Demand for Technical Skill Sets Help Deliver Strong IT Salaries

Information Technology (IT) continues to be an area of exceptional growth in the job market, both nationally and locally. Using data from the 2013 ERC Salary Survey, the average median salary growth of various occupational categories within IT, as set by the Bureau of Labor Statistics, can be seen below. The positive salary growth this figure illustrates is unsurprising when two key factors are considered.

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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.

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New Graduate and Intern Compensation Trends

The 2013 ERC/NOCHE Intern & Recent Graduate Pay Rates & Practices Survey, conducted annually through a partnership between the Northeast Ohio Council on Higher Education (NOCHE) and ERC, reports that 57% of the organizations surveyed have a formal internship program in place. In addition, the same proportion of respondents are either in the process of hiring or are planning to hire new college graduates in 2013. This strong connection between the area’s higher education institutions and local employers also seems to be translating into positive compensation trends for many interns and new graduates, particularly in highly technical fields of study such as engineering.

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Companies Share Common Internship Program Goals

As the school year begins to wind down, your organization may be looking to hire some additional support over the summer in the form of a college intern. While each organization will undoubtedly vary in terms of the specific needs the internship is designed to fill, the results of the 2013 ERC/NOCHE Intern & Recent Graduate Survey strongly suggest that in general, organizations hiring interns are doing so with a common set of goals in mind.

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Keeping Pay Adjustments In Perspective

In a 2013 overview of the state of compensation, Steve Bruce, contributor to HR Daily Advisor, makes a less than rosy comparison of where businesses stand today versus where a full economic recovery would have put businesses in terms of their compensation options. Employment overall is up and voluntary separations are beginning to increase, but for businesses looking to attract and retain top performing employees, rewarding these individuals through traditional compensation methods remains a challenge.

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Compensation Rising for Recent Graduates

With graduation day only a few months away, the pressure is on for many soon to be college graduates in need of full time employment. This flood of new job seekers on the market come May offers employers a great opportunity to take on these highly educated, enthusiastic potential new employees- and, even better, in most cases, these new employees can be brought on board at entry level compensation levels.

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Skilled Manufacturing Salaries Gain Ground

Despite multiple reports of optimism about Northeast Ohio’s manufacturing sector growth rate, the widely publicized quarterly economic indicator report published by Team NEO for the fourth quarter of 2012, further analysis offered by the report’s research team concedes that growth does not translate directly into job growth. The quarterly report cites data from Moody’s, placing the region above the national average for manufacturing sector growth rates. But, the researchers point out that increased production does not guarantee job creation at those same levels.

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