Though the economy has begun to improve over the past year, pay increase budgets continued to decline slightly. The newly released 2011 Compensation Data Healthcare survey results show that pay increase budgets have dropped slightly to 2.4 percent, down from 2.5 percent in 2010. For 2012, healthcare organizations predict very little change with a slight increase to 2.5 percent.
“There appears to be a level of cautious optimism within the industry in regard to the economy,” said Amy Kaminski, director of marketing for Compdata Surveys, the nation’s leading pay and benefit survey data provider. “Employers are taking a conservative approach, and we expect only a gradual increase over the next few years.”
Pay increase budgets vary by industry, as physician clinics report the highest pay increase budgets at 2.7 percent with 2.9 percent predicted for 2012. Critical access hospitals report a 2.6 percent pay increase budget while hospitals and home care facilities report 2.4 percent. Behavior healthcare facilities report the lowest pay increase budget at 1.6 percent and do not project any growth in this area for 2012.
According to the results, pay increase budgets vary by state as well. Across the country, pay increase budgets range from 1.7 percent to 2.8 percent. A slight boost is expected in 2012 though, with state projections ranging from 1.9 percent to 3.0 percent.
About the Survey
Compensation Data 2011 Healthcare contains data on 250 industry specific job titles and 350 benchmark job titles ranging from entry-level to top executives. Data was collected from more than 1,100 healthcare employers reporting on nearly 5,300 locations across the country. The results provide a comprehensive summary of pay data, benefit information and pay practices with an effective date of January 1, 2011.
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 Michelle Willis at (800) 300-9570.