Though the recent release of Medicare’s physician payments cast a spotlight on the millions of dollars paid to some specialists, there is a startling secret behind America’s health care hierarchy: Physicians, the most highly trained members in the industry’s work force, are on average right in the middle of the compensation pack.
The proper selection, use and interpretation of salary survey data can significantly contribute to the success of the compensation planning and review processes. Whether using data for planning purposes or fulfilling a request from management, these important steps can lead to success. Prior to consulting survey resources, identify with whom the data will be shared. It is also critical to ascertain the goals of the department or manager making the request to establish a clear understanding of what the audience is looking to gain. If the goal is unclear or unknown, ask questions. It’s essential to understand the audience and what they expect.
Projections for average pay increases in 2013 are unimpressive as reported by Compdata Surveys BenchmarkPro,which only anticipates a 2.8 percent jump over current budgets.
The average cost of insuring employees in the manufacturing sector continues to rise at a dramatic pace, putting considerable pressure on smaller companies in particular.
When the New Year arrives, another provision in the Patient Protection and Affordable Care Act will kick in —and this time it will affect the flexible spending accounts employees have established through their employers.
Compdata Surveys’ Executive Compensation 2012/2013 survey results reported chief executive officers earned an average base salary of $413,300 in 2012.
Compdata looked at base salaries for 26 senior management jobs below C-level. For the eighth consecutive year, commercial lending directors take the top spot, with the highest average paychecks.
Even as tuition rates continue to escalate, the number of working adults re-entering the classroom to earn college degrees is on the rise. Many employers in the United States have picked up on this trend and 56 per cent are offering tuition reimbursement to employees, found a survey by Compdata.
As determined by Compdata Surveys’ BenchmarkPro 2012, the national average total turnover rate for 2011 was 15.2 percent, up 0.8 percent over the prior year.