Troy Chamber of Commerce issued the following announcement on July 6.
ASE, one of the nation’s oldest and largest employer associations providing people-management information and services to Michigan employers, released the organization’s 2020 Compensation Survey results at its annual Compensation and Benefits Conference last week. It’s the 68th year that ASE has published the annual survey. The findings were released by Mary E. Corrado, president and CEO of ASE.
“Our data, collected directly from local employers, is critical in helping employers make informed decisions about wages,” stated Corrado. “This information, like many of our benchmarking studies, will be vital as we look to navigate uncertain and volatile economic conditions due to the current pandemic.”
2020 Survey Demographics
A total of 319 companies, 57% of them located in the metro Detroit region, responded to the survey, which was distributed to human resource professionals in January 2020. Just over 40% of the respondents are classified as automotive suppliers, and 481 jobs were reported on. 82% of the organizations that responded have 1-500 employees.
2020 ASE Compensation Survey Highlights:
• Actual wage increases, based on a constant sample of companies, increased 2.6% year over year. The constant sample represents companies who reported data in both 2019 and 2020.
• Merit increase budgets, what a company budgets for performance-based pay increases, averaged 3%. This is consistent with 2019 merit budgets.
• Organizations offering variable or incentive pay showed a slight decrease to 80% in 2020 compared to 83% in 2019.
• Legal, Facilities Management, Scheduling, Administrative, Sales / Marketing and Information Systems are all fields that witnessed average wage increases of 3% and higher.
• Design Engineering and Product Development Engineering job groups average wage increases were 3.6% and 3.5% respectively.
To obtain a copy of the 2020 Compensation Survey results, contact Kevin Marrs, Vice President at ASE, 248-223-8025 or kmarrs@aseonline.org.
Original source can be found here.
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