Compensation Strategy in a Time of Inflation with Bob Cartwright

In episode 46, Coffey and Bob Cartwright have a freewheeling hour-long conversation about compensation strategies in a time of inflation; geographic cost of living differentials; the trap of adjusting wages to match inflation; the importance of culture in retaining employees; and Americana bluegrass music.Good Morning, HR is brought to you by Imperative—premium background checks with fast and friendly service. For more information about our commitment to quality and excellent customer service, visit us at https://imperativeinfo.com. If you are an HRCI or SHRM-certified professional, this episode of Good Morning, HR has been pre-approved for one hour of recertification credit. To obtain the recertification information for this episode, visit https://goodmorninghr.com. About our Guest:Bob Cartwright, SPHR / SHRM-SCP, is founder, president, and chief executive officer of IntelligentCompensation, LLC, a compensation and business management consulting firm located in the greaterAustin, Texas area. Since 1996, Mr. Cartwright has managed assignments for a wide variety of Non-Profit and For-Profit clients including those in high technology, manufacturing, services, information technology, health care, retail, construction / facility management, telecommunications, legal, energy, media, publishing, non-profits, public entities, municipalities, financial services, oil and gas, real estate, and aerospace/defense. He has 30+ years of diversified experience in total compensation, human resources and business management strategies and design.Mr. Cartwright’s professional affiliations include: Advisor to the State Director / Director BusinessDevelopment – Texas SHRM State Council; Past Board Chair, Texas Association of Business; SHRMNational volunteer - Past Member of the Total Rewards, Compensation, & Benefits National ExpertisePanel and National Volunteer Leader on Veteran Employment; Past Founder and - Committee Chair –Texas Compensation Alliance Group, member of World-At-Work, Austin Human Resources ManagementAssociation (Past Committee Co-chair for the Austin Area Pay and Benefits Survey), Williamson CountyHuman Resource Management Association (Charter Member & Past President), and the Central TexasCompensation and Benefits Association. Mr. Cartwright is also a sought-after speaker and is often quoted as a business/compensation expert in newspapers and print media around the country. Mr. Cartwright also served as a preferred provider – compensation expert - for the Credit Union Executive Society located in Madison, Wisconsin.Bob Cartwright can be reached at www.intelligentcomp.net or www.linkedin.com/in/bobcartwright.Learn more about Bob’s side music project, MoPac Traffic Jam at https://www.reverbnation.com/mopactrafficjams.About Mike Coffey:Mike Coffey is an entrepreneur, human resources professional, licensed private investigator, and HR consultant.In 1999, he founded Imperative, a background investigations firm helping risk-averse companies make well-informed decisions about the people they involve in their business.Today, Imperative serves hundreds of businesses across the US and, through its PFC Caregiver & Household Screening brand, many more private estates, family offices, and personal service agencies.Mike has been recognized as an Entrepreneur of Excellence and has twice been named HR Professional of the Year. Additionally, Imperative is included in the prestigious Best Places to Work in Texas list and has been named the Texas Association of Business’ small business of the year.Mike is a member of the Fort Worth chapter of the Entrepreneurs’ Organization and volunteers with the SHRM Texas State Council.Mike maintains his certification as a Senior Professional in Human Resources (SPHR) through the HR Certification Institute. He is also a SHRM Senior Certified Professional (SHRM-SCP).Mike lives in Fort Worth with his very patient wife. He practices yoga and maintains a keto diet, about both of which he will gladly tell you way more than you want to know.Learning Objectives:Understand the current inflationary economic environment’s impact of compensation.Understand the importance of evaluating culture as tool to attract and retain employees beyond compensation and benefits.Evaluate compensation plans that consider geographic cost of living differentials.