With a recession in full-swing, it’s not surprising that the newly released Compensation Data Healthcare 2009 survey results found pay increase budgets have fallen to 3.0 percent this year.
Less than a year ago, many were concerned with hiring shortages for healthcare. But, with a recession in full-swing, it’s not surprising that the newly released Compensation Data Healthcare 2009 survey results found pay increase budgets have fallen to 3.0 percent this year. When looking to the future, the results show pay increase budgets are projected to stay the same in 2010. These numbers support predictions of little economic growth in the coming year.
“For many years, pay increase budgets were stagnate across all industries, but the recent downturn in healthcare is symptomatic of increased economic pressure,” said Amy Kaminski, manager of marketing programs for Compdata Surveys. “Although the healthcare industry is not as affected as others, healthcare providers are not immune. In response, many organizations are choosing a more conservative approach to their compensation planning, which translates to fewer increases for employees.”
The 2009 Compensation Data Healthcare results show pay increase budgets vary from state to state. Mississippi, Texas and Washington have the highest pay increase budgets at 3.6 percent. In comparison, the lowest pay increase budget for a state is 2.4 percent, which is found in New Jersey.
Pay increase budgets also vary slightly within the healthcare industry. The 2009 Compensation Data Healthcare results show hospitals and critical access hospitals both have the highest pay increase budgets, 3.2 percent. Home care follows with 3.1 percent. Behavioral healthcare facilities have the lowest with 2.4 percent, according to the newly released results.
About the Survey
The Compensation Data Healthcare 2009 results contains data on over 200 healthcare-specific job titles and more than 250 benchmark titles ranging from entry-level to top executives. Data is collected annually from employers across the country. The results provide a comprehensive summary of pay data, benefit information and pay practices with an effective date of January 1, 2009.
“Compdata Surveys offers pay and benefits data in eight, industry-specific sets of results for organizations across the country,” said Kaminski. “The results allow users to compare data by company size, region, state and local geographic area allowing customers to find information best fitting their needs.”
Compdata Surveys is the nation’s leading compensation and benefits survey data provider. Thousands of U.S. organizations provide data each year ensuring the reliability of our results. Compdata Surveys has been providing comprehensive data at affordable prices to organizations from coast to coast since 1988. For further information about the compensation and benefits surveys, contact Amy Kaminski at (800) 300-9570.