The arena of compensation and benefits in organizations, whether they are small or large, should undergo constant evolution to align with the ever-growing need for skilled employees. To shed light on the landscape of employee benefits and compensation in Berkeley, Charleston, and Dorchester counties, the Compensation and Benefits Practices survey gathered input from over 70 companies employing close to 25,000 individuals. The information gathered serves multiple purposes: it aids existing businesses in assessing their own compensation strategies, offers reference points for strategic planning, and provides valuable insights for companies considering expansion in the metropolitan area.

Report Summary:

Workforce remains in high demand across nearly every sector of the local labor market, and area employers continue to explore ways in which they can provide competitive compensation packages to attract and retain employees. Thus, the key objectives of this study are to provide information on trends in compensation practices of firms operating in the three-county region to: • Help existing firms evaluate their own organization’s compensation practices more effectively • Assist companies in creating a benchmark analysis to use for strategic planning purposes • Provide trends and general information on typical local employer practices to prospective companies and site selection consultants looking at the Charleston region as a potential business location This report is the result of a survey of benefits and compensation practices among employers in the tricounty Charleston Metro Area (Berkeley, Charleston and Dorchester Counties).

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The study was open to business establishments of all sizes and all business sectors. The Charleston Metro Chamber of Commerce and Charleston Regional Development Alliance conducted the survey in collaboration with the Berkeley Chamber and Greater Summerville / Dorchester County Chamber of Commerce. 

 Though study participants differ each time the survey is conducted, significant shifts in reported policies and practices over time can be indicative of real-time trends in local employer practices. Key Findings A total of 78 firms in the region, employing nearly 25,000 workers, participated in the online survey.

Manufacturers provided the highest response rate (32%) of all industry sectors participating. Pay increases are reportedly trending higher this year than those indicated in a prior study in 2021. This year’s study confirms that it is the combination of wages and benefits, along with increasing the amenities and flexibility of the workplace, which determine a company’s ability to recruit workers and reduce turnover.

Telecommuting and flexibility of workplace and work schedules continue to be reported by employers at levels vastly elevated compared to pre-pandemic studies in 2019 and prior.