BEDFORD, Ind. (Nov. 30, 2022) – Southern Indiana employers say a workforce pay increase is expected in the next 12 months in addition to the ones given in 2022, according to Radius Indiana’s third biennial survey of wages and benefits throughout the region.
The 2022 Radius Indiana Wages and Benefits Survey gives local companies up-to-date, real-world information about the labor market in the eight-county region and how it compares to the state of Indiana and the United States. Ninety-two firms participated in the survey, contributing compensation data for 13,257 employees.
The survey included 63 job classifications, and with the region’s diverse economy, the jobs covered everything from service and support positions like receptionist and customer service to production and logistics positions such as machinists, front-line manufacturing supervisors, general laborers, and forklift operators. Results also showed growth in tech and IT positions such as electronic technicians, system analysts, and network administrators.
“The Radius Indiana wages and benefits survey is a great tool we use to ensure that we are offering competitive pay and benefits compared to other employers in the Radius region,” said Alex Barnes, president of W.F. Myers, a Bedford-based manufacturer of cutting tools and equipment for the stone-cutting industry.
Whorton Marketing and Research, a consulting firm that performs industry and membership research, conducted the survey in August and September 2022, and Dubois Strong sponsored its completion. To protect privacy, Radius did not receive employee names or other personal information in the production of the report. Martin County had the highest level of participation with 23 companies providing data for the survey, a substantial increase from the four companies that participated in 2020.
“As the new executive director at the Martin County Alliance, I’m thrilled to see our local businesses take advantage of the survey as we seek to learn more about their current workforce and how we can continue to help them succeed,” said Jessica Potts. “These results will be a vital tool as we launch a new business retention and expansion program in Martin County aimed at supporting our local businesses. This is one tool to help build individual connections that strengthen relationships and provide assistance our local companies may need.”
Among the survey’s findings: A sample of seventeen positions, spread across three important sectors in the region, experienced a four-year growth in wages of 7.43 percent from 2018 to 2022. The Technology/Growth sector led with an average increase of 19.4 percent, followed by the Production/Logistics sector with a 4.9 percent increase, and the Services/Support sector dropped by 0.9 percent.
The survey also reported:
- Employers adding workers over the next 12 months: 74 percent;
- Employers offering multiple insurance plans: 53 percent;
- Employers contributing to a 401(k) plan: 89 percent;
“This data provided by employers in the region reveals that wage growth is diverging among different sectors of the economy, offering clues to employers and employees about future opportunities to maximize their resources,” said Jeff Quyle, president and CEO of Radius Indiana. “We are grateful for the participation we received for this survey; together we created a great tool to help our local businesses grow and learn.”
Other findings from the survey include:
- Respondents reported an employee turnover rate of 24%;
- 74% of firms expect to add workers in the next 12 months;
- 30% now have some employees who split their schedule between the workplace and remote locations; 37 % allowed remote work during the pandemic but have since returned to working in the office. 19% have some employees who work remotely full time.
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About Radius Indiana: Radius Indiana is a regional economic development partnership representing eight counties in Southern Indiana: Crawford, Daviess, Dubois, Greene, Lawrence, Martin, Orange, and Washington. Formed in 2009, Radius Indiana also serves as a point of contact in Indiana for Naval Support Activity Crane and leads regional collaboration by leveraging the diverse assets of Southwest Central Indiana to drive attraction, retention and expansion of business, thereby increasing employment and investment opportunities and quality of life within the region.