This year’s results feature data collected from 13,400 healthcare employers reporting on nearly 6 million incumbents across the country. Nearly 44,000 organizations in other industries provided data on general staff positions.
Stagnant pay increase budget and pay range adjustments projections in 2014 indicate employers are remaining cautious in regard to compensation programs.
Kansas City, Kan. — Rising insurance costs are forcing employers to re-evaluate the benefit options offered to employees in an effort to reduce their bottom line. Recently, United Parcel Service (UPS) announced changes to their medical insurance plans that will end coverage for working spouses of UPS employees, beginning in 2014.
Cost reduction measures are not new to employers, who have been faced with rising medical insurance costs over the past several years. According to Compdata Surveys’ national benefits survey, which features data on more than 4,500 company benefits plans covering 13 million employees, nearly 10 percent of employers assess a surcharge to employees if they enroll their spouse on their benefits plan even though the spouse is eligible for coverage through his or her own employer.
In June 2013, the Bureau of Labor Statistics reported the unemployment rate at 7.6 percent, down from the recession high of 10 percent reported in October 2009. Although the unemployment rate has dropped slowly over the last few years, the 2013 Compensation Data Manufacturing & Distribution survey results show pay increase budgets in the industry have remained very similar this year at 2.9 percent compared to 2.7 percent since 2011. The results indicate employers expect pay increase budgets to remain at 2.9 percent in 2014.
The Compdata Surveys 2012 BenchmarkPro survey results found executive assistants earn an average base salary of $54,500, up 5.6 percent from 2011.
The Compdata Surveys Benefits USA 2012/2013 survey results found 34 percent of employers offering wellness programs either provide insurance discounts for employees participating in wellness programs or impose penalties on employees with risk factors, who aren’t taking action. That’s up from just 25.4 percent in 2009.
The Compdata Surveys Executive Compensation 2012/2013 survey results found supplemental life insurance continues to be the perquisite most commonly offered to CEOs at 43.3 percent.
The 2012 Compensation Data Hospitality survey results reported the average annual cost of insurance per employee on a hospitality employer sponsored PPO plan is $6,380. That’s up from $4,902 reported in 2009, an increase of 30.2 percent in three years.
Human resources professionals have found that offering voluntary benefits may be the key to boosting the value of their company’s benefits plan. The Compdata Surveys Benefits USA 2012/2013 survey results found 49.6 percent of organizations offer accident insurance to employees as a voluntary benefit.
The 2012 Compensation Data Banking & Finance survey results reported the average annual cost of insurance per employee on a banking and finance employer sponsored PPO plan is $7,887. That’s up from $6,231 reported in 2009, an increase of 26.6 percent in three years.