Benchmarking Forecasting Models

BENCHMARKING SALARY OF FORECASTING PROFESSIONALS By Chaman L. Jain, St. John’s University S S ince forecasting is a fairly young function, people often ask the question: What is the going salary in this function at the entry level as well as at other levels? To attract the new forecasting caliber or retain the old one, you have to offer salary that is fair and competitive. With increasing awareness about the importance of forecasting in business planning, more and more companies are now building up their forecasting staff. Our most recent survey shows that 87% of mid-size and large- size companies now have one or more full-time forecasters. It is true how much you should pay to an individual varies from one individual to another and from one geographical area to another. One individual may be more talented and hard working than the other. Again, the cost of living in one area may be much higher than the other. Even though the survey does not account for these elements, it provides some benchmarks, which can be used as a guide in determining the fair compensation. OVERALL SALARY The survey categorized forecasting positions into five: (1) Forecast Analyst, (2) Senior Forecast ...