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Contact:
Karolyn Raphael
Winger & Associates, Ltd.
312/494-0422
Karolyn@wingerandassociates.com
SullivanCotter Sees shift in Economy With 2005 Chicago Benchmark Compensation Survey
(CHICAGO, October 26, 2005) - Sullivan, Cotter and Associates, Inc. has published its 2005 Chicago Benchmark Compensation Survey report, the industry standard now in its twenty-third edition. This year, 107 organizations located in the Chicago metropolitan area participated in the survey which includes data on over 24,700 employees. The survey provides base salary and total cash compensation data for 37 key management positions and 193 exempt and non-exempt positions.
This year’s survey results show that turnover trends among employee groups in the Chicago metropolitan area may be diverging from past results. For example, the median turnover rate for exempt employees increased from 8.0 percent in 2004 to 9.3 percent in 2005. The turnover rate of exempt employees had been declining steadily from the 1999 level of 13.9 percent. Additionally, the survey revealed that the median 2005 turnover rate of 12.7 percent among hourly employees remained fairly constant with the 2003 and 2004 rates of 12.0 percent and 12.7 percent, respectively. The turnover rate for hourly employees had also been declining from the 1999 rate of 20.6 percent. “These differences may indicate a shift is beginning to occur in the economy from an employer’s to an employee’s market, at least for exempt employees,” notes Jim Rohan, Managing Director, Sullivan,Cotter and Associates, Inc.
The 2005 edition of the survey also shows increases in the prevalence of various “nontraditional” reward systems among both nonexempt and exempt employees. For example, the prevalence of individual lump-sum incentive awards increased significantly in 2005 for both these employee groups. Reward programs with lower but still significant increases in 2005 include key contributor and special recognition awards.
The 2005 Chicago Benchmark Compensation Survey report will be available for purchase in early November. 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 or email maryk@sullivancotter.com.
Sullivan, Cotter and Associates, Inc. specializes in the development and implementation of strategic total compensation and reward programs and helps organizations with specific compensation needs. Since 1992, SullivanCotter’s innovative yet practical compensation solutions create tremendous value for the organizations it serves. As a leader in benchmarking, trends, and analyses, SullivanCotter has developed some of the top national compensation and productivity surveys in the United States. Sullivan, Cotter and Associates, Inc. has offices in Atlanta, Chicago, Detroit, New York City, Parsippany, and Westport. For more information, visit www.sullivancotter.com or call 888/739-7039 toll-free.
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