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.
Kansas City, Kan. – 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 Healthcare survey results show pay increase budgets have fallen to 2.5 percent, down from 3.0 percent in 2009. Little change is expected over the next year, as healthcare organizations predict a slight uptick in 2011 to 2.7 percent.
“With a slow economic recovery expected, healthcare organizations continue 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 organizations are making cuts to overall pay increase budgets, a larger portion of those budgets is likely being focused on providing the necessary pay increases to retain key employees, such as nurses and physical therapists.”
According to the survey, pay increase budgets vary within the industry as critical access hospitals and physician clinics report the highest budgets, 2.8 percent. Home care respondents follow at 2.6 percent. Hospitals and rehabilitation facilities reported pay increase budgets of 2.5 and 2.3 percent, respectively. Behavioral healthcare had the lowest pay increase budget, 1.7 percent. Physician clinics are projecting the highest pay increase budget in 2011 at 3.1 percent, with behavioral healthcare projecting the lowest, 1.8 percent.
The 2010 Compensation Data Healthcare survey results show pay increase budgets also vary by state. Arizona and Nebraska reported the highest pay increase budgets at 3.1 percent. This is closely followed by Nevada and Washington at 3.0 percent. Respondents in New York and California report pay increase budgets of 2.8 and 2.7 percent, respectively. Healthcare organizations in Minnesota had the lowest pay increase budget, 2.0 percent.
About the Survey
Compensation Data 2010 Healthcare 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 their compensation and benefits surveys, contact Amy Kaminski at (800) 300-9570.
- Amy Kaminski
- Compdata Surveys
- (800) 300-9570