As the economy begins to regain its footing, pay increase budgets increased slightly for insurance organizations. The newly released 2012 Compensation Data Insurance survey results indicate pay increase budgets have not changed since last year at 2.8 percent, a little below the expected 3 percent for 2012. An increase to 3 percent is expected again in 2013.
“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’ll likely see these gradual increases continue over the next few years.”
Pay increase budgets vary slightly by industry, as agents, brokers and service providers and carriers report the highest pay increase budgets at 2.9 percent each. Both categories also expect a 3 percent pay increase budget in 2013. All other categories report a pay increase budget of 2.7 percent with a forecast for 2013 of 3 percent.
According to the results, pay increase budgets vary by state as well. Across the country, pay increase budgets range from 2.2 percent to 3.4 percent. Some states expect a small boost next year while others project to stay the same.
About the Survey
Compensation Data 2012 Insurance contains data on 115 industry specific job titles and 400 benchmark job titles ranging from entry-level to top executives. Data was collected from nearly 1,900 insurance providers reporting on 232,000 incumbents. Companies in other industries provided data on 400 benchmark titles for more than 32,000 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, 2012.
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.