Bloomer, WI (US) October 2, 2019 – Over 45 business owners and company representatives gathered at the Main Street Café in Bloomer, WI to receive the latest 2019 compensation trends for assisting them in their 2020 forecast and preparation for employee recruitment, retention and budgeting. This lunch presentation was organized by Chippewa County Economic Development Corporation (CCEDC) as part of their Business, Expansion, and Retention Program (BEAR). A primary purpose of the BEAR lunch and learn series is to assist existing businesses by providing them with meaningful information that would help them better compete in the market place.
Marc Harding, a certified compensation professional and Principal of the Harding Group LLC discussed the importance of a solid plan for employee compensation and how a business can gather the data needed to ensure they are paying competitive wages and offering a awards packages. “The Eau Claire Area Chamber of Commerce’s wage survey is an excellent tool for small businesses to use to get started”, Harding stated. “Comparing this date with Wisconsin State and Midwest data shows that Chippewa Valley companies are very competitive in their compensation packages.”
The data presented to the attendees in part showed that exempt employees on average saw a 3.03% increase in 2019 up from 2.99% in 2018. Nonexempt employees saw an actual decrease in compensation from 2018 to 2019 by .08%. 2018 compensation increases for nonexempt employees were 3.08% but in 2019 they only increased by 3.00%. In addition 84% Chippewa Valley employers use incentive plans and pay. With 2019 seeing an increase of 5.6% incentive pay for hourly workers while nonexempt salaried workers experienced a 6.1% increase in incentive pay to date in 2019.
Lisa Bruhn, Chairperson of CCEDC noted “It was informative to the attendees to hear this current compensation trends so that they may be better prepared for budgeting in 2020.”
CCEDC would like to thank our sponsor BMO Harris Bank for sponsoring this lunch and learn event!!