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Bad Bosses Beware: Strengthening Economy Causing More Employees to Quit
December 13, 2012 by Steven Rothberg
Amy Kaminski of Compdata Surveys
As the national unemployment rate remained above eight percent for the majority of this year, turnover rates are beginning to inch up. The average total turnover rate reported for employers from 2011 was 15.2 percent, according to the 2012 BenchmarkPro survey results. That’s up slightly from 14.4 percent reported a year ago. Voluntary turnover rates were reported at 9.8 percent, up from 9.1 percent last year.
“Voluntary turnover rates were trending downward for several years, but the numbers are beginning to edge up again,” said Amy Kaminski, director of marketing for Compdata Surveys. “This is likely because employees are beginning to feel more comfortable about re-entering the job market as the economy shows small signs of improvement.” Continue Reading
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Most Employers Offering Voluntary Benefits and Employee Perks
November 28, 2012 by Steven RothbergAmy Kaminski of Compdata Surveys
With slow economic growth and minimal pay increase budgets to work with, it’s no wonder companies continue to count every dollar when it comes to benefits planning. Human resources professionals, who are also dealing with the demands of employees to offer more comprehensive coverage, have found that offering voluntary benefits may be the key to boosting the value of their company’s benefits plan.
Voluntary benefits are benefits offered by employers, in which the entire premium cost to receive the benefit is paid for by the employees choosing to enroll in them. The Compdata SurveysBenefits USA 2012/2013 survey results found 49.6 percent of organizations offer accident insurance to employees as a voluntary benefit. More than a third of employers offer cancer care as a voluntary benefit, while 28.4 percent offer legal assistance. Universal life insurance is offered at 25.2 percent of companies surveyed. Parking perks and pet insurance are offered at a rate of 11.3 percent and 9.4 percent, respectively. Continue Reading
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Average Pay Projected to Increase 2.8% in 2013
November 14, 2012 by Steven RothbergAmy Kaminski of Compdata Surveys
The average pay increase budget projected for organizations in 2013 is 2.8 percent, up slightly from 2.7 percent reported in 2012 according Compdata Surveys 2012 BenchmarkPro survey results. Pay range adjustments aren’t expected to show much improvement either as more than three-quarters of organizations have a formal pay structure with pay ranges in place that have or will be adjusted in 2012. The average pay range adjustment reported in 2012 was 1.9 percent, up from 1.7 percent reported in 2011 and 1.6 percent reported in 2010. Pay range adjustments are projected to remain stable in 2013 at 1.9 percent.
Pay range adjustments vary by industry as employers in utilities reported adjustments of 1.9 percent. Banking and finance and hospitality organizations reported pay range adjustments of 1.7 percent and 1.6 percent, respectively. Manufacturing and distribution organizations are projecting the highest adjustment amount for 2013 at 2.2 percent, while not-for-profit is projecting the lowest, 1.4 percent. Continue Reading
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Election Likely to Impact Income Disparity Between Workers, Executives
October 30, 2012 by Steven Rothberg
Courtesy of Think Progress
With the election just two weeks away and much emphasis being placed on the increasing wage gap between the upper and middle classes, executive pay is once again becoming a source of scrutiny for many Americans. Compdata Surveys’ Executive Compensation 2012/2013 survey results reported chief executive officers earned an average base salary of $413,300 in 2012.
