Express Employment Professionals recently released its inaugural compensation report for the United States and Canada, highlighting average national wages for light industrial, office services, skilled trades, and professional jobs.
Compensation data provided in the report includes jobs such as food servers, marketing managers, landscapers, executive assistants, medical transcriptionists, construction managers, and several types of machinists, among several others.
In today’s tight labor market, talented job candidates know they have options, so offering competitive compensation is more important than ever to attract the best and brightest workers. Additionally, businesses that are unwilling to compete on pay risk losing employees to the competition.
“If businesses don’t stay on top of the latest market data, job seekers will do the talking with their feet and find better-paying jobs with competition that knows what they are worth,” said Dwight Hahn, Express franchise owner in Windsor, CT.
In Longmont, CO, Express franchise owner Todd Isaacson says his area is booming with one of the lowest unemployment rates in the country-and employees evaluate several aspects of a job.
“Just a few years ago, many employees were happy just to have a job. Now, they look very closely at pay, benefits and opportunity for growth,” he said.
Express franchisees have been hard at work for several years educating local businesses about current market conditions and how quickly they evolve.
“In our market, the speed of wage growth caught many employers by surprise,” Isaacson said. “Many assume what was good pay in 2017 is still good now. It isn’t, and a number of owners are scratching their heads wondering why it’s so hard to find and keep quality employees.”
Hahn agrees that some companies turn a blind eye to the current tight labor situation in the workforce.
“We see some companies in our area refuse to adjust to what is happening around them in terms of wages and other key benefits,” he said. “They cannot seem to make the connection with the quality of the workers they end up with and the extensive turnover that is naturally generated when a company does not offer competitive wages.”
The time wasted adjusting compensation for positions actually has far-reaching implications in every area of business, according to Express Corporate Developer Pat Dolan.
“Some defy the market wage for the positions they seek to fill, and subsequently are unable to get to the full employment they need to fulfill their business objectives,” he said. “Product isn’t produced, orders aren’t filled, client support diminishes, revenues are lost, and reputations are tarnished.”
Express CEO Bill Stoller said he hopes businesses will find value in Express’ 2020 Compensation Report and the insight it offers.
“We are pleased to be able to provide this wonderful tool to help businesses evaluate local market conditions,” he said. “When competition for talent is at an all-time high, data is key to attracting and retaining the best.”
All data within the report was provided via Emsi, a third-party, labor market data and analytics research company. More information about Emsi and their research methodology is available at EconomicModeling.com.