During the recession, having a well-developed time-off program is 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 2012 Compensation Data Healthcare survey results found 75.6 percent of healthcare organizations offer a formal paid time-off (PTO) program to employees.
PTO programs group together all paid absences, including vacation, sick and personal days. To be eligible to receive PTO, full-time employees must work a minimum average of 35 hours per week, while benefits eligible part-time employees must work a minimum of 18.4 hours per week. According to the results, the average waiting period to receive PTO benefits after the start of employment is 73.2 days, down from 78.1 days in 2011.
“Organizations are looking for more ways to help employees maintain a healthy work-life balance,” said Amy Kaminski, director of marketing for Compdata Surveys, the nation’s leading pay and benefits survey data provider. “Time-off benefits create a more flexible work environment while minimizing out-of-pocket costs.”
More than 77 percent of healthcare employers use both hours worked and years of service to determine how much PTO an employee has accrued. A full-time employee with one full year of service receives an average of 21.3 days of PTO, while those with five years of service earn 24.9 days. Full-time employees with 15 years of service accrue an average of 30.9 days per year, compared to those with 30 years of service who average 32.3 days.
Nearly all healthcare organizations surveyed allow employees to carry over unused PTO, but 79.6 percent place a limit on the number of days eligible for carry-over. Full-time employees accruing PTO by both hours worked and years of experience may carry over an average of 37.2 days, while part-time employees may carry over an average of 31.7 days.
About the Survey
Compensation Data 2012 Healthcare surveyed more than 250 industry-specific job titles and 400 benchmark titles ranging from entry-level to top executives. Data was collected from more than 8,100 healthcare providers 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 more information about our compensation and benefit surveys, contact Michelle Willis at (800) 300-9570.