SAN FRANCISCO--(BUSINESS WIRE)--Workstream, a leading provider of hiring and onboarding software for hourly workers, has launched a new tool called the Hourly Wage Index, a web tool that compares wages across states, cities, industries, and positions. The Hourly Wage Index sources data from the U.S. Bureau of Labor Statistics and makes it accessible to employers and HR teams in an easy-to-use interface.
"We are excited to launch the Hourly Wage Index to empower employers and HR teams with the wage data they need to make informed decisions about how they should pay their workers,” said Desmond Lim, CEO and co-founder of Workstream. “With the labor market tightening and wage pressures increasing, it’s more important than ever to pay fair and competitive wages. The Hourly Wage Index makes it easy for employers to see how their wages stack up against the competition."
The Hourly Wage Index allows employers and HR teams to quickly compare wages across different regions, industries, and positions. Users can input their location and industry and see what the average and median hourly wage is for their area. They can also see how their wage compares to the 25th percentile and 75th percentile.
Hourly wages have increased significantly over the past 20 years. According to the Bureau of Labor Statistics, the average hourly wage for all occupations in the United States was $20.76 in 2021, up from $15.81 in 2000. This increase can be attributed to a number of factors, including the COVID-19 pandemic, a tighter labor market, and increases in turnover among hourly workers.
Wage is just one piece of the puzzle when it comes to hiring and retaining hourly workers. “To truly be competitive and build a strong and loyal hourly workforce, you need to offer a holistic benefits package and worker experience that includes competitive pay and benefits, opportunities for growth, and flexibility,” says Lim.
To support employers in building comprehensive worker packages, Workstream has paired the Hourly Wage Index with other free resources to help employers attract and retain hourly workers.
The Hourly Wage Index is available now free for anyone to use at www.workstream.us/wage-index.
Workstream is a hiring and onboarding platform designed exclusively for hiring and managing the hourly workforce. Powered by automation and two-way texting, Workstream enables businesses to source, screen, and hire hourly workers faster. And once hired, Workstream empowers employers with the digital tools and data to better manage their teams and retain them. More than 24,000 businesses trust Workstream to build a stronger hourly workforce so they can focus on what matters most: their team and their customers.