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
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:
Kansas City, Kan.— In Manufacturing & Distribution, some Engineering jobs are especially hot right now, seeing much higher pay increases than the national average increase of 2.9 percent, according to the 2015 Compensation Data Manufacturing & Distribution survey results. The top 5 Engineering “hot jobs” in Manufacturing & Distribution:
Kansas City, Kan. – The 2014 Compensation Data Manufacturing & Distribution pay and benefits survey results were released in early July by Compdata Surveys. Compensation Data Manufacturing & Distribution provides a comprehensive summary of pay data, benefits information and pay practices with an effective date of January 1, 2014. The survey covers more than 150 industry-specific job titles and 500 general industry titles ranging from entry-level to top executives. This year's results feature data collected from nearly 22,000 employers with 21.5 million employees across the country. Nearly 37,000 organizations in other industries provided data on general industry positions.
Kansas City, Kan. – In June 2013, the Bureau of Labor Statistics reported the unemployment rate at 7.6 percent, down from the recession high of 10 percent reported in October 2009. Although the unemployment rate has dropped slowly over the last few years, the 2013 Compensation Data Manufacturing & Distribution survey results show pay increase budgets in the industry have remained very similar this year at 2.9 percent compared to 2.7 percent since 2011. The results indicate employers expect pay increase budgets to remain at 2.9 percent in 2014.
Original Article: ThomasNet.com
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.— As economic conditions continue to slowly improve and companies are once again beginning to hire new employees to rebuild their workforce, employers across the country are looking for ways to attract and retain employees without resorting to hefty pay increases or expensive benefit plans. As a result, some employers have found that adopting a results-only work environment (ROWE) may be the key to creating an attractive work environment for employees.
Kansas City, Kan.— According to the Kaiser Family Foundation, Americans filled more than 3.7 billion prescriptions in 2010. Because the rate at which individuals developing chronic health conditions continues to increase, the expected decline in drug costs comes as little comfort to manufacturing and distribution employers who are largely footing the bill, as an overwhelming majority still offer prescription coverage to employees as a part of their medical plan. These increasing costs translate to higher premiums for employers and employees, as well as increasing co-pays.