PrintREPORT WEBINARS SCHEDULED FOR SEPTEMBER
Please join David Solomon and John Joseph as they discuss the 2023 Compensation Survey Report. They will be providing an executive summary, information on the report’s methodology and data parameters, and discuss current compensation trends.
Additionally, David and John will demonstrate Solomon Coyle’s latest online interactive reporting tool, the Compensation Analysis Tool, which allows distributor HR and Finance teams to research the latest compensation data easily for over 60 positions and multiple competencies. This will be an open call and questions and conversation are encouraged. We look forward to seeing you there!
Wednesday, September 6 at 11:00am ET: Register Here
or
Tuesday, September 12 at 3:00pm ET: Register Here
NEW INTERACTIVE COMPENSATION ANALYSIS TOOL
Solomon Coyle is pleased to announce the launch of its latest online reporting tool, the Compensation Analysis Tool, which allows distributor HR and Finance teams to research the latest compensation data easily for over 60 positions and multiple competencies.
Solomon Coyle’s head of Business Analytics, John Joseph, states, “This is a real game-changer for our industry. Starting with this release, users have the option of viewing report results that have been adjusted to reflect relative average wage levels in their US or Canadian statistical area. Not only do you have access to all of the information from the comprehensive report, but with our new tool you are able to select specific roles and competency levels and look at any MSA across North America.”
REPORT HIGHLIGHTS
Paul Holland, managing principal, shares, “The report comprehensively presents a wealth of data including demographics, policy insights, DE&I initiatives, and benefits details. This array of information is pivotal in facilitating a thorough assessment, ensuring that all facets of compensation and benefits receive meticulous consideration from dealers.”
- Turnover remains elevated but has lowered over the last two years. In 2020 the majority of turnover was involuntary, whereas for 2023 the majority is voluntary.
- Staff Development continues to evolve; there are more defined onboarding and career development programs being offered.
- DEI continues to gain importance with 50.6% of respondents indicating they are investing in programs, up from 40.8% in 2020.
- Total percentage of commissioned salespeople has dropped from 30.2% to 24.7%.
- Wage Inflation is still up for key non-sales positions. Examples of a few key roles: Designers are up8.3%, PM Staff up 9.4%, Customer Service up 13%, Field Leads up 14.1%, Installers up 18.1%.
- Benefits have continued to go up in cost. 97.1% of distributors offer medical, 94.1% offer dental, 89.4% offer vision; 85.9% offer Life and 82.9% offer Accidental Death. 86% of distributors now also offer a retirement savings plan.
HOW TO ACCESS THE 2023 COMPENSATION REPORT
Those participants who have completed the survey can access the full version of the report and analysis tool by visiting https://bi.solomoncoyle.com/.
Non-participants may purchase the full report at a cost of $4,000.00 USD, by contacting support@solomoncoyle.com.
SPECIAL OFFER: SCi3 subscribers receive access to the 2023 Report and Analysis Tool and have the ability to compare reporting periods and new compensation modeling tools. Email support@solomoncoyle.com to inquire.