updated: 6/12/2014 6:32:28 AM
An annual wage and benefits survey in four northeast Indiana counties shows nearly 90 percent of participating companies have hired workers in the past six months. The region's economic development organizations say the report also shows most of the responding employers plan to increase hiring this year.
June 11, 2014
Kendallville, Ind. -- The 3rd annual Wage & Benefit Survey was recently completed in four counties in northeast Indiana. Economic Development organizations from DeKalb, LaGrange, Noble and Steuben counties teamed up to offer this service to private-sector area employers in northeast Indiana.
72 employers participated in the 2014 survey. The data can be used to help companies recruit talent and insure 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 in marketing the area to businesses looking to locate in northeast Indiana.
The feedback from employers has been very positive. Kim Beard, Director of Human Resources at Graphic Packaging International in Kendallville stated, "Paying people fairly is good for business. Underpay, and employees will eventually look for a better offer. Overpay, and the payroll budget and profitability will suffer. I have found the Four County Wage & Benefits Survey to be a reliable tool for 'benchmarking' our jobs against companies in my local job market in order to help ensure we remain competitive."
The survey brought forth some promising statistics. 89% of the companies reported hiring within the last six months, with nearly 1,700 new hires in the four county area in the last 6 months. 64% of those surveyed plan to increase employment this year and 38% believe they will increase employment in 2015 as well. 89% reported wage increases in the last 12 months and 86% plan on increasing wages again next year.
The cost of developing and printing the survey is being partially underwritten by our sponsors: Indiana Michigan Power, Wabash Valley Power, NIPSCO, the Northeast Indiana Regional Partnership, the Regional Chamber of Northeast Indiana, and Northeast Indiana Works.
Sources: DeKalb County Economic Development Partnership, LaGrange County Economic Development Corp., Noble County Economic Development Corp., Steuben County Economic Development Corp.