ForceBrands, the leading specialized recruiting firm for the consumer products industry, today announced the release of the first edition of its 2019 Talent Market Report, which acts as a cross-industry analysis of benefits and compensation in the wine and spirits; beer; food and non-alcoholic drinks; beauty, wellness, and personal care; and cannabis industries. Additional reports, catered to each of the industries in which ForceBrands serves, will be released throughout the year.
ForceBrands surveyed more than 500 full-time hiring decision-makers to weigh in on benefits and compensation packages, company-wide average raise percentages, the importance of various factors in determining compensations, team structures, hiring trends, and employment branding.
“As leaders in the people business, we know it takes great talent to drive business and company growth,” said ForceBrands’ CEO and Founder, Josh Wand. “We surveyed hundreds of talent management decision makers across the consumer products industry who weighed in on their recruitment and retention strategies in today’s war for talent.”
Key findings from the report include:
Benefits:
• More than half of the companies surveyed offer customized benefits
• The cannabis industry offers employees the most time for leave, while the wine and spirits industry offers the most customizable benefits packages
• 43% of companies surveyed offer free meals, and 28% offer an on-site or subsidized gym membership
• 57% offer maternity leave, and 47% offer paternity leave
• 40% of companies offer flexible work schedules or work from home options, and 17% of companies surveyed that are not offering this benefit now plan to offer it in 2020, landing a spot in the top 3 benefits not offered now but will be next year
• 27% offer unlimited PTO; 14% of companies that don’t offer this now, plan to next year
• Employers are looking to cater to millennials and Gen Z in 2020 by planning to offer off-site social meet ups, in-office stress relief and fun, and flexible working options
Compensation:
• The average raise was 10% across all industries, which is generous compared to the national average of about 3%
• Raise percentages in the CPG sector were highest across cannabis, beauty, and beer
• While companies reward exceptional employees who do their jobs well, they are also taking loyalty into consideration for highly skilled employees when determining raises
• The top 3 factors that determine compensation increase are: job performance, company performance, and skill set
