Economic researchers like to study supply and demand. At the Center for Business Research, we are the data nerve center for the region to answer all types of supply and demand questions. Within the past year, we have taken data-driven looks at housing supply, talent demands and investment opportunities in the region’s municipalities.
There is another aspect of of supply and demand for economic researchers—the supply of (and demand for) quality data to ensure sound analytics and accurate predictive models. Most often, the Center for Business Research is sourcing data from federal research and proprietary databases. But sometimes the best source for real-time data comes directly from employers.
This is one of those times when we need to make a gentle ‘demand-side’ data request to help us all better understand a critical issue—employee compensation.
As demand for workers continues at a heated pace in a low unemployment market, labor costs are driving upward. It is not unheard of for hourly workers to leave for a dollar-an-hour increase at another company or for fresh-out-of-college salaried workers to leave a promising career in search of a modest pay bump somewhere else.
Human resources leaders and hiring managers are feeling a tremendous burden to bring on talent and minimize turnover. Employers are struggling to compete with wages alone and are diversifying their array of benefit offerings, including things like flex time, gas cards and higher PTO accruals to hold on to talent.
Keeping up with the latest trends in innovative and competitive employee pay and perks is vital—and we have the tool to help you do it… but only if you take the time to supply some data.
The Center for Business Research’s 2019 Compensation & Benefits survey is open now. Please get this in the right hands at your company and complete it by June 5th.
Those who take the time to join the 45 firms who have already participated will get a copy of the aggregated results by late summer.
All responses are held confidential and this study complies with anti-trust regulations.
Not all of the best data comes from the US Census. For region-specific compensation data, it comes from you. Please take a moment before June 5th to boost the supply.