It is no surprise that pay rates are going up! Official reports from the US Bureau of Labor Statistics show that there has been a significant increase in average pay for general labor workers in the Lake and Racine County area from 2015 through 2017. In our survey of local companies, all within the Lake/Racine County area, we noticed the same amount of growth. Although the most recent reports have not officially been published, one can expect a similar trend. And with recent legislation having passed, Illinois’ state minimum will rise to $15 an hour by 2025.
Employees are aware of these pay rate increases, which is why many employees are always on the look for something greater. According to a Chicago-based consulting firm, “Nearly three-quarters of candidates are satisfied at work, but 60 percent of total respondents are still looking for a new job to gain higher compensation.” An anonymous internal survey conducted with XCEL employees show that the numbers are even higher at 67 percent.
It’s no question that the need to stay competitive in order to attract and, more importantly, retain talent is paramount. How do your company’s pay rates compare? For more details on how to stay competitive and attract the best talent for your company, contact us!