The newly released 2010 Compensation Data Insurance survey results show pay increase budgets have fallen to 2.8 percent, down from 3.1 percent in 2009.
Although many economists have predicted the U.S. may see a very modest economic improvement in 2010, pay increase budgets have continued to decline over the past year. The newly released 2010 Compensation Data Insurance survey results show pay increase budgets have fallen to 2.8 percent, down from 3.1 percent in 2009. Little change is expected over the next year, as insurance organizations predict a slight uptick in 2011 to 3.1 percent.
“With a slow economic recovery expected, insurance companies are continuing to make conservative compensation choices,” said Amy Kaminski, director of marketing for Compdata Surveys, the nation’s leading compensation and benefits survey data provider. “Although keeping current employees on staff is a top concern during the jobless recovery predicted by most economists, increasing pay will continue to be a difficult priority until an upswing in the economic climate becomes more visible.”
According to the survey, pay increase budgets vary within the insurance industry as agents, brokers and service organizations reported pay increase budgets of 2.8 percent, with a slight increase projected in 2011 to 3.2 percent. Insurance carriers showed pay increase budgets of 2.7 percent, with 3.0 percent projected for 2011.
The 2010 Compensation Data Insurance survey results also show pay increase budgets are consistent across different regions of the country. Insurance organizations in the East and South reported pay increase budgets of 2.8 percent. This is closely followed by organizations in the Midwest and West at 2.7 percent. Respondents in the Midwest are projecting the highest pay increase budgets for 2011, 3.2 percent. Companies in the South follow at 3.1 percent.
About the Survey
Compensation Data Insurance 2010 contains data on nearly 100 industry-specific job titles and more than 250 benchmark titles ranging from entry-level to top executives. Data is collected annually from insurance 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, 2010.
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 their compensation and benefits surveys, contact Amy Kaminski at (800) 300-9570.