Rachael Powell
October 17, 2023
Newsletter ArticleAccording to the 2023-2024 Agriculture and Food HR Review, the number one compensation related concern among employers is rising wage rates. While the job market has somewhat cooled, employers are still faced with wage rates that will remain higher than they were pre-pandemic. To meet market demand for pay rates across the industry, employers can choose to make the most educated guess about wage rates, risking the chance of inaccurately doing so, or they can choose employer reported and verified wage data.
AgCareers.com recently released 2023-20234 salary data via the Compensation Benchmark Review, an exclusive salary survey devoted to the agriculture and food industries. Survey data released this year encompassed Canadian data of over 12,000 employees and over 190 roles, and from the United States, over 240 roles and 75,000 employees.
Salary data released from the Compensation Benchmark Review can also assist employes with several other compensation-related issues. Employers in today’s marketplace also reported in this year’s Agriculture and Food HR Review that they are concerned about being able to quickly adapt to changing pay rates and pay equity. Having up-to-date market information can also help remedy these two situations as well. In the past year, over half of employers in the United States and Canada have reported they completed a compensation study in the previous year. With more employers noting they are completing a compensation study; it is more important to do the same to keep in line with market trends.
In previous years, employers noted that they were most focused on competing for talent, while in 2023 there was a shift to focus on employee retention. The Compensation Benchmark Review can also arm your organization with accurate pay data by ensuring employees are compensated accurately for their job duties and responsibilities. Demonstrating to employees that your organization has dedicated the time and resources to review company data can increase employee morale and motivation.
Let AgCareers.com assist your organization in finding the best pay data. If you are looking for compensation related data and are not sure where to start, simply email compenation@agcareers.com.
If you are looking for a few roles or are seeking access to all positions, we are eager to learn about your organization and how we can supply you with the most useful information!
