The newly released 2010 Compensation Data Healthcare survey results show that full-time employees with less than one year of service earn an average of 15.6 days of paid time off, while part-time employees earn 10.1 days.
Even as a very slow and modest upturn in the U.S. economy is becoming evident, healthcare organizations across the country continue to search for ways to reward employees, despite the shrinking pay increase budgets and pay freezes seen throughout the industry. The newly released 2010 Compensation Data Healthcare survey results show that full-time employees with less than one year of service earn an average of 15.6 days of paid time off, while part-time employees earn 10.1 days.
Of the 75 percent of healthcare organizations offering a formal paid time off (PTO) program, 72.3 percent report using a combination of hours worked and years of service to determine the number of days an employee can accrue. PTO plans group together all paid absences, including vacation, sick and personal days. Full-time employees with 5 years of service average 25 days of PTO, compared to those with 10 years of service, 28.8 days. Employees with 20 years of service have 32 days of PTO, according to the newly released results.
“In retaining top employees, many organizations are finding enhancements to time off programs may be a viable alternative to granting pay increases,” said Amy Kaminski, director of marketing for Compdata Surveys, the nation’s leading pay and benefit survey data provider. “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.”
While healthcare organizations generally allow carryover of PTO days from one year to the next, 80 percent place a limit on the number of days that can be carried over. Compensation Data Healthcare 2010 shows full-time employees can carry over up to 39.4 days of PTO, while part-time employees are allowed to carry over up to 34.6 days.
About the Survey
Compensation Data Healthcare 2010 contains data on over 200 industry-specific job titles and more than 250 benchmark titles ranging from entry-level to top executives. Data was collected from more than 1,200 healthcare 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 the compensation and benefits surveys, contact Amy Kaminski at (800) 300-9570.