Though the economy has begun to improve over the past year, average pay increase budgets remained the same from 2010 to 2011. The newly released 2011 Compensation Data Insurance survey results show that pay increase budgets held steady at 2.8 percent. For 2012, insurance organizations predict very little change with a slight increase to three 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.”
Agents, brokers and service providers and carriers report the highest pay increase budgets at 2.8 percent each. Pay increase budgets vary only slightly within the industry, as all other categories report a pay increase budget of 2.6 percent. Agents, brokers and service providers project a 2.9 percent pay increase budget for 2012 while carriers project a 3.0 percent pay increase budget. All other not-for-profit categories project a pay increase budget of 3.0 percent for 2012.
According to the results, pay increase budgets vary by state as well. Across the country, pay increase budgets range from 2.3 percent to 3.4 percent with the same ranges projected across states in 2012.
About the Survey
Compensation Data 2011 Insurance surveyed 115 industry specific job titles and 350 benchmark job titles ranging from entry-level to top executives. Data was collected from 210 insurance employers reporting on nearly 1,750 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.