Hass Report Has Trade Secrets
Are you being fairly paid for what you do in this region? How do your company’s benefits and business practices compare with the guy down the street? A first of its kind for the region, the new Hamilton Area Salary Survey (HASS) Report has combined the resources of two local firms (LCM Associates and Partnerfirm Inc.) and the Hamilton, Stoney Creek and Flamborough Chambers of Commerce to create a comprehensive salary survey of their local business community. “The project is completely self-funded and this first year has been a great success,” says Len Falco, president and CEO of LCM and past president of the Hamilton Chamber of Commerce. “We are now considering doing this survey on an annual basis.”
The report, which can be purchased for $285 by Chamber members ($345 for non-members), discusses pay trends for 2010 and provides information on varying companies’ benefits, paid time off and pay practices. It also notes key challenges facing local businesses and creative initiatives to retain staff.
The data were provided by 26 companies in the greater Hamilton area representing a number of market segments: manufacturing, transportation, call centres, health care, early childhood education, software & IT support, community services and the hospitality industry. Data for 43 job positions were collected, analyzed and the results prepared in summary form.
The survey, which plans to increase the sample size in coming years, could prove an asset in attracting companies seeking the cost of doing business in Hamilton, or what the average pay is for certain positions.
As for current market trends, the report suggests that many organizations that were forced to tighten the screws to survive the economic downturn will, now that the economy is improving, witness the departure of many employees who feel they were not treated fairly during that span. Other key highlights of the report’s executive summary include:
- An analysis of one job—accounting clerk/bookkeeper—indicated that the average salary in the region was $42,039 in industry and $34,259 with not-for-profit companies.
- The general trend in paid vacations is 2 weeks after one year; 3 weeks after three years; 4 weeks for 10 years; and 5 weeks after 20 years.
- 26% of the respondents experienced some degree of downsizing during 2009. The hardest hit positions were office/admin and manufacturing. However, only four percent of those surveyed expect downsizing in 2010, and most expect no change in their benefits program.
- In 2010, 45% indicated they will increase salaries for all employees and 34% will adjust pay for some employees—the remainder are in a salary freeze mode or are undecided.
- Nearly 60% of organizations report a leadership shortage, an increase of 40 percentage points from just one year ago.
For information, or to order the report, visit www.lcmassociates.ca, or the Hamilton Chamber at www.hamiltonchamber.on.ca.