Associated Industries of Missouri (AIM) has helped host a regional Wage and Salary Survey for Missouri businesses and the human resources professionals within those companies for many years. Local associations and businesses have sponsored regional efforts to encourage a higher degree of participation and in turn, those companies receive a broad amount of information that helps them determine how competitive their businesses are in regards to attracting top employee talent in their area.
This year, Associated Industries has been joined by the Springfield Area Human Resources Association (SAHRA) and St. Louis law firm Danna McKitrick to survey AIM members and non-members, in order to help those companies understand what local businesses are offering for employee compensation and benefits packages.
In this economy, employers have been able to pick from among the best talent in any position. In order to attract employees - and retain them once the job market improves - those employers will need to understand whether or not the company is competitive or if changes are needed to avoid losing their top pool of employees.
How does a company combat turnover? Multiple ways:
- Know the local average wages for top talent in each position that a company has filled. The 2011 Wage and Salary survey can provide this. Our survey will take a look at an estimated 100 companies per region and ask the average wage of each position, the number of employees employed in that position, the minimum and maximum salary for that position, and whether or not those employees are eligible for bonuses.
- Know the benefits that your company is competing with. Does your company offer health care? Does it offer a 401(k)? Does it provide insurance for dependents? If the answer is yes to these questions, how much does the company provide, and how much does it ask the employee to contribute? These are all questions that employers need to know.
If your company provides health care, but requires the employee to pay for more than 50 percent of the benefit, that benefits package may not seem as enticing as a similar paying position with another company that pays 85 percent of its employees’ health benefits plan.
Also included in this year’s benefits portion of the survey is:
- Holidays, Vacation, and Sick Leave, or PTO;
- Long- and Short-Term Disability;
- Different Employee Retirement Programs;
- Bereavement Policies;
- Supplemental Income for Military Leave;
- Tuition Assistance Programs; and
- Wellness Program.
More than these though, when the economy improves, will your company’s benefits packages be attractive enough to retain top-performing individuals who feel under-compensated in their current job?
That is why employee morale is vital. How does your company communicate thanks, employee rewards, birthdays, time spent with the company, etc.? Morale, as the third aspect to job satisfaction is important, but potential employees may not give the company with great morale a chance if the compensation or benefits package is not enticing them and their families. Participating in this survey is how you can beat that attitude.
Please contact AIM Director of Communications Nathan Dampf (email@example.com) to participate in this year’s survey. Member and non-member participants will receive the data for only $50, while non-participants will pay $200 (member rate) or $350 (non-member rate).
If you have any questions you may email Nathan or call the AIM office (5273-634-2246).