New Manufacturing Compensation Study Gives Insights on Pay, Benefits, and Trends
In a pivotal virtual event, Barnes Dennig, North Side Bank, USI Insurance and the Northern Kentucky Chamber of Commerce recently revealed the results of their 2021 Manufacturing Compensation & Benefits Benchmarking Study that surveyed manufacturing companies from Ohio, Kentucky, and Indiana. The survey collected the responses of 96 local and regional manufacturers in Q1 2021, and revealed some surprising trends at this critical juncture in the global recovery from the COVID-19 Pandemic.
Despite a worldwide pandemic since the previous edition of this bi-annual survey, trends in the regional manufacturing industry have picked up where they left off in 2019. Familiar struggles with finding and retaining talent again top the list of concerns among manufacturers in Ohio, Kentucky, and Indiana. The response to this concern has resulted in higher wages, with survey respondents anticipating a need for further increases to attract and retain workers.
The survey provides summarized salary information for 16 different job titles common in the manufacturing industry. The summaries and averages are a great tool for your company to benchmark what other organizations in your industry are seeing in terms of compensation and benefit trends. In the 2021 edition of the study, despite increasing base salaries for nearly all positions in comparison to the prior survey, the impact of COVID-19 was noted in the reduction of recent bonus compensation compared to 2019.
Many survey participants saw a decrease in recent health insurance costs. However, as discussed during the virtual reveal, many companies will see increases in health insurance costs in upcoming policy renewals as insurance carriers expect increases in costs related to non-urgent medical procedures that were postponed over the previous 15 months.
This information was pulled from the extensive report created by Barnes Dennig, North Side Bank, USI Insurance, and the Northern Kentucky Chamber of Commerce. You can request a copy of the full report here.
We recently covered the findings during an in-depth virtual event. For more information, on-demand viewing of the events, and findings, please visit our website here. We also held a separate virtual event focused on Kentucky manufacturers, which can be accessed here.
If you have questions about this report or want to know how your company can be better positioned to compete in 2021 and beyond, have a member of our Manufacturing team contact you at no charge here, or by calling 513-241-8313.