Ready for a Vacation?

January 6, 2010    

U.S. Banking and Financial Institutions Offer Valuable Time Off

With the busy holiday season behind them, many employees have their eyes on a few days of relaxation. Whether spending time at home or taking a vacation abroad, time off packages continue to be a valuable asset to U.S. employees. The 2009 Compensation Data Banking & Finance results found exempt employees in their first year are typically given 10.4 vacation days, while non-exempt have 8.1.

Banking and financial institutions offer a variety of time off packages to employees. The 2009 Compensation Data Banking & Finance results found exempt employees have 12.8 days on average after their first year. Those with five to nine years of service earn 15.4 days. In addition to vacation time, exempt and non-exempt employees have three personal days and nine holidays a year on average.

The survey also reported 41.8 percent of companies allow carryover of vacation days, and 87.7 percent place a limit on the number of days that can be carried over. The maximum number of days allowed for exempt employees is 13.9 days, compared to 13.5 for non-exempt.

“Many employees may not have the funds to take a long distance trip. However, companies are offering unpaid time off to alleviate growing costs. Consequently, the popularity of ‘staycations,’ or vacations at home, is on the rise,” said Amy Kaminski, manager of marketing programs for Compdata Surveys. “Additionally, organizations are continuing to offer flexible schedules as a practical and inexpensive perk.”

Flexible schedules are one way organizations can add value to their benefit package. The 2009 survey results found 59.1 percent of companies allow flexible schedules. When comparing prevalence among employee groups, they are most offered to technical/professional employees, 47.3 percent.

About the Survey
Compensation Data 2009 Banking & Finance 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 February 1, 2009.

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.

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