Upper Saddle River, N.J. – May 2004 – Compensation Resources, Inc. has
released the results of its 2003-2004 College Graduate Salary Survey. The
purpose of this study was to acquire compensation data and information on
recruiting and hiring trends for recent and new college graduates. The
survey sampled compensation data from 71 organizations, including 1,253 jobs.
The results do not indicate any startling or unexpected results, and for
the most part, they are consistent with other studies covering broader
employee compensation trends.
Among the most meaningful findings was that total cash compensation, which consists of salary and bonus/incentives, increased by a respectable 6.1%, already though salaries only increased by a modest 0.8%. This is consistent with the trend of increased use of variable pay elements by many organizations. Variable pay allows companies to offer competitive pay with upside possible, while controlling fixed overhead for payroll costs, and to some degree, lessening the impact of higher salaries on assistance costs (i.e., vacation and time off benefits, retirement, some insurances, etc.).
Some additional highlights:
- Findings for 2004 indicate that the financial sets industry is
the top paying industry for recent college graduates ($60,900).
- Companies are currently employing a wide variety of methods to
recruit recent college graduates. The three most equally popular methods
are College Career Centers, Employee and Business Associate Referrals, and
Internet Job Boards.
- The majority of responding companies have turnover rates of recent
college graduates of 15% or less.