During the recession, a well-developed time-off program was essential for companies looking for a way to compensate employees without stretching already-thin budgets. Now, as companies push toward recovery, time-off programs are one of the cornerstones of highly competitive compensation programs attracting the best talent. The 2011 Compensation Data Banking & Finance survey results found employers offer exempt employees completing one full year of service an average of 11.5 vacation days, while non-exempt employees receive 10.2 days.
Exempt employees with five years of service earn on average 14 days of vacation, compared to those with ten years of service who receive 16.8 days. Employees with 15 years of service average 19.6 vacation days. Both exempt and non-exempt employees are granted an average of three personal days per year. In addition, exempt employees receive an average of nine sick days each year, while non-exempt employees receive eight days. The average waiting period for employees to receive time-off benefits after the start of employment is 84.6 days.
“Maintaining a healthy work-life balance is more important to workers today than ever before,” said Amy Kaminski, director of marketing for Compdata Surveys, the nation’s leading pay and benefits survey data provider. “By developing a comprehensive time-off program, employers are helping their employees achieve this balance, and are often rewarded with increased productivity in return.”
Formal paid time-off (PTO) programs are gaining prevalence, as the survey results found more than 36 percent of banking and finance companies now offer a PTO program to employees. PTO programs group together all paid absences, including vacation, sick and personal days. Most banking and finance organizations use both hours worked and years of experience to determine the amount of PTO an employee has accrued. Exempt employees with at least one year of service earn an average of 19 days of PTO per year. Those with five years of service receive 22.1 days, while those with ten years of service average 25.7 days.
Nearly 72 percent of banking and finance companies allow employees to carry over unused PTO, but 86.7 percent place a limit on the number of days that can be carried over. Both exempt and non-exempt employees may reportedly carry over an average of 34.7 days.
About the Survey
Compensation Data 2011 Banking & Finance surveyed more than 100 industry-specific job titles and 350 benchmark titles ranging from entry-level to top executives. Data was collected from more than 200 banking and finance employers reporting on nearly 7,300 locations across the country. The results provide a comprehensive summary of pay data, benefit information and pay practices with an effective date of February 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.