September 2016: Refining & Chemical Salary Trends
September 7th, 2016 by Cassie Fisher
A couple of months ago, Whitaker embarked on our first-ever salary survey for engineering and technical professionals in the refining and petrochemical industry. See the Results
We decided to initiate this effort quite simply because nothing of its kind exists to our knowledge. Of course there are engineering salary surveys out there by the droves, but none that are specific to our market niche. Since we work with this data every day evaluating candidate’s salaries, extending offers for our client companies, and more who better than us to compile this information and make it available to you. A few weeks ago we offered the compiled results to those people who were kind enough to participate in our survey. For those of you who would still like to participate, you’ll find a button in this month’s newsletter. The right survey with pertinent results is a win/win for everyone. But participating in a salary survey takes time…so why bother?
How Does a Salary Survey Benefit Employers?
Savvy employers understand that in order to remain ahead of the competition, you must be able to recruit and maintain top level talent within your organization. One of the most critical and basic tools you have in your arsenal for doing that, is the salary you offer. In order to remain competitive in your industry, you must offer salaries that are competitive with similar businesses in your industry and in your location. In order to do that, you need to know what those salaries are.
While this information is typically shrouded in secrecy, after all, no business wants to give the competition an unfair advantage, our company was anxious to compile this valuable information for you by asking the right questions to the group of people that matter the most to you. You can learn from these surveys which salaries are considered average and which ones are considered low. To secure top talent, though, you definitely want to look up when considering raises and starting salaries and make sure your business is on the high side of average. By studying results of a compensation survey, you can establish salary ranges for employees that are designed to make them happy and keep them loyal to your business. Round the salary off with a competitive benefits package and you should have little trouble recruiting the talent you need to take your business to the next level.
What Do Employees Gain from a Salary Survey?
A salary survey can be an important tool to help you determine whether or not a job offer is as good as it seems. You can easily compare salaries with multiple similar businesses in your niche on many different levels. It’s one thing to note the entry level salary. It’s something else entirely to take into account things like salary increases, salary ranges, incentives, bonuses, benefits, hours worked, work/life balance, working conditions, and more.
All of these things reveal a lot about a company. It also helps employees currently working for a company make important decisions about whether to stick things out in hopes of a brighter future as you climb the corporate ladder, or to stretch your wings and explore other opportunities. One simple survey tool filled with the right questions and answers can mean so much to people who are actively seeking jobs as well as those who are exploring their futures within a business organization. C>
Carol Wenom, CPC, CTS
- Posted in Technical Newsletter
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