Benchmark Your Company’s Average Annual Salary, Health Care Cost, and More with SizeUpTomChilders
If you missed the feature article on SizeUp, you missed a great tool for benchmarking and comparing your business to others in the industry. While people love to use SizeUp to benchmark sales and identify competitors and suppliers, it is also a very useful tool for benchmarking areas such as salaries, health care cost, and cost effectiveness. These areas are all covered in the full 15 minute SizeUp tutorial video (at very bottom of this post) or you can just go to the site and plug and play or read on for a brief overview.
The key data point and driver for this information is the third question you answer when you go through SizeUp for the first time. It asks you to input the “average annual worker salary” and once you do, it tells you how you stack up in your county, MSA, state and the nation. If it does not find an exact match for the job, it finds one as close as it can and it tells you exactly what it is using and why. One thing you can do is go back to the first input screen and change your answer to “my industry is” to best match the job. For example, let’s say you are a full service landscaper and input landscape contractor as your industry. However, you want to gauge your pay for irrigation employees. You can go back and change your industry to sprinklers lawn and garden and input the average salary and it will tell you how you stack up. Click on the screen shot below for a full view of an example (it will open in a new tab too).
To the right of this graph and summary is section with two headings, Considerations and Resources. This offers more insight into things to think about and consider as well as other resources to turn. For example, Indeed.com to post jobs or look at resumes.
Next, let’s look at the Healthcare Cost section. Once you input your “annual healthcare premium per employee”, you will get a comparison to companies of your same size and in your industry in the state. The considerations and resources sections will be specific to healthcare cost idea as well. Click on the below screenshot for a view (it will open in a separate tab).
Just as a reminder, all you have to do is login and register at www.SizeUp.com and fill in eight blanks and you get all this data and more. The whole process takes about two minutes. The blanks to fill in are “my industry is”, “I’m located in”, revenue, year started, average salary, employee count, healthcare cost, and workers’ compensation cost per $100 of payroll’s comp. In return, you see how you compare on revenues, cost effectiveness, and more. You also see turnover rates in your market, net job change numbers and more. The considerations and resources will also give you some solid avenues for making improvements and/or filling in resource gaps. Go SizeUp!