In times of high inflation and labor shortages, staying informed about compensation and benefits trends and how it relates to your company’s offerings is critical to your overall success and employee retention. ACD was pleased to recently host a webinar with Greg Manns, CPA and Vice President of Industry Insights, Inc., on our survey results that provide an accounting of where we are as an industry and the economic trends that should inform our decision-making in the near- and long-term. If you are interested in purchasing these results and learning more, click here.
The chemical distribution industry is historically known for its high retention and low turnover, but we are in a new economy post-pandemic and understanding these economic changes, including what employees are facing day-to-day, can ensure we are attracting and retaining talent.
Industry Insights conducted a confidential survey of more than 580 distribution companies across a broad spectrum of industries to compile key compensation and benefits data to help ACD members understand these evolving benchmarks.
Unemployment has remained historically low over the last couple of years, so not surprisingly the top issue among ACD firms surveyed was finding qualified employees. Other issues of concern include maintaining profit levels and the costs of healthcare.
As the chemical distribution industry grapples with finding, recruiting, and retaining qualified employees, ACD’s cross-industry compensation report provides important insights to help members determine whether their offerings align with industry norms.
Apart from compensation, total reward packages are additional driving factors for new or current employees. Employers must consider bonuses, incentives, health care benefits, retirement offerings, paid time off, flexibility, work environment, and advancement opportunities. And how does this compare to competitors in your area of the country? These are critical offerings that enhance employee satisfaction and loyalty.
Attracting and retaining employees requires companies to be leaders in compensation and benefits. This webinar and report can help companies with their compensation planning to build a strategy that works with their business models. By understanding and implementing strategic approaches to attracting and retaining talent, businesses in the chemical distribution sector can better navigate the challenges thrown our way with greater confidence. Aligning compensation, benefits, and retention strategies with industry trends will help businesses stay competitive and maintain a motivated workforce, ultimately driving success and growth in the sector.
To learn more about this survey, webinar, and to purchase the full results, click here.
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