Change has been on the horizon for the mining industry for a while now. In 2019, Mercer wrote about the “Silver Tsunami,” a phrase used to describe our country’s aging population and how it affects various parts of society, especially the workforce. Beyond the increasing number of retiring workers, mining companies have increasingly adopted technology to improve data and safety. These two factors have been slowly transforming the work as well as the workers required. These changes were slow and methodical. There was uncertainty around the exact timing or degree of disruption, but near certainty that something would have to change.
Only a few months into 2020, and we can already see massive changes coming. COVID-19 is a virus that has affected all industries around the world and is currently spreading across North America. (Visit Mercer’s dedicated COVID-19 site for the latest information.) Whether the pandemic has directly affected your workforce, closed down operations indefinitely, or affected your supply chain, things will be different.
Let Mercer help you navigate these uncertain times by helping you prepare today for the post-pandemic era by developing adaptable and scalable talent and compensation strategies.
Effective pay strategies are targeted, data-driven, and multi-perspective. They take into account what the company needs to be financially successful, what the labor market is willing to provide, and what the employee deems valuable.
The Company Perspective – “What outcomes do we need?”
- What are your organization’s financial standing and shareholder requirements?
- How do you want to position your company within your labor market?
- What company-specific challenges (e.g., departments, jobs, employee segments) is your organization facing?
The External Perspective – “What are our competitors doing?”
- What did your competitors budget for increases? What are they doing now?
- How do you want to position your company within your market?
- How are other companies handling incentive pay?
The Employee Perspective – “What do our employees value?”
- Is there a shift back toward monetary reward?
- How are you communicating possible workforce reductions?
- Are your reward programs in line with your total rewards philosophy?
Your answers to these questions have most likely shifted in the past four months. Can you anticipate what your responses will be four months from now? We do not have a crystal ball to predict the future, but by participating in our North America Mining Industry Survey Suite, you can learn what the market is doing and stay competitive.
To further help, Mercer will be conducting the following virtual roundtable meetings to discuss how the mining industry is responding to today’s environment. We will also provide assistance on how best to participate in Mercer’s North America Mining Industry Survey Suite.
1:00 EST – April 7
- 2020 Mining Survey Participation 101 – Canada and US Participants
This session is a survey overview suited to those who are submitting for the first time or who would benefit from a refresher. This session will cover how to participate in the survey, job matching, what to expect throughout the process, and key definitions for the data elements collected.
12:30 EST – April 14
- Mining Survey Virtual Round Table – Canada Participants: Focus on Operations, Hourly Site Jobs
Join us in a virtual meeting setting for an engaging round table discussion about how we are responding to today's environment. This meeting will be focused on site jobs for both technical and hourly jobs. We will review key job families from the survey and discuss matching and leveling considerations as well as premiums and allowances. This session will be centered on Canadian sites and employment legislation.
12:30 EST – April 15
- Mining Survey Virtual Round Table – US Participants: Focus on Operations, Hourly Site Jobs
Join us in a virtual meeting setting for an engaging round table discussion about how we are responding to today's environment. This meeting will be focused on site jobs for both technical and hourly jobs. We will review key job families from the survey and discuss matching and leveling considerations as well as premiums and allowances. This session will be centered on US sites and employment legislation.
1:00 EST – April 21
- Mining Survey Virtual Round Table – Canada and US Participants: Focus on Executives
This session will demystify executive matching and effective data samples for CEOs, Function Heads, and Sub Functions Heads. We will also discuss how executives are responding to this unique time in the mining sector and contrast to other industries.