Planning Your Budget for 2022 Food and Beverage Salaries
Wondering what to budget for Food and Beverage salaries?
With the list of states and communities banning the salary history question, how can employers establish appropriate compensation offers if they haven’t hired externally in a while?
What is the standard pay increase job changers can expect in the food & beverage industry? How do they know the offer is fair and they are accepting the right compensation for their work efforts?
These are great questions – and ones Kinsa Group’s team of executive recruiters meet often. Without current and accurate salary increase data, it is tough to attract and keep key company professionals and leaders. Finding accurate professional and executive-level food and beverage role-specific compensation does not have to be challenging.
Competitive Compensation in 2021
Earlier this year, Kinsa Group shared the 2021 food and beverage salary data insights for employers and job candidates. Before the year comes to an end, download our 2021 salary guide so you have access to the salary data you need to budget for hiring in the new year or for negotiating your next career move.
We have placed over 1,100 professionals and executives globally in the last two decades. Over the past two years, we have collected salary data from more than 4,000 candidate interviews across several categories and skillsets. All of it specific to food and beverage professional-level roles.
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.
Coming soon: The Food and Beverage Industry 2022 Salary Guide.
Keep an eye out in Q1 of 2022 for our most up-to-date salary data insights, including salary data from the ever-changing job market of 2020 and 2021!
Based on our data, Kinsa Group suggests the following recommendations for employers budgeting for a 2022 executive or professional salary offer:
- 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.
- 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.
- 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.
- Consider a remote work option. When possible save yourself and the job seeker the expense of moving and allow for a hybrid or remote work option for jobs that can have work location flexibility.
- 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 Texas (but be careful if you’re in Austin, it’s not cheaper there anymore!). Before you settle on a number, factor in cost-of-living differences by using multiple 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.