During a time of economic instability, a well-developed time-off program is essential for companies looking for a way to compensate employees without stretching already-thin budgets. 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 earned 10.2 days after one year. Exempt employees with five years of service earn an average 14.1 days of vacation, compared to 13.2 days for non-exempt employees. Both exempt and non-exempt employees are granted an average of 3 personal days, but exempt employees receive 9 sick days each year, while non-exempt employees are allowed 8 days. Reporting banking and finance organizations indicated an average waiting period of 84.6 days for employees to receive time-off benefits after the start of employment.
“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.”
A little more than 50 percent of participating banking and finance organizations allow employees to carry over unused vacation days, and 93.2 percent of those put a limit on the number of days eligible for carry-over. Employees accruing vacation by years of service may carry over an average of 18.5 days.
Alternative time-off programs allow banking and finance employers to be flexible in order to meet the work-life balance needs of employees. More than 47 percent of reporting banking and finance organizations offer unpaid time off and 56.6 percent allow employees to sell back unused time off.
About the Survey
Compensation Data 2011 Banking & Finance surveyed more than 140 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 7,275 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 more information about our compensation and benefit surveys, contact Michelle Willis at (800) 300-9570.