Utilizing the MHEDA Compensation Dashboard
January 20, 2023
By Alex Chausovsky, Miller Resource Group
One of the top material handling business trends for 2023 centers around MHEDA members competing for talent across industries. The advice MHEDA offers members suggests that to be successful, companies must be aware of current compensation levels, benefits and flexible working opportunities to address recruitment and retention challenges.
The focus on talent acquisition and retention is not surprising. In a labor market that has over 11 million job openings and just under 6 million unemployed people looking for work, there are essentially two open positions for every candidate. Furthermore, the unemployment rate is hovering near pre-pandemic lows. Even with the economy expected to slow further in late 2022 and into 2023, companies will continue to struggle to attract, hire and retain the impact players in their industries.
According to a recent LinkedIn poll with tens of thousands of responses, the number one reason why people are looking to change jobs is to obtain better compensation. With that in mind, MHEDA has partnered with Miller Resource Group to bring high-quality compensation information to members.
Leveraging a platform called LaborIQ from ThinkWhy, the new compensation dashboard and reports available to MHEDA member companies strive to deliver timely, accurate and actionable insights into the competitive market rates for positions that are most in-demand.
The platform focuses on six parameters for each position – job title, location, education level required, years of experience desired, company size in revenue and number of employees and, most importantly, the industry or vertical market served. The resulting out-put presents compensation recommendations that reflect today’s competitive market rates and validates those recommendations against millions of W2s every month. Business leaders and key decision makers can utilize this data in several ways.
First, MHEDA member companies can leverage the dashboard to get a good sense of the compensation levels these positions are commanding across the country to attract new candidates. By presenting the salary recommendations for six major metropolitan areas – Cleveland, Chicago, Charlotte, Philadelphia, Los Angeles and Dallas – and the national average, MHEDA members can find out what it takes to attract talent in this candidate-driven market.
Second, the dashboard can be used to conduct a retention risk assessment of the talent MHEDA companies already employ. If the recommended salaries in the dashboard are above the level of compensation that members are currently paying their employees, it is a clear red flag that your talent is looking for opportunities elsewhere.
Finally, companies can leverage the partnership between MHEDA and Miller Resource Group to obtain discounted, customized reports for positions they are trying to fill or retain that are not included in the dashboard. MHEDA members receive a 10% discount off the regular price of LaborIQ reports for countless positions and locations.
However MHEDA members choose to leverage this new offering and capability, they will be better positioned to both attract and retain talent in today’s hyper-competitive labor landscape.
To review the full report, click here and scroll down to the Compensation Market Analysis Dashboard