30th Annual Salary Survey: Reeling in the talent
Our 2014 survey finds that large companies are boosting their initial salary offerings for new hires by as much as 10 percent. Will this trend help close the logistics talent gap?
in the NewsBehind KION Group’s acquisition of Dematic UniCarriers Americas executives partner with Roosevelt University Brexit impact yet to be measured by U.S. logistics managers Rail carload and intermodal volumes fall for the week ending June 18, reports AAR BTS reports U.S.-NAFTA trade falls 3.2 percent in April More News
Company size matters
This year’s results—based on nearly 1,000 qualified LM readers—indicate that 60 percent again saw a year-to-date salary increase over the past year. Of that number, the median raise was 3 percent with the average raise coming in as high as 6 percent.
So, where are logistics professionals being shown the money? “If you’re young and seeking a job in this business, it’s best to aim for a big company first,” says PRG’s research director Judd Aschenbrand. “That’s where the money is.”
A cursory glance at the survey’s “salary by company revenues” illustrates this observation. Companies generating $2.5 billion or more pay a median salary of $115,000.
Those younger professionals should also be armed with a solid, “holistic” logistics and supply chain education, say executive recruiters. Now that a trend has been established to do more with less, employers are not likely to hire more logistics specialists than they need as today’s talent is able to thrive in many roles.
“Hire the best and leave the rest,” says Lynn Failing, vice president of supply chain recruiting firm Kimmel & Associates. “The big Fortune 500 companies are looking for a supply chain major who has taken classes in finance and technology as well. There’s so much cross-over in those disciplines, and we don’t see that going away.”
Alan Beaulieu, president of ITR, an economic forecasting firm, agrees, noting that by hiring multi-skilled professionals now, companies can secure a competitive advantage as the global economy stages a fresh rebound in 2015.
“Healthcare issues should be addressed and reformed by then, and we’ll have survived mid-year elections,” says Beaulieu. “In the meantime, China’s economy should improve, thereby driving demand for U.S. exports of heavy equipment and finished goods, putting more emphasis on the need for skilled, global supply chain professionals.”
For the time being, he advises companies to remain active in the global marketplace, as a concentration on purely domestic business may pose a long-term risk.
About the AuthorPatrick Burnson Patrick Burnson is executive editor for Logistics Management and Supply Chain Management Review magazines and web sites. Patrick is a widely-published writer and editor who has spent most of his career covering international trade, global logistics, and supply chain management. He lives and works in San Francisco, providing readers with a Pacific Rim perspective on industry trends and forecasts. You can reach him directly at [email protected]
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