banking

Joel Davies is a Partner in McLagan’s European Asset Management and Banking practice, providing reward consulting services to the management and boards of banking and asset management organizations. His particular areas of focus include reward strategy, executive compensation, and remuneration regulations. Joel has acquired extensive experience across compensation, benefits, and performance management through leadership roles in consulting and corporate environments in both the UK and U.S.

The Impact of Brexit on Talent and Rewards in Germany

Banks, insurers, and other financial services institutions are in a race against the clock to clinch licenses and bolster their continental workforces before Britain leaves the EU. Without a comprehensive trade deal between the UK and EU that covers financial services, companies risk having no replacement for lost passporting rights, which currently allow firms to serve clients across the bloc.

Infographic: ISS vs. Glass Lewis: Understanding Both Points of View

In this infographic we explore how ISS and Glass Lewis are approaching voting recommendations, pay
for performance and problematic pay practices policy application, as well as gender diversity on boards for the 2019 proxy season.

Infographic: Preparing for the Proxy Season

In this infographic we walk through a checklist of items for the 2019 proxy season to respond to this year's key policy changes with ISS and Glass Lewis.

Teller Compensation: Evolving Pay Strategies

Brick and mortar bank branches must embrace change. The disruption of the historical approach to branch banking comes with an opportunity for firms to evolve their human capital strategy in in a way that complements the value proposition to both employees and customers. This article discusses how advancements in retail banking are forcing firms to reevaluate their staffing, role profiles, and longstanding compensation practices for traditional branch roles, specifically the bank teller.

Future-Proofing Your Talent

As financial services firms work on more technology initiatives, businesses must now put the transformation of their workforce at the center of their strategy. Companies are focused on exploring new ways of working through agile methodology, redesigning their organizational structures, evaluating their entire employee value proposition to improve engagement, and making strategic investments in new skills and technology to support this evolution.

The Spotlight: Gayle Appelbaum, Partner, Regional and Community Banking

Gayle Appelbaum is a Partner in McLagan’s regional and community banking consulting practice. She specializes in developing compensation plans that balance short and long-term risk while building shareholder value. Gayle focuses on the full spectrum of compensation and benefits issues, including corporate governance, pay-for-performance, risk assessment, taxation, regulatory compliance, M&A, and compensation agreement provisions.

How the SEC’s Hedging Rule Will Impact Public Companies

In December 2018, the SEC was able to close the books on a pending provision from the Dodd-Frank Act by finalizing a long-awaited hedging disclosure rule. The new disclosure requires most public companies to disclose any practices or policies regarding the ability of employees and corporate directors to hedge their company’s equity securities by adding a new paragraph to the corporate governance disclosure requirements in Item 407 of Regulation S-K. The final rule is generally consistent with the rule the SEC proposed back in February 2015.

Credit Union Compensation Philosophy: Going Beyond “Attract, Retain, and Motivate”

What is your credit union’s compensation philosophy? When they’re well thought through, compensation philosophies can help provide an important framework for pay decisions throughout a firm. But far too often, these philosophies are antiquated, and include general phrases like “we strive to provide competitive compensation” and “the goal of our compensation structure is to attract, retain, and motivate.” While few can disagree with these types of platitudes, they are rarely helpful when making actual decisions.

What Public Companies Should Know About New Standards for ESG Disclosure

The standards recently issued by the Sustainability Accounting Standards Board have gained traction with some institutional investors, proxy advisory firms, and even public companies.

ISS Policy Changes May Make It Harder for Some Companies to Obtain Equity Share Approval

ISS’ decision to raise its scoring allocation towards the share pool duration factor and add a dilution threshold will likely lead to the most impactful changes for companies seeking shares in 2019.

Insurance Industry Trends and Outlook for 2019

Technology investments are happening at a record pace across financial services and property-casualty insurance companies are no exception. Strong financial conditions in 2018 have paved the way for an increased focus on optimizing the digital experience, which directly impacts the customer experience—a driving strategy for success in the insurance industry. When it comes to embracing change, there should be no letting off the pedal. Business leaders must continually evolve longstanding practices, using new advances in technology to fuel their journey forward.

 

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