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.
Topics: News, Survey Results, Compensation Data, pay increase budgets, HR, compensation, Salaries, Pay and Benefits, #Pay, Turnover, Recruiting, Recruiting Trends, Data, Benefits, Manufacturing, Manufacturing & Distribution, Distribution
Compensation Data Manufacturing & Distribution results have been released, and, wow, talk about data! This year's results feature data from more than 28,000 employers with 22 million employees across the country! From 2016 results, check out five things happening in manufacturing and distribution compensation. How does your org stack up?
The Compensation Data 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, local geographic area, and other breakouts important to their organization’s 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 industry recruiting practices.
Compensation Data Manufacturing & Distribution is available for the following regions: Midwest, Northeast, South Central, Southeast and West. It is also available as a National Suite, giving employers the opportunity to build a customized package of compensation resources to best meet their needs.
On the importance of the 2016 compensation data results, Compdata Vice President Amy Kaminski explains, “HR professionals strive to find the perfect combination of total rewards. They are charged with creating packages capable of attracting employees, as well as driving employee satisfaction and engagement. When making such critical decisions, it is important to use accurate compensation and benefits market data. Because our data comes directly from more than 28,000 employers, you can use it to develop truly competitive packages.”
Find more information about the 2016 Compensation Data Manufacturing & Distribution results at www.compdatasurveys.com/manufacturing.
With a new year upon us, many are taking a fresh look at key business metrics. One worth a look? Your turnover rate. To help provide some context regarding your organization's turnover rate, the infographic below provides total turnover rates by industry, as reported by employers in 2015.
With 2016 knocking on our door (already?!), pay increase budgets are a hot topic. Employers know that keeping budgets in-line with an industry average, or above it, can be key to retaining top talent. That's why, over the next several days, we'll be releasing projected 2016 pay increase budgets for several industries. When it comes to the manufacturing and distribution, here is what employers are projecting for pay increase budgets in 2016:
In 2015, manufacturing and distribution employers continue to utilize lean manufacturing components and programs. In fact, usage of programs is increasing, according to the 2015 Compensation Data Manufacturing & Distribution survey results. Of the six lean manufacturing programs surveyed, all six saw an increase in usage over what was reported by employers in 2014. With 71.3 percent of employers reporting use of 5S, the program is the lean manufacturing program of choice. The program options surveyed and their reported utilization are:
With Labor Day quickly approaching, we thought it'd be fun to share some labor stats from the Manufacturing & Distribution industries.
Kansas City, Kan.— It's no surprise that with a looming nursing shortage, obesity at epidemic levels and baby boomers entering their golden years that there isn't any foreseeable end in sight to the rising cost of healthcare. In fact, the 2012 Compensation Data Manufacturing & Distribution survey results reported the average annual cost of insurance per employee on a manufacturing and distribution employer sponsored PPO plan is $8,326. That's up from $7,227 reported in 2009, an increase of 15.2 percent in three years.
Kansas City, Kan.— In 2012, roughly two-thirds of manufacturing and distribution industry employers experienced increases to their medical insurance premiums, according to the 2012 Compensation Data Manufacturing & Distribution survey results. The average increase reported by these organizations was 10.2 percent, down from 11 percent reported in 2011. Despite the drop in the average premium increase, manufacturing and distribution organizations still contribute 10.5 percent of their total payroll costs toward providing medical insurance to their employees. Employers everywhere are looking for ways to curtail rising healthcare costs and as a result, many are turning to wellness programs.
Original Article: Manufacturing Weekly
Kansas City, Kan.— The Bureau of Labor Statistics recently reported the unemployment rate at just over 8 percent as of June 2012. The unemployment rate continues to dwindle at a very slow rate of decline and pay increase budgets are mirroring this trend by increasing at a tepid rate. The 2012 Compensation Data Manufacturing & Distribution survey results reported pay increase budgets at 2.8 percent, reflecting a slight uptick from 2.7 percent reported in 2011. Pay increase budgets are projected to slightly increase to 2.9 percent in 2013.