Planning Your Budget for 2023 Food and Beverage Salaries
Last year, Kinsa Group shared our 2022 food and beverage salary data insights for employers and job candidates in the food and beverage industry. To start this new year, download our 2022 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.
At Kinsa Group, we have placed over 1,150 professionals and executives globally in the last two decades. Over the past two years, we have collected salary data from more than 8,000 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 C-Suite to Sales and Innovation to Human Resources.
Coming soon: The Food and Beverage Industry 2023 Salary Guide.
Keep an eye out in Q1 of 2023 for our most up-to-date salary data insights, including salary data from the ever-changing job market of 2021 and 2022!
Based on our data, Kinsa Group suggests the following recommendations for employers budgeting for a 2023 executive or professional salary offer:
Paid Time Off
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.
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.
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.
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.
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