The Compensation Data Insurance 2009 survey results show pay increase budgets have fallen to 3.1 percent.
The Compensation Data 2009 Insurance survey results show pay increase budgets have fallen to 3.1 percent. Although pay increase budgets are down this year, the insurance companies surveyed have projected a slight uptick in 2010 of 3.3 percent. These numbers further reinforce predictions of little economic growth in the coming year.
“For many years, pay increase budgets were stagnate across all industries. The recent downturn is indicative of increased economic pressure,” said Amy Kaminski, manager of marketing programs for Compdata Surveys. “With layoffs commonplace, many companies are working to keep current employees on staff, while keeping the organization afloat. Increasing pay is of little concern.”
The Compensation Data Insurance results found pay increase budgets are highest in Iowa at 3.5 percent. Arkansas, Indiana, Minnesota, Mississippi, Nevada and Rhode Island follow with an average of 3.4 percent. Maine has the lowest pay increase budget, 2.5 percent.
Pay increase budgets are the same within the insurance industry. Insurance carriers and insurance, agents, brokers and services are both at 3.2 percent. However, projected budgets vary. Insurance carriers report pay increase budgets will be 3.5 percent in 2010. Comparatively, insurance agents, brokers and services are expecting no change in their pay increase budgets.
About the Survey
Compensation Data Insurance 2009 contains data on over 100 industry-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.