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.
Kinsa Group is sharing the 2019 food beverage salary data insights you need.
We have placed nearly 1,000 professionals and executives globally in the last two decades, collecting salary information specific to food and beverage professionals along the way.
Over the past three years (2016 to 2018), we have observed increases in compensation across several food and beverage industry categories and job disciplines. Here are a few key observations:
- The average salary increase across the board was 4%
- Dairy and produce categories offered higher pay increases, ranging from 9% to 14%
- Those in the engineering and quality assurance disciplines saw the largest bump in pay due to high demand and more limited supply of professionals
Want the full salary guide? Download it now to get access to average food and beverage salary ranges from accounting to supply chain and disciplines in between.
Based on our data, Kinsa Group suggests the following recommendations for employers:
- Offer an average bonus between 10% to 30% of base salary, based on company and/or personal performance. This is the expected norm with manager and executive-level positions as well as revenue generating positions like sales and research and development.
- Offering equity in the company is critical for senior-level positions if your company is a startup. Equity offering varies greatly and may be awarded annually or vested over time.
- 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 our 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.