2011 Wage and Benefits Study – Time for Action
Posted on Kentucky Association of Manufacturers – See article in original source
By Shawn Herbig in June, 2011
This will mark the centennial year for the Wage and Benefits survey and if your company has not participated before, then this should be your year.
Over 200 manufacturers participated last year by providing wage and benefit information for their manufacturing employees across the state.
During the last few months there has been a lot of action taking place to help ensure that the 2011 Kentucky Association of Manufacturers (KAM) Wage and Benefits Survey is easier. This includes changes to the collection process as well as conversations with program sponsors. Those efforts are being wrapped up now and we will begin collecting data for this year’s
survey in the next few weeks.
This year we want to make sure your company’s information is included as well.
If you haven’t participated in the study before, wage information is collected for 177 different job categories, stratified by union and non-union workers. In addition, benefit information is collected through 129 questions which review such areas as vacation, PTO (paid time off), holidays, medical, retirement options, and much, much more. Companies that participate in the study will receive a copy of their region’s report compliments of KAM. Companies that do not participate have to pay $250 for this same information.
If you have not seen the report before you may be wondering what type of information you can expect to learn. Here are just a
few of the highlights from the 2010 study:
- The average hourly wage for all manufacturing employees is $24.89
- The 40-hour workweek is still the most frequently indicated standard among the respondents, with 89% indicating this
- as the norm.
- The majority of respondents (53%) indicated they calculate overtime pay after 40 hours, while 14% pay overtime after the
- 8th hour worked in one day.
- 48% of companies surveyed indicated that they provide an annual bonus.
- 42% of the respondents indicated that their companies offer PTO programs. The most frequently cited types of available
- PTO were vacation 21%, sick leave 13%, holiday leave 14%, bereavement 13%, and jury duty 11%.
- 69% of companies indicated that they are using temporary employees. Furthermore 41% of companies intend to increase
- their use of temporary employees.
- The reasons employees leave a company are trending between better opportunities (24%) and involuntary (37%).
- When new employees are hired there are numerous background checks with the two most common being education
- background checks (33%) and employment verification (30%).
We are happy to welcome back the survey sponsors to this year’s study as well as welcome some new ones. Your commitment helps the manufacturing community attract and retain the best employees possible.
The 2011 KAM Wage and Benefits survey is open to all manufacturers with operations in Kentucky. IQS Research is proud to continue our collaboration with KAM in producing the Wage and Benefits Survey. Our broad base of research experience helps ensure that your information is captured and reported in an accurate manner. Individual information is blinded and only shared in aggregate.
We will be sending e-mail invitations directly to company representatives who express interest in the survey. This e-mail will contain detailed information for creating an account, accessing the survey, and entering your information. You can also download a copy of all questions prior to starting the survey.
Manufacturers interested in receiving an e-mail invitation should contact Ryan Gore, Data Collections Coordinator for IQS Research. He can be reached by e-mail at Rgore@IQSResearch.com or by calling him at (502) 244-6600 ext. 302. E-mails will be sent out in early July and you will have several weeks to complete your information.
We look forward to sharing the results of the report with you this fall!
Shawn Herbig is the President of IQS Research. IQS is based out of Louisville and performs a wide variety of strategic research to
help their clients reach their full potential. These include employee engagement studies, market studies, and customer satisfaction and feedback studies. He can be reached at email@example.com or by calling the office at 502-244-6600.