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 organizations push toward recovery, time-off programs are one of the cornerstones of highly competitive compensation programs attracting the best talent.
The 2011 Compensation Data Insurance survey results found companies offer employees completing one full year of service an average of 10.4 vacation days, while employees with five years of service earn an average of 14.2 days of vacation. Both exempt and non-exempt employees are granted an average of 3 personal days and 8 sick days each year. Reporting insurance employers indicated an average waiting period of 59.9 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.”
More than 86 percent of participating insurance organizations allowed employees to carry over unused vacation days, and 96.1 percent of those put a limit on the number of days eligible for carry-over. Non-exempt employees accruing vacation by years of service were permitted to carry over an average of 16.9 days. Exempt employees carried over 16.6 days.
Alternative time-off programs allow insurance employers to be flexible in order to meet the work-life balance needs of employees. More than 50 percent of reporting insurance organizations offer unpaid time off and 40.5 percent allow employees to sell back unused time off.
About the Survey
Compensation Data 2011 Insurance surveyed 115 industry-specific job titles and 350 benchmark titles ranging from entry-level to top executives. Data was collected from more than 200 insurance employers reporting on 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 more information about our compensation and benefit surveys, contact Michelle Willis at (800) 300-9570.