With a new year upon us, many are taking a fresh look at key business metrics. One worth a look? Your turnover rate. To help provide some context regarding your organization's turnover rate, the infographic below provides total turnover rates by industry, as reported by employers in 2015.
Pay increase budgets are always a hot topic. Employers want to know what their peers and competitors are planning. Keeping budgets in-line with the industry average, or above it, can be key to retaining top talent. When it comes to the Banking & Finance industry, here is what employers are projecting for pay increase budgets in 2016:
Kansas City, Kan.— It's no surprise that with a looming nursing shortage, obesity at epidemic levels and baby boomers entering their golden years that there isn't any foreseeable end in sight to the rising cost of healthcare. In fact, 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.
Kansas City, Kan.— As economic conditions continue to slowly improve and companies are once again beginning to hire new employees to rebuild their workforce, 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.
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.
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.
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. This year, PPO plans had one of the largest increases at 9.9 percent.
Kansas City, Kan.— According to the Kaiser Family Foundation, Americans filled more than 3.7 billion prescriptions in 2010. 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.
Original Article: Providence Business News
Kansas City, Kan.— The Bureau of Labor Statistics recently reported the unemployment rate at 8.3 percent as of July 2012, up slightly from 8.2 percent in June. Although the unemployment rate has increased over the past couple of months, pay increase budgets are beginning to show small signs of improvement. 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.