Salary & Benefits Results Released
(Rock County, WI) Earlier this month, Rock County 5.0 in conjunction with the Blackhawk Human Resource Association (BHRA), released the results of their Salary & Benefits Survey. The report provides a comprehensive listing of hourly wages, covering over 80 specific occupational titles, as well as calculations for addressing “aged data”. In addition to providing detailed salary information, employer benefits packages are profiled within the report too.
More than 50 businesses / organizations participated in the Survey, covering over 6,100 employees. For quality control and confidentiality purposes, a third-party human resources consulting firm administered the survey through a web-based platform. A sampling of the results is provided below:
- Thirty-four percent of the respondents represented firms that are organized as C-Corporations, while slightly over 41% were classified as a pass-through entities (i.e. S-Corp or LLC).
- In terms of industry sector, over 62% of the respondents represented Manufacturing. Other sectors with representation included Education & Health Services, Professional & Business Services, Financial Activities, Public Administration, etc.
- The average general salary budget increase, attributed to merit, COLI, and promotions was 2.5%. Meanwhile, the average pay range adjustment, attributed to increases to formal base pay ranges, was 2.2%.
- The median turnover rates reported for 2015 and 2014 were in the 10% range, respectively.
- Benefits packages are influenced by a number of interconnected economic, operational and workforce factors Examples includes, but are not limited to: healthcare coverages and their related premiums; paid time-off; flexible work schedules; employee attendance, referral and tuition reimbursement programs; as well as retirement and profit sharing programs.
Rock County 5.0 is a five-year public / private economic development initiative designed to reposition and revitalize Rock County’s economy. The initiative’s efforts are focused on the following five economic development strategies: Business Retention & Expansion, Business & Investment Attraction, Small Business & Entrepreneurship, Real Estate Positioning and Workforce Profiling. For additional Rock County 5.0 information, visit www.rockcounty5.com .
Source: Rock County Dev Alliance