NEW YORK, NY--(Marketwired - Feb 19, 2014) - Today, firms are in transition from downsizing to hiring. In this aggressive environment, remuneration plans are the key to attracting the best staff. Regulations and media pressure are increasing the need for firms to communicate their compensation and reward packages with absolute clarity. Innovatively designing remuneration packages that employees deserve, want, and understand is vital to retaining the top performers.
David Anthony Pope, SVP, Head of International Compensation at Wells Fargo recently spoke with Global Financial Markets Intelligence (GFMI) about key topics to be discussed at the upcoming GFMI Compensation and Benefits in Financial Institutions Conference, April 28-29, 2014, in NYC. All responses represent the view of Mr. Pope and not necessarily those of Wells Fargo and its subsidiaries.
What is a key factor in remaining compliant with the ever-changing regulatory environment?
DAP: It is vital to a) have good internal and external Legal and Compliance support and b) have effective governance structures. With regards to governance structure, you need to have a balance of local country governance and global oversight.
Personally, what do you think is more important in a compensation strategy: Transparency or Consistency? Why?
DAP: Transparency is the most important aspect of designing compensation programs and strategy. Employees must be able to understand the drivers of pay and what they can do to influence their compensation levels. Consistent application is easy if there is a high level of transparency.
What are the key challenges in budget management when it comes to benefits and compensations?
DAP: The biggest challenge is ensuring that you are keeping up with growth in the market in order to attract and retain top talent without overpaying. Overpaying creates a new set of problems beyond just expense control. For example, if employees are overpaid they will be more likely to stay in a role where they may not be fully engaged and if they were paid at market they would be more inclined to look for a new role.
What do you think you will gain by attending this event?
DAP: I hope to develop new relationships with colleagues across the industry as well as to hear the latest thinking on Compensation Strategy, particularly in relationship to managing new and developing regulatory changes.
David Pope is the Head of International Compensation at Wells Fargo. Prior to Wells Fargo, he was the Chief Administrative Officer for the iShares business at BlackRock -- iShares is the world's largest ETF Fund Provider with over $600B in Assets Under Management. He was also the Global Head of Compensation and the Finance Officer for the support functions at Barclays Global Investors, which at the time was the world's largest asset manager with over 2 Trillion in Assets Under Management. David started his career as an Air Traffic Controller in the US Navy. David holds FINRA Series 7 and 24 licenses.
The GFMI Compensation and Benefits in Financial Institutions Conference will take place in NYC, April 28-29, 2014. For more information, check out the conference brochure or please contact Tyler Kelch, Marketing Coordinator, Media & PR, GFMI at 312-894-6377 or Tylerke@global-fmi.com.
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