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Insurance Costs Continue Trending Upward for Banking and Finance Organizations

November 20, 2012  from: News

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.

Banking and Finance Employers Seek Ways to Create a Flexible Work Environment

October 1, 2012  from: News

Banking and finance employers across the country are looking for ways to attract and retain employees without resorting to hefty pay increases or expensive benefit plans. As a result, some employers have found that adopting a results-only work environment (ROWE) may be the key to creating an attractive work environment for employees.

Wellness Programs on the Rise for Banking & Finance Employers

September 19, 2012  from: dataLink

According to the newly released 2012 Compensation Data Banking & Finance survey results, employers are providing many options to their employees concerning health and wellness programs. With prevention becoming the buzzword, organizations have taken steps to increase their employees’ health and wellness through various programs.

Banking & Finance Pay Increase Budgets See Little Change

September 19, 2012  from: dataLink

As the economy struggles to regain its footing, pay increase budgets increased only slightly for banking and financial organizations this year. The newly released 2012 Compensation Data Banking & Finance survey results indicate pay increase budgets rose to 2.7 percent, just below the expected increase of 2.8 percent for this year. An increase to 2.9 percent is expected in 2013.

Medical Insurance Costs Remain High for Banking & Finance Employers

September 19, 2012  from: dataLink

The newly released 2012 Compensation Data Banking & Finance survey results show medical insurance premiums have increased by an average of 8.4 percent over the last year. This is down from 2011, where the average premium increase reported was 9.6 percent.

Banking & Finance Employers Scramble to Find Relief on Prescription Costs

September 17, 2012  from: News

Because the rate at which individuals developing chronic health conditions continues to increase, the expected decline in drug costs comes as little comfort to banking and finance employers who are largely footing the bill, as an overwhelming majority still offer prescription coverage to employees as a part of their medical plan. These increasing costs translate to higher premiums for employers and employees, as well as increasing co-pays.

Survey reports firms budget for pay increases

September 4, 2012  from: In the News

The report, Compensation Data Banking & Finance showed pay increase budgets at 2.7 percent, reflecting an increase from 2.6 percent reported the last two years.

Banking & Finance Pay Increase Budgets Show Slight Increase

August 28, 2012  from: News

The 2012 Compensation Data Banking & Finance survey results reported pay increase budgets at 2.7 percent, reflecting an increase from 2.6 percent reported in 2010 and 2011.Pay increase budgets are projected to increase to 2.9 percent in 2013.

Retirement Plans Become More Prevalent for Banking & Finance Employees

April 10, 2012  from: dataLink

The 2011 Compensation Data Banking & Finance survey results indicate that 78.6 percent of employees were enrolled in a defined contribution plan, compared to 2010 where that number was 75.6. A little more than 1 percent of banking and finance employers surveyed reported offering a defined benefit plan only, almost 63 percent offer a defined contribution plan only and 35.8 percent offer both.

Banking & Finance Organizations Seek Healthcare Cost Containment

April 10, 2012  from: dataLink

With the costs of medical insurance regularly increasing, banking and finance organizations are looking to other means in order to control costs. According to the 2011 Compensation Data Banking & Finance survey results, the most common of those options is coordination of benefits at almost 85 percent. That number is up slightly from 83.3 percent in 2010.

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