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Contact:
Karolyn Raphael
Winger & Associates, Ltd.
312/494-0422
Karolyn@wingerandassociates.com
Sullivan, Cotter and Associates, Inc. Confirms Sluggish Economy With 2004 Chicago Benchmark Compensation Survey
(CHICAGO, December 1, 2004) - Sullivan, Cotter and Associates, Inc. has published its 2004 Chicago Benchmark Compensation Survey report, the industry standard now in its twenty-second edition. This year, 102 organizations located in the Chicago metropolitan area participated in the survey, which includes data on over 24,200 employees. The survey provides base salary and total cash compensation data for 40 key management positions and 218 exempt and non-exempt positions.
Survey results show the most dramatic change is employee turnover in the Chicago metropolitan area has declined substantially in the past five years. Exempt employees showed a turnover rate of 13.9% in 1999, and only 7.0% in 2003 and 8.0% in 2004. Hourly employees showed a turnover rate of 20.6% in 1999 and that rate is now down to 12% in 2003 and 12.7% in 2004. “The reduced turnover numbers show how dramatically the economy has shifted from an employee’s to an employer’s market,” noted Jim Rohan, Managing Director, Sullivan, Cotter and Associates, Inc.
“The tight economy is also seen in other trends including the projected average merit base salary increases,” added Rohan. “For example, the projected 2005 merit base salary increase for executives in 3.6%. This is less than the actual merit base salary increases for executives reported over the 1999 – 2003 period, which averaged approximately 4.0%. Similar declines are projected for managers, and exempt and non-exempt employees.”
The 2004 Chicago Benchmark Compensation Surveys is now available for purchase. The cost to Chicago Compensation Association/Society of Human Resource Professionals (CCA/SHRP) members agreeing to participate in next year’s survey is $600; the cost to non-members agreeing to participate is $775. The cost to organizations not wishing to participate yet are CCA/SHRP members is $800, while non-members pay $975. To order a copy of the survey, please visit the SullivanCotter website at www.sullivancotter.com or contact Mary Kowalczyk, survey coordinator, at 312/739-2000, toll-free at 888/739-7039, or email maryk@sullivancotter.com.
Sullivan, Cotter and Associates, Inc. specializes in the development and implementation of strategic total compensation and reward programs. Since 1992, SullivanCotter’s innovative yet practical compensation solutions have created tremendous value for the organizations it serves. As a leader in benchmarking, trends and analyses, SullivanCotter has developed some of the top national compensation surveys in the United States. Sullivan, Cotter and Associates, Inc. has offices in Atlanta, Chicago, Detroit, New York City and Westport.. For more information, visit www.sullivancotter.com or call 888/739-7039 toll-free.
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