The competition for top performers is heating up as 96.1 percent of organizations are actively recruiting, according to the preliminary results from the Compensation Data 2007 survey.
The newly released Executive Compensation 2007/2008 survey of nearly 5,300 employers found 63.2 percent of organizations offer cell phones to executives as a perk.
The number of organizations actively recruiting has increased over the last five years from 85.4 to 96.1 percent. In this competitive market, employers must look to a variety of benefits to stand out. While most companies include time off, health insurance and pension plans as part of their compensation packages, there are other types of benefits organizations are utilizing, such as dependent parent health coverage, tuition reimbursement, child care and relocation assistance.
The preliminary Compensation Data 2007 results have revealed that nearly all prescription co-pay costs have risen since 2006.
Sixty-eight percent of companies had a health insurance premium increase, according to the preliminary results of the Compensation Data 2007 annual survey.
The newly released Compensation Data annual survey results showed preliminary pay increase budgets were reported at 3.65 percent for 2007 and are projected to be 3.63 percent in 2008.
In 2010, the U.S. Bureau of Labor Statistics estimates 10 million jobs will be left unfilled as the Baby Boomers enter retirement. To attract and retain the best employees, there are a few issues businesses should address.
According to the Compensation Data annual survey of more than 5,300 employers, exempt employees have 8.4 sick days on average, while non-exempt average 7.6 days.
According to the Compensation Data annual survey of more than 5,300 employers, 41.2 percent of families, who are covered by employer-sponsored plans, can expect to pay over $250 for their monthly health insurance premiums.