With 2017 pay increase budgets stagnant at 2.9 percent, employers are experiencing a rise in voluntary turnover among their staff. With the average voluntary turnover rate reported as 9.8 percent compared to 7.9 percent three years ago, employers must rethink their strategies in recruiting and retaining an engaged workforce in today’s market.
This data comes from the recently published 2017 Compensation Data Manufacturing & Distribution pay and benefits survey results. The survey covers 700 industry-specific and general industry titles ranging from entry-level to top executives. In addition to salary data, the results include comprehensive pay practices and benefits information. This year’s results feature data collected from over 21,000 employers across the country.
On the importance of the 2017 compensation data results, Compdata Vice President Amy Kaminski explains, “The workforce issues faced by organizations today have created many challenges when it comes to offering competitive total rewards programs that will attract and retain quality employees. Today, employees are confident they have options when it comes to employment, so it is now more important than ever to understand and address turnover trends. This database will help you to develop a strategic compensation plan aimed at reducing turnover."
The manufacturing & distribution database is a comprehensive collection of employer-reported pay and benefits data. Accessible online, users can filter pay data by industry classification, revenue, employee size, profit status, local geographic area, and other breakouts important to their organizations’ unique needs.
Find out how employers are handling critical items, such as pay increases, employee incentives and cost containment. Learn about current turnover trends and recruiting practices.
The Compensation Data Manufacturing & Distribution survey is available for the following regions: Midwest, Northeast, South Central, Southeast and West. It is also available as a National Suite, giving organizations the opportunity to build a customized package of compensation resources to best meet their needs.
Find more information about the 2017 Manufacturing & Distribution results at http://www.compdatasurveys.com/compensation/manufacturing/.
About Compdata Surveys & Consulting
Since 1988, Compdata Surveys & Consulting has provided HR professionals with the compensation tools they need to stay competitive. With an extensive pay and benefits database and experienced compensation consultants, we are a full-service firm providing innovative solutions to complex compensation challenges. Thousands of organizations provide data in each of our 12 industry-specific surveys every year, ensuring the reliability of our results. For more information about the compensation and benefits surveys, contact Amy Kaminski at (800) 300-9570.