Food and Beverage Salaries: What’s Accurate?
Finding accurate 2021 Food and Beverage Salary Compensation is becoming more challenging.
With the list of states enacting salary bans growing, how can employers establish fair pay? What is the standard pay increase job changers can expect in the food & beverage industry? And how do they know it is fair – so they are making the right move?
These are great questions – and ones we meet often. But without accurate salary increase data, it is tough to attract and keep key company professionals and leaders.
Competitive Compensation in 2021
Kinsa Group is sharing the 2021 food and beverage salary data insights employers and job candidates need.
We have placed over 1,100 professionals and executives globally in the last two decades, documenting salary information shared specific to food and beverage professionals.
Over the past two years, we have collected salary data from more than 4,000 candidate interviews across several categories and skillsets.
Want the full salary guide? Download it now to get access to the range and median of food and beverage salaries from accounting to supply chain and sales to c-suite. NEW in 2021 are both Human Resources and Grocery category salaries!
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 for revenue-generating positions like Sales, Research & Development, and Marketing.
- 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.
- Benefits. The increase in healthcare costs nationwide has made group medical benefits a big benefit for employers to attract talent, especially if you cover 80-100% of premiums.
- Incentivize for relocation. If a candidate must move to your area to work onsite, make sure you are supplying an incentive for that. A high performer is not likely to uproot his life and family for a $3,000 increase, regardless of whether he must pay for the move or not.
- Factor in the cost of living. The Council for Community and Economic Research reports the after-tax cost for a professional/managerial standard of living ranged from more than twice the national average in New York (Manhattan) to 20 to 25 percent below the national average in parts of TX. Before you settle on a number, factor in cost-of-living differences by using various salary calculators.
- 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 have been searching.
- Think long-term. What potential does the candidate have within your organization? Will you be grooming that individual for a larger role? Make sure your salary offer shows how much you would like to have that person for the long-term with your company. The higher your starting offer, the tougher it will be for competitors to lure them away down the road.
Determining Food and Beverage Salaries Magic Number
Let our recruiting experts help you decide. Whether you are a professional seeking a new executive food & beverage position, or an industry employer ready to make a key hire, we have the insights and recruiting capability you need. Contact us today.