Labor Costs in Your Market

BY Brian Loftus
2/24/2020 - HVAC Market Intelligence

5.1

Springfield is one of the most popular town names in the U.S. Even though their names are the same, the chart above illustrates how their economic profiles can be very different. Would you believe the cities within the states where you operate have different unemployment rates and economic profiles? The McKinsey report profiled in this edition identifies some high growth areas where the unemployment rate is very low.  Those high growth areas have higher costs than the areas where population growth is slow or declining. The compensation scale for the same jobs will vary between these high growth and low growth markets.

Some of your employees really are your most valuable assets. The disruption of staffing turnover can hurt your revenues while increasing your costs by consuming staff time for interviewing then training the new recruits. HARDI’s Compensation Survey allows you to see the compensation and benefits available for every job title at your organization in your local markets across the country. During the first calendar quarter of even numbered years HARDI and 20 other distributor associations work to compile the most accurate and complete compensation and benefits survey you will ever find.  Access to the Compensation Survey Report is a member benefit to all participating HARDI distributor members. Completed surveys must be submitted by March 16 to have access to this valuable information.

Whether your Springfield provides a rich quality of life or requires you to be rich to attain a comparable quality of life, the Compensation Survey provides you with incomparable insight into the job market in your area. Headlines in the news feature the historic low unemployment rates and resulting tight labor market. Your teammates see this and it has never been easier to monitor the job market for new opportunities. Click here for Compensation Survey participation guidance or e-mail me so you can receive this incredible distributor member benefit.


This article was featured in our monthly Data Driven Newsletter. If you would like to receive these monthly emails, click here to sign up.

If you have any questions, or would like to suggest a featured topic for next month's DDN, contact Brian Loftus at bloftus@hardinet.org.