The 2016 Compensation Data Healthcare results are now available! It's worth noting, this year's results feature data from more than 10,500 healthcare employers with more than 10 million employees across the country! That's a lot of data - data that you can put to work for your organization.
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.
With only about 3 weeks left until the new year, many organizations are gingerly balancing year-end closeouts with 2016 planning and budgets. Even if your fiscal year doesn't line-up with the calendar year, we have some information that may be helpful as 2016 approaches: projected pay increase budgets. We've been sharing this information for several industries, and, today, we give you projected 2016 pay increase budgets for the healthcare industry:
Kansas City, Kan. – As the national unemployment rate continues to drop slowly, turnover rates are inching up. The average total turnover rate reported for healthcare employers in 2015 is 19.2 percent, according to Compdata Surveys’ national survey, Compensation Data Healthcare, surveying 10,250 healthcare facilities. That’s up from 17.7 percent reported in 2014. The average voluntary turnover rate also increased this year, at 14.4 percent in 2015, up from 13.1 percent the previous year.
Kansas City, Kan.— In 2015, nationally, healthcare employers are contributing 9.5 percent of their total payroll costs toward providing medical insurance to their employees, according to the 2015 Compensation Data Healthcare survey results. In an effort to contain rising healthcare costs, many are turning to wellness programs. So, how does the industry that gets people well and keeps people well handle wellness for its employees?
Last month, Compdata Surveys published the 2014 Compensation Data Healthcare pay and benefits survey results. The survey covers nearly 250 industry-specific job titles and 400 general industry titles ranging from entry-level to top executives. In addition to salary data, Compensation Data Healthcare contains comprehensive pay practices and benefits information. 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.
Original Article: New York Times
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.