Team NEO Announces Starting Wage and Benefits Survey
Data to Help Business Attraction and Growth Efforts;
Respondents to Receive Copy of Report
Team NEO is partnering with The Corporate University, Kent State University at Stark to conduct a survey to gather and report starting pay and benefits information. This research will provide data on 250 professions in 18 counties of Northeast Ohio that represent the combined labor markets of Cleveland, Akron, Canton, Youngstown and neighboring suburban and rural counties.
Now through March 31, 2014, companies in the 18-county region that fit this profile are being asked to respond. Companies should have a human resource representative visit the following link: stark.kent.edu/survey. Companies responding to the survey will have access to the report – a valuable benchmarking tool.
Data currently available to companies from the state provides median and average wages, which can be skewed, due to the region’s number of veteran workers and low “churn,” the economic term for worker turnover. Starting wage and benefits data gives companies a baseline from which to project the costs of recruiting entry level and experienced talent. “There is a real need for starting wage and benefits information for recruiting both workforce and businesses to Northeast Ohio,” according to Jacob Duritsky, managing director, Research for Team NEO. “Most of the businesses that we meet with ask about labor costs during the first meeting. The information from this survey provides a more complete picture of what it would cost to start or expand a business here.”
Team NEO, in collaboration with its partner chambers and county-based economic developers, have identified a core group of businesses to survey based on occupations usually in demand by companies that are new to the region. The group has identified the 250 occupations that are most important to the region and its growth. These include professional and skilled labor professions.