Chamber Hosts 2012 Wage & Benefits Survey Presentation
Jessica M.L. Thompson, MTPC, IOM, Marketing & Communications Director
BOWLING GREEN, KY--The Bowling Green Area Chamber of Commerce hosted a presentation today about the 2012 Annual Manufacturing Wage & Benefits Survey, which is sponsored by the Kentucky Education and Workforce Development Cabinet's Department of Workforce Investment and the Kentucky Association of Manufacturers (KAM).
Shawn Herbig, president of IQS Research, made a presentation to nearly 30 human resources and business leaders today. IQS Research of Louisville collaborated with KAM on the development of the wage and benefits survey for Kentucky's manufacturing community. Herbig gave an overview of the state survey results and outlined results from 27 companies in the Barren River Area Development District.
The United States continues to be the world's largest manufacturer with 11% of the country's gross domestic project (GDP) coming from manufacturing, according to the U.S. Bureau of Labor Statistics. In Kentucky, manufacturing makes up 17% of the state's GDP, totaling $27 billion annually, and Kentucky is the second-largest automotive manufacturer amongst all 50 states.
The manufacturing industry employs nearly 215,000 in Kentucky; within the past year, the industry added 5,300 manufacturing positions in the state. This year, the Chamber has participated in eight economic development announcements that include plans to add 267 new jobs. According to IQS Research, there are three spin-off jobs created for every manufacturing job. Those spin-off jobs are in industries such as healthcare and distribution.
The survey showed that the positions of manufacturing employees included in the survey made an annualized average of $47,486 in 2012. In the BRADD, the annualized average is $46,072. Other local results include
70% of employers provide an annual bonus. This is significantly higher than the 55% of companies statewide.
- 93% of medical plans cover both employees and their dependents, compared to 92% within the overall state results.
- The majority of companies estimate that more than 25% of total compensation is represented by benefits, following the trend in the statewide survey results.
- 70% of companies report a less than 10% annual turnover rate, which is comparable to the national average.
- 33% of local companies classify their workers' productivity as "excellent" and 62% as "good." Statewide, 27% of companies classified workers' productivity as "excellent" and 63% as "good." In both the local and statewide results, none of the companies classified their employees' productivity as "poor."
The Bowling Green Area Chamber of Commerce assisted in the survey process by contacting existing targeted businesses locally and encouraging participation. Chamber President & CEO Ron Bunch, CEcD said, "We're happy to host today's presentation by Shawn to give our local businesses the opportunity to hear and discuss the survey results. This is part of our commitment to supporting existing targeted businesses, which produce more than three-fourths of new jobs in the region."
Bunch continued, "We were able to support the KAM survey because of gracious funding by the Tennessee Valley Authority and Warren Rural Electric Cooperative Corporation. We are very grateful for their continued commitment to economic development in the region."
To conduct the survey, IQS Research e-mailed invitations to Kentucky manufacturers. Information was collected and compiled from July 2012 - September 2012. All of the information provided in the report is in aggregate form, so as to not identify individual companies.
Visit www.KAM.us.com or call 502-352-2485 for information on how to purchase a copy of the 2012 KAM Wage and Benefits Survey report.
About the Bowling Green Area Chamber of Commerce:
Incorporated in 1935, the Bowling Green Area Chamber of Commerce is a 5-Star Accredited Chamber by the U.S. Chamber of Commerce and was named the 2009 Chamber of the Year by the American Chamber of Commerce Executives. As the fourth largest chamber in Kentucky, the Chamber serves as a premier business advocate for its more than 1,300 partners and is the driving force for economic development in South Central Kentucky. Its primary goals are to promote growth and success in the business community, reaching its small business partners and those in large industries alike. With leadership programs, governmental relations projects, educational initiatives and involvement opportunities, the Chamber aims to support the community and its neighbors in order to enhance the business climate and continue to grow the region.
Visit www.bgchamber.com to learn more about the Bowling Green Area Chamber of Commerce.