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.
The continued fluctuation in the stock markets has once again shifted employees’ focus to retirement savings plans. While saving for the future is important, employees are questioning which options are the most beneficial. The 2012 Compensation Data Insurance survey results indicate that 83.5 percent of employees were enrolled in a defined contribution plan. More than 61 percent of insurance employers surveyed reported offering a defined contribution plan only and 38.5 percent offer a defined benefit and contribution plan.
With the costs of medical insurance regularly increasing, insurance employers look to other means in order to control costs. According to the 2012 Compensation Data Insurance survey results, the most common of those options is coordination of benefits at more than 90 percent. Pre-existing condition clauses showed the largest increase at 40.5 percent, up from 36.9 percent in 2011.
Technology and the economy have evolved the recruiting landscape for the insurance industry. Based on the 2012 Compensation Data Insurance survey results, more companies are switching to digital methods when recruiting employees. It should come as no surprise that the number of employers using newspaper advertising decreased from 54 percent to 36.5 percent since 2011. The use of job fairs also fell from 63.2 percent to 54.8. In contrast, advertising on the internet has remained steady over the past couple years at an average of 85 percent. Social media is a recently popular recruitment tactic, with 44.3 percent of participants using this method in 2012.
As hospitals balance the effects of the recession, pay range adjustments see little change while the time between continues to grow. The 2012 Compensation Data Healthcare results revealed the actual pay range adjustment of 1.8 percent this year varied little from the 1.7 percent adjustment in 2011, and was in line with the projection of 1.8 percent for 2012.
Healthcare reform has been a hot topic in recent years, and has caused some significant changes for employers concerning prescription coverage. According to the 2012 Compensation Data Healthcare survey, 97 percent of participating healthcare organizations included prescription co-pays in the employee medical plan. Nearly 98 percent of health maintenance organizations (HMO) include a co-pay while 91 percent of high deductible health plans (HDHP) include a co-pay.
During the recession, having a well-developed time-off program is essential for companies looking for a way to compensate employees, without stretching already thin budgets. Now, as companies push toward recovery, time-off programs are one of the cornerstones of highly competitive compensation programs attracting the best talent. The 2012 Compensation Data Healthcare survey results found 75.6 percent of healthcare organizations offer a formal paid time-off (PTO) program to employees.
According to the newly released 2012 Compensation Data Manufacturing & Distribution 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.