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Update Pension and Benefits Plan Designs

Deliverable: Review and update McMaster’s pension and benefits plan designs. Ensure they reflect current market practices and remain relevant and sustainable. Address concerns surrounding job evaluation for TMG (The Management Group) roles.

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The HR Review highlighted the need to streamline more than 60+ health and dental plans, and the need to modernize job evaluation processes for TMG. Compensation is negotiated as part of collective bargaining, or remuneration discussions with each employee group, and represents the largest operating cost for the University.  Change in plan design will take time and must be carefully navigated in consideration of market trends and competition for talent.

What did we do?

HR re-organized the Total Rewards team and recruited a new Director, Compensation, Benefits and Retirement Programs in the Fall of 2022.  A discovery phase of the staff compensation, benefits and retirement programs and provided recommendations for the future direction of the programs.

Expected Outcomes: Talent Attraction, Retention; Administrative Efficiency; Inclusive Excellence

Several program-specific initiatives aligned with the above objectives were subsequently identified. The projects’ governance and implementation timelines for the first few initiatives are being finalized and further information will be provided in future updates.