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.
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 Healthcare survey results reported the average annual cost of insurance per employee on a healthcare employer sponsored PPO plan is $8,707. That's up from $6,807 reported in 2009, an increase of 28 percent in three years.
Kansas City, Kan.— In 2012, roughly two-thirds of healthcare employers experienced increases to their medical insurance premiums, according to the 2012 Compensation Data Healthcare survey results. The average increase reported by these organizations was 8 percent, down from 9.5 percent reported in 2011 and 9.4 percent in 2010. Despite the drop in the average premium increase, healthcare organizations still contribute 9.5 percent of their total payroll costs toward providing medical insurance to their employees. Employers everywhere are looking for ways to curtail rising healthcare costs and as a result, many are turning to wellness programs.
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 Healthcare survey results, healthcare organizations are providing considerably more options to their employees in regard to health and wellness programs. With prevention becoming the buzzword, healthcare organizations have taken steps to increase their employees’ health and wellness through various programs. The two programs that show the most change are weight management and access to a physical fitness facility. In 2011, 52.3 percent of organizations offered weight management programs compared to 57.6 percent in 2012, while 46.4 percent of organizations offered access to a physical fitness facility in 2011 compared to 51.9 this year.
As the economy begins to regain its footing, pay increase budgets increased slightly for healthcare organizations. The newly released 2012 Compensation Data Healthcare survey results show that pay increase budgets rose to 2.5 percent, up from 2.4 percent in 2011. Healthcare organizations predict no change in 2013.
The newly released 2012 Compensation Data Healthcare survey results show medical insurance premiums have increased by an average of 8 percent over the last year. This is down from 2011, where the average premium