The cost of human capital is a primary component of any successful business venture. Unfortunately, understanding and predicting the cost of human capital in a continually changing labor market is difficult. To assist existing and potential Lincoln County businesses in better understanding the area labor market, the Development Corporation of North Platte (DEVCO) conducts a biennial Wage and Benefits Study to ascertain specific labor market information about wages and benefits in the region.

METHODOLOGY

During the fall of 2007, the Development Corporation of North Platte (DEVCO) hired The Pathfinders of Dallas, TX to conduct an independent Wage and Fringe Benefits Survey for the North Platte/Lincoln County region.  Information was gathered via a printed survey form.

Sixty-five (65) companies, with a combined total employment of over 11,700 workers, participated in the 2007 Lincoln County Area Wage and Fringe Benefits Survey, representing business sectors including manufacturing, construction, medical, retail and others.

The wage data presented by job title in this report includes:

Average Entry Pay
Mean Average Pay
Weighted Average Pay

Weighted average corrects the distortion which would occur in a simple average if one company has ten employees in a position at an average of $10 per hour and another company has one employee in the same position at $20 per hour.  The simple average of those two would be $15 per hour, but the weighted average would be $10.91 per hour.

Fringe benefits reported include insurance, sick leave, holidays, vacations, and financial plans.  The information presented in the report was developed independently of DEVCO, and DEVCO did not influence the findings.

For complete study results, click on the link below.