Other Factors to Consider in Total Compensation
Highlighting a section of Kinsa Group’s 2022 Food & Beverage Salary Guide – it is important to remember that base salary is only one factor in a total compensation offer. Other factors include job satisfaction, location, work-life balance, boss/peers, and work environment. Kinsa’s recruiters suggest employers and job seekers alike consider the items below as part of their total compensation package.
Other Factors That MUST Be Considered:
- Paid Time Off. Firstly, holiday pay, vacation pay, and personal and sick days are something every job seeker considers before accepting new employment. Unless you are hiring entry-level, you should expect to offer at least 3 weeks of paid time off. In addition to the 6 major US holidays.
- Remote Work Option/ Flexibility. Secondly, roles with work-life balance are important to today’s job seekers. Remote and hybrid work will need to be a bigger part of food and beverage industry career options going forward as 78% of the talented professionals you want to hire look at flexible jobs more favorably.
- Equity. In addition, offering equity in the company is critical for senior-level positions if your company is a startup, still in its infancy, or private-equity owned. Equity offering varies greatly and may be awarded annually or vested over time.
- Benefits. Furthermore, the increase in healthcare costs nationwide has made group medical benefits a significant perk for employers to attract talent. Let candidates know if you cover 80-100% of employee or family premiums. 401(k) employer match is also well worth mentioning in an overall compensation package offer.
- Bonus. Lastly, offering a bonus, based on company and/or personal performance, is the expected norm with Manager and Executive-level positions as well as for revenue-generating positions like Sales, R&D, and Marketing. The more impact a professional has on the bottom line, the higher the bonus percentage expected. An average bonus range you should consider offering is 10% to 30% of the base salary. For business development roles, a % of new sales as a commission is best practice.
2022 Food & Beverage Salary Guide
Kinsa Group’s Salary Guide release for 2022 highlights both salary range and median base salary compensation for several job titles in the food and beverage industry. Most importantly, the data may be used by both employers and job seekers to gauge current market salaries and evaluate pay trends.
Want the full salary guide? Download it now for free to get access to the range and median of food and beverage salaries from accounting to supply chain and sales to c-suite.
Food and Beverage Salaries: What’s Accurate?
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.
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