How much do you need to offer to land the best candidate?
What’s the standard pay increase job changers can expect in the food & beverage industry?
These are great questions – and ones we encounter nearly every day. Obviously, employers want to know the “magic number” they need to present, to ensure their first choice accepts the offer. Likewise, job seekers want reassurance that the offers they receive are fair – so that they know they’re making the right move.
But without accurate salary increase data, the process of determining “how much is enough” can feel about as scientific as reading tea leaves.
Today, Kinsa is sharing the data and insights you need. As leading national executive food & beverage recruiters, we track salary information for every placement we make. Over the past three years, we’ve recorded pay before hire, as well as new hire pay, for 190 food & beverage professionals. Here are a few key observations:
- The most common pay increase range was 5-10%. 18% of our placements were offered a salary that was 5-10% more than their last position.
- 70% of placed candidates accepted an offer at or below a 15% increase.
- One in five candidates received a pay increase of at least 20% when changing employers.
Want a more detailed analysis within a specific food & beverage job category? Email Kinsa and an Account Manager for that category will reply.
Based on our data, Laurie shares the following salary increase recommendations for employers:
- Consider at least a 10% base salary increase as a minimum acceptable standard. Offer more if the candidate’s base salary is very low for the marketplace, or if he has been with the same employer for quite a while (as he hasn’t likely jumped up in pay as much as someone who has changed jobs externally more recently).
- Incentivize for relocation. If a candidate has to relocate to your area, make sure you’re providing incentive for that. After all, a high performer is not likely to uproot his life and family for a $3,000 increase, regardless of whether he has to pay for the move or not.
- Factor in cost of living. Before you settle on a number, factor in cost of living differences by using various salary calculators (we recommend CNN, Sperling’s and Salary.com).
- Take candidate supply into account. Consider how difficult it is to find a talented person to do the job, as well as how long you’ve been searching.
- Think long-term. What potential does the candidate have within your organization? Will you be grooming him for a larger role? Make sure your salary offer shows how much you’d like to have him for the long-term with your company. The higher your starting offer, the tougher it will be for competitors to lure him away down the road.
What’s the “Magic Number?”
Let Kinsa’s recruiting experts help you decide. Whether you’re a professional seeking a new executive food & beverage position, or an industry employer ready to make a key hire, we have the insights and expertise you need. Contact us today.