Released this week, Food Processing’s 10th annual Salary and Job Satisfaction Survey shows some mixed results. Read on for more about the findings, or download the full report here.
Pay raises are happening, but not for everyone
While some food professionals are seeing pay increases, compensation isn’t increasing across the board. And overall salary trends are a little unclear.
- According to the report, pay went up an average of 3.26% last year, the highest in the last five years.
- But raises were not equal across the payscale. 25% of respondents got no raise at all, while the those at the top saw increases of 15%+.
- The average reported salary was $93,883, down from $101,698 in 2015. The decrease is likely due to this year’s respondents being younger.
- Incomes tracked with education levels. Workers with post-graduate degrees (PhDs, MBAs, and master’s degrees) earned the most, followed by workers with bachelor’s and associate’s degrees.
Job satisfaction is trending downward, and workers are looking for a challenge
Decreasing job satisfaction is a troubling trend. The report notes that satisfaction levels “differ markedly” between workers who got big pay increases and those who didn’t.
- Overall, 58% of respondents are somewhat or very satisfied with their jobs, down from 65% two years ago.
- 24% of respondents are somewhat or very dissatisfied with their jobs, up from 20% two years ago.
- Challenging work was identified as the most important factor in job satisfaction, followed closely by salary and benefits. Appreciation also ranked highly.
Healthcare benefits are of the utmost importance
Healthcare tops the list of most valuable benefits. This should come as no surprise — almost half of respondents saying their out-of-pocket medical costs have gone up.
- A majority of respondents receive medical, dental, life insurance, disability, and 401(k) match benefits.
- 48% said their out-of-pocket medical costs (including copays, deductibles, and insurance premiums) stayed about the same last year, while 46% said their costs increased.
- The “benefits wish list” included extended or enhanced healthcare, flex time, the option to work from home, pension and 401(k) plans, and fitness memberships.