Chief operating officers earned $261,400 in 2012, while chief financial officers earned $235,200. Top marketing executives brought in an average annual base salary of $190,400, compared to top human resource executives at $184,100. The average base salary for a vice president was reported at $162,800. Continue Reading
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83% of Employers Offer Merit Pay Increases to Improve Retention
October 15, 2012 by Steven RothbergAs the job market slowly continues to open up, more employers are seeking ways to attract and retain the most valuable talent, and many are looking to rewards systems to facilitate this process. The Compdata Surveys BenchmarkPro 2012 survey results found 82.8 percent of employers offer merit increases as one of the many systems used to reward employees. The average merit increase budget reported for 2012 was 2.7 percent, with 2.8 percent projected for 2013.Bonuses are a popular reward option, as they are offered by 67.6 percent of employers surveyed. Nearly 40 percent of organizations use incentive pay, compared to spot incentives at 23.6 percent. Skill-based pay is utilized by 12.6 percent of survey respondents and key contributor rewards are used the least, 4.9 percent. Continue Reading
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57% of Employers Offer Tuition Reimbursement
October 05, 2012 by Steven RothbergEven as tuition rates continue to escalate, the number of working adults re-entering the classroom to earn college degrees is on the rise. Many employers have picked up on this trend and are seizing the opportunity to offer a valuable benefit to their workforce. TheBenefits USA 2012/2013 survey results found 56.6 percent of employers now offer tuition reimbursement to all employees, which is a significant increase from 34.9 percent reported in 2009.“Enrollment rates are expected to continue rising, and companies offering tuition reimbursement to their employees are putting themselves in a competitive position,” said Amy Kaminski, director of marketing for Compdata Surveys. “Not only are employers creating a stronger workforce, but they are arming themselves with a valuable tool in employee retention, as reimbursement benefits are becoming increasingly important to their employees.” Continue Reading
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Why Employers Are Turning to High Deductible Medical Plans
October 04, 2012 by Steven RothbergAccording to the Kaiser Family Foundation, Americans filled more than 3.7 billion prescriptions in 2010. Because the rate at which individuals developing chronic health conditions continues to increase, the expected decline in drug costs comes as little comfort to hospitality employers who are largely footing the bill, as an overwhelming majority still offer prescription coverage to employees as a part of their medical plan. These increasing costs translate to higher premiums for employers and employees, as well as increasing co-pays.“In the hospitality industry, prescription drug co-pays have been trending upwards on most plan types over the last few years,” said Amy Kaminski, director of marketing for Compdata Surveys. “On PPO plans for example, formulary co-pays have increased 14.8 percent since 2009, while non-formulary co-pays have gone up by 15.2 percent.” Continue Reading
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Benefits of Results Only Work Environment (ROWE)
October 03, 2012 by Steven RothbergAs economic conditions continue to slowly improve and companies are once again beginning to hire new employees to rebuild their workforce, employers across the country are looking for ways to attract and retain employees without resorting to hefty pay increases or expensive benefit plans. As a result, some employers have found that adopting a results-only work environment (ROWE) may be the key to creating an attractive work environment for employees.ROWE evaluates employees solely on their output and not the amount of time spent in the office. Employees are free to take as much time off from work as needed as long as their established goals are being met. Employees working under ROWE are not micro-managed and hold greater accountability for the work they are producing. There have been reports of companies who, as a result of adopting ROWE, have experienced increased employee productivity and reduced voluntary turnover. Continue Reading
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Wellness Programs Reduce Medical Costs, Increase Productivity, and Reduce Absenteeism
September 20, 2012 by Steven RothbergIn 2012, roughly two-thirds of manufacturing and distribution industry employers experienced increases to their medical insurance premiums, according to the 2012 Compensation Data Manufacturing & Distribution survey results. The average increase reported by these organizations was 10.2 percent, down from 11 percent reported in 2011. Despite the drop in the average premium increase, manufacturing and distribution organizations still contribute 10.5 percent of their total payroll costs toward providing medical insurance to their employees. Employers everywhere are looking for ways to curtail rising healthcare costs and as a result, many are turning to wellness programs.For years, wellness programs have consisted of traditional options such as weight management, tobacco cessation programs or offering flu shots and immunizations. But over the last few years, some wellness options have shown a more accelerated rate of use. Biometric screenings, which measure an individual’s blood pressure, body mass index (BMI), cholesterol and blood glucose in an effort to identify risk factors, are a good example of this trend. In 2009, biometric screenings were offered at only 17.4 percent of manufacturing and distribution organizations surveyed, compared to 44.2 percent in 2012. Physical fitness facility access, on-site health clinics and offering rewards and incentives have also increased over the last few years. Continue Reading
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96% of Employers Hiring; 81% Advertising on Sites Like CollegeRecruiter.com
September 13, 2012 by Steven RothbergAs the national unemployment rate continues to teeter at just over eight percent, turnover rates are beginning to inch up. The average total turnover rate reported for employers from 2011 was 15.2 percent, according to Compdata Surveys BenchmarkPro 2012 survey results. That’s up slightly from 14.4 percent reported a year ago. Voluntary turnover rates were reported at 9.8 percent, up from 9.1 percent reported last year.“Voluntary turnover rates were trending downward for several years, but the numbers are beginning to edge up again,” said Amy Kaminski, director of marketing for Compdata Surveys. “This is likely because employees are beginning to feel more comfortable about re-entering the job market as the economy shows small signs of improvement.” Continue Reading
