Annual survey shows 90 percent of companies offer health insurance to employees
FRANKFORT, Ky. (Dec. 11, 2013) — Fifty-seven percent of Kentucky manufacturers surveyed for the recently conducted 2013 Annual Manufacturing Wage and Benefits Survey said they are planning to hire 1-19 employees in 2014, holding steady with last year’s results.
The report is sponsored by the Kentucky Education and Workforce Development Cabinet’s Department of Workforce Investment and Office of Employment Training; Bowling Green Area Chamber of Commerce and South Central Kentucky regional economic development partnership; Greater Owensboro Economic Development Corporation; Northwest Kentucky Forward; Northern Kentucky Tri-County Economic Development Corporation; Northern Kentucky Chamber of Commerce; Foundation for Kentucky Industry, Inc.; and the Kentucky Association of Manufacturers.
The survey showed that the positions of manufacturing employees included in the survey made an annualized average of $49,400 in 2013 and that 90 percent of the companies that participated in the survey offer health insurance to their employees, while 89 percent of those cover family members as well. Questions about benefits showed that 74 percent of the companies provide nine or more paid holidays per year and 56 percent provide an annual bonus.
“The Kentucky Association of Manufacturers is always seeking ways to help our manufacturing members manage the bottom line, and salaries and benefits are one area that we can assist with,” said Greg Higdon, KAM president and CEO. “Our annual Wage & Benefits Survey Report is a valuable tool for manufacturers to use in their efforts to compensate employees in a fair and competitive manner.”
Fifty-five percent of Kentucky manufacturers surveyed are emphasizing education and training in green practices, such as reducing their energy use, making environmentally friendly products, reducing pollution, conserving natural resources and being more cost effective. New green products are being developed by 26 percent of participating companies, and thirty-five percent of organizations are already producing green products.
IQS Research of Louisville collaborated with KAM on the development of the wage and benefits survey for Kentucky’s manufacturing community.
In addition to the statewide report, the Department of Workforce Investment worked with KAM to produce a set of regional reports. The information gives Kentucky manufacturers timely and accurate wage and benefits information such as paid vacation and sick time, health insurance and overtime pay when making hiring and promotion decisions.
To conduct the survey, IQS Research e-mailed invitations to Kentucky manufacturers. Information was collected and compiled from July through September 2013. Of the employers who participated, 42 percent said that they had fewer than 100 employees. All of the information provided in the report is in aggregate form, so as to not identify individual companies.
Companies also were asked about hiring temporary workers. About 74 percent of the employers currently use temporary staff as compared to 73 percent in the last report. Furthermore, 48 percent of the employers plan to maintain this level.
The manufacturing sector employs over 219,000 people in Kentucky as of March 2012, according to the Department of Workforce Investment.