A Wage & Benefit Survey was recently completed in four counties in northeast Indiana. The DeKalb, LaGrange, Noble and Steuben County Economic Development organizations teamed up to offer this service to private sector area employers.
Almost 90 employers participated in the 2013 survey. The data can be used to help companies recruit talent and ensure their wages and benefits are competitive with other employers. The local economic development organizations will also use this information to encourage retention and expansion of local industries as well as marketing the area to businesses.
The survey revealed some promising statistics in the four county area:
· 86% of the companies reported hiring in the last six months, which accounted for 1,800 new hires
· 57% of those surveyed plan to increase employment this year
· 35% believe they will increase employment in 2014 as well
· 90% reported wage increases in the last 12 months
· 85% plan on increasing wages again next year
Rick Sherck, Executive Director of the Noble County EDC, developed and offered the first Wage and Benefit Survey in 2012 to industries in Noble County and participation was good. With the four northeast Indiana economic development organizations working collaboratively in 2013, the number of industries participating has more than doubled. As a result, the statistical data of the survey is stronger. The group is also hopeful that the program will continue to grow as it gains further recognition in 2014.
Jeff Griffin, Benefits and Compensation Manager, Group Dekko stated, “The Four County Wage and Benefit Survey is a key tool for Group Dekko in making sure that we stay competitive with our compensation and benefit program so that we can attract and retain quality employees.”
The cost of conducting and tabulating the survey is being partially underwritten by our sponsors: Indiana Michigan Power, Wabash Valley Power, NIPSCO, the Northeast Indiana Regional Partnership, and the Northeast Indiana Workforce Investment Board.