With the U.S. economy near a state of full employment, how does a firm ensure its compensation levels are remaining competitive? Research indicates that losing an employee can cost employers between 30% to 40% of an hourly employee’s earnings, 150% for salaried employees, and as high as 400% for high level positions/top performers. The results of this study provide the steps and resources for evaluating the competitiveness of your compensation levels and benefit offerings in attracting and retaining employees.
Business owners and HR managers can use this information to better their organization’s compensation practices and policies. The results of this study can be used to answer key questions such as:
- Are you leading, matching or falling below the market in terms of your compensation offerings?
- How are companies attracting and retaining employees?
- What are the top concerns/threats in your industry?
- Is your turnover rate comparable to what others are experiencing?
- How long does it take to fill an open position?
The Cross-Industry Compensation & Benefits Report answers these questions and many more in helping companies evaluate their compensation practices versus their industry and market areas.
Benefits of Participation
The Cross-Industry Compensation & Benefits Report provides participants with the ability to compare results against all responding companies as well as several additional data aggregations — including industry focus, annual sales volume, number of employees, business seasonality, geographic region, state, Metropolitan Statistical Area (MSA) and other aggregates deemed important. Additionally, data will be reported at the overall company level as well as the distribution center level.
By participating in the survey, responding companies receive:
- A comparison report with aggregated results of more than 1,000 other distributors;
- Excel data tables with full cross-industry data aggregates;
- A customized and confidential Company-specific Compensation Report (CCR); and
- Access to a searchable results application, which allows users to interactively aggregate the data set based on multiple filters of their choosing.
- The last study was conducted in 2018 and analyzed data of 1,037 different wholesale distribution firms from across the U.S., including the PHCP-PVF supply chain, with a combined total of more than 9,500 locations.
The study is free for ASA members that participate. It will help companies in knowing whether they are paying their employees fairly, which will, in turn, help reduce employee turnover and retaining good talent.
The Timeline for the 2020 Cross-Industry Compensation & Benefits Survey Will Be:
- Jan. 15 – Survey launch;
- March 16 – Survey deadline; and
- May 29 – Results (Participants will be emailed a notice with instructions.)
Any questions throughout the survey process regarding the survey instrument, how to complete the form or the study in general can be made by email to or asalman@asa.net or 630-467-0000 ext 212.
