Pay Trends Emerge in Northeast Ohio
The 2013 ERC Salary & Wage Surveys report salary data for 9,000+ individual employees from 200+ participating organizations and hourly wage data for 7,500+ individuals from 150+ organizations respectively. This unique local market data is a key resource for employers in the local business community looking to attract and retain top talent in to their organizations in Northeast Ohio.
While pay rates from these annual surveys remained fairly stable overall, certain industries did see more positive patterns of growth than others. Industry specific growth was strong in IT, Science/Research & Development, Customer Service/Sales, Purchasing/Distribution, and Business & Administrative Support. Each of these areas saw their average median salary grow by 4% or more overall from 2012 to 2013.
Interpreting Compensation Data
In sectors where compensation saw smaller gains, employers should remember to consider the value of each position to their organization. While obtaining reliable benchmarking data is important, the interpretation and application of that data in a manner that fits an organization’s larger recruitment and talent management goals is equally important.
For example, taking note of compensation statistics beyond the just the median or the average, e.g., salary ranges or the 25th and 75th percentiles, allows organizations to better understand how their market analysis fits with their overall compensation philosophy. Ultimately, taking this more holistic approach to compensation can help organizations set internal priorities as well as competitive compensation rates that together will more effectively attract and retain the right talent to fill their workforce needs.
View ERC's Wage & Salary Adjustment Survey Results
The survey reports data from Northeast Ohio organizations regarding their actual and projected wage and salary adjustments.