Insurance Carriers’ PTO Policies Profiled

June 3, 2010    

Original Article: Employee Benefit News

Despite the shrinking pay increase budgets and pay freezes seen throughout the insurance industry, carriers continue to search for ways to reward employees. New data from Compdata Surveys, the nation’s leading pay and benefit survey data provider, profiles paid time off policies in the industry.

According to the survey:

■ Exempt employees with less than one year of service earn an average of 5.7 vacation days, while non-exempt employees earn 5.1  days.
■ Exempt employees with 5 years of service average 14.3 days of vacation.
■ Exempt employees with 10 years of service average 17.5 days of vacation.
■ Employees with 20 years of service average 21 days of vacation.
■ Both exempt and non-exempt employees are granted an average of 3 personal days and 7 sick days per year.

While insurance companies generally allow carryover of vacation days from one year to the next, 90 percent place a limit on the number of days that can be carried over. The survey found that exempt employees can carry over up to 16.4 days of vacation on average, while non-exempt employees are allowed to carry over up to 15.6 days.

“In retaining top employees, many organizations are finding enhancements to time off programs may be a viable alternative to granting pay increases,” Amy Kaminski, Compdata’s director of marketing, said in a press release. “Until effects of the economic recovery can be felt, it will remain important for companies to be creative and make the most of their compensation budgets.”

Original Article: Employee Benefit News

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