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ASE Announces Results of 2024 ASE Compensation Survey: Salary Growth Remains Strong in Michigan

Media Contact: Heather Nezich, Manager, Communications, ASE, 248.223.8040, hnezich@aseonline.org 
 
Troy, MI - June 11, 2024 – American Society of Employers (ASE), Michigan’s largest employer association supporting its members with Everything HR, has released the findings of the 2024 ASE Compensation Survey, the most comprehensive compensation survey in Michigan covering 545 positions with 411 Michigan companies responding. The full results were presented at Compensation Insights that took place June 4th in Troy and June 6th in Holland.
 
The survey highlights that the convergence of historically low unemployment, noticeable inflationary trends, and sluggish labor participation has resulted in strong salary growth over the past 12 months. Findings reveal an overall wage growth of 4.3% for a matched sample of companies (referred to as a constant sample), compared to last year's growth of 4.4%.
 
The survey reveals that certain job families experienced wage growth rates higher than the overall survey average. Particularly, low skill and low wage jobs, including Material Handling (4.7%), Traffic & Fleet (5.1%), and Assembly/Production (5.5%), witnessed notable increases. Other job families experienced higher wage growth rates, as well, including Administrative (5.0%), Human Resources (4.6%), and Sales/Marketing (4.5%).
 
“In the face of economic challenges such as low unemployment, inflation, and continued demand for workers, employers have maintained strong salary growth, with certain job families experiencing even higher wage increases. This reflects a strategic focus on competitive compensation to attract and retain talent,” said Mary Corrado, President & CEO of the American Society of Employers.
 
Key Highlights from the 2024 ASE Compensation Survey:

Wage increases among Michigan businesses showed a year-over-year increase of 4.3% from 2023 to 2024, similar to the 4.4% increase from 2022 to 2023.

Over half of the employers (51.6%) conducted a formal market review to ensure competitive wages.
Approximately 32% of organizations adjusted their salary budgets for inflation, resulting in average increases of almost 3.5% in 2024. This is approximately 7 percentage points lower than last year's increases, indicating downward pressure on wages. Salary budgets refer to funds allocated for employee salary increases.

The 2024 projected total base pay increases are 0.5% lower than the 2023 actual increases, likely due to a decline in turnover rates as labor markets normalize.

Employers of all sizes are advised to proactively evaluate their wages and salaries as participation in the labor market is improving, but slowly.
 
2024 Survey Demographics:

A total of 411 companies participated in the survey, with 62.5% of the participants located in the Southeast Michigan region. The survey, distributed to human resource professionals in January 2024, covers 545 job positions. Nearly 80% of the organizations that responded reported having 1-500 employees.
 
To purchase the 2024 ASE Compensation Survey results, please click here. ASE member participants can access the data at no cost via the ASE Survey Library.
 
About ASE

ASE is Michigan’s trusted HR partner for Everything HR.  ASE is a non-profit, membership organization – everything we do is based on the needs of members to drive the success of their organizations.  ASE strengthens organization's HR departments by offering member benefits and discounted services that span the entire employee lifecycle including recruitment, development, and retention while minimizing compliance risk. We provide our members guidance through new legislation and workplace issues. Learn more about ASE at www.aseonline.org.
 

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