Insights from the HELM Design & Construction Industry Compensation Survey
Introduction
The design and construction industry is a dynamic and ever-evolving sector where staying informed about compensation trends is crucial for high-performance builders and individuals interested in pursuing a career in this field. SEON’s member, HELM Construction Solutions, recently conducted a Design & Construction Industry Compensation Survey, offering valuable insights into market trends and shedding light on how the changing cost of living affects wages and benefits in the Northeast industry.
Scope and Participants
The survey gathered responses from 50 companies primarily operating in the Northeast region of the United States (Connecticut, Massachusetts, Maryland, Maine, New Hampshire, New Jersey, New York and Vermont). These participants represented a diverse range of annual revenues and team sizes, providing a comprehensive view of the industry’s compensation landscape.
Goals and Benefits
The primary objective of the HELM survey was to identify market trends in compensation and empower companies to understand how the rapidly changing cost of living affects wages and benefits. For high-performance builders and aspiring professionals, the survey data offers valuable insights into prevailing wages and the availability of specific benefits in the design and construction industry.
Challenges of the survey
As HELM states in their survey findings: “due to the way the information was reported, and the low number of submissions on some benefit categories, we did not feel we had statistically significant data to report averages for the dollar value of specific benefits. Instead, you will see the number and percentage of companies offering each benefit.“
Key Findings
- The industry is placing increasing importance on employee wellness and work-life balance.
- Companies in the design and construction industry primarily offer full-time employment.
- There was a significant 19% increase in hourly wages from 2018 to 2022.
- Roles such as Project Managers, Engineers, and Skilled Tradespeople experienced notable increases in wages.
- Wages and benefits vary based on company revenue, geography, experience, and tenure.
- Commonly offered benefits include health insurance coverage, retirement plans, paid time off, and flexible work arrangements.
- Geographical factors influenced compensation, with regional variations observed in wages and benefits within the industry.
- Benefits such as wellness programs, employee assistance programs (EAPs), and flexible scheduling options were commonly offered.
- The Salesperson position showed a lower average wage in both survey periods, albeit with a small sample size.
- The survey highlighted the importance of considering compensation beyond just wages.
Benefits Offered
The survey also delved into the benefits offered by participating companies. While challenges arose in reporting average dollar values for specific benefits due to reporting methods and limited submissions, the survey did provide information on the number and percentage of companies offering various benefits. This allows industry professionals to gain insights into benefit trends and understand the overall landscape.
Implications for High-Performance Builders:
- Understanding compensation trends is crucial for high-performance builders as they strive to attract and retain top talent while remaining competitive in the industry.
- The HELM survey data enables builders to evaluate prevailing wages, assess market competitiveness, and identify the availability of benefits that are particularly relevant to the high-performance building sector.
- Staying informed about compensation trends will ultimately aid builders in making well-informed decisions to position themselves competitively in the ever-changing landscape of high-performance building.
Conclusion
The HELM Design & Construction Industry Compensation Survey offers valuable insights into compensation trends within the design and construction industry. High-performance builders and individuals aspiring to enter the industry can benefit greatly from understanding prevailing wages and benefit trends.
SEON appreciate’s HELM’s survey, as it allows high-performance builders to be informed about compensation trends, so they can make well-informed decisions to position themselves competitively in the ever-changing landscape of high-performance building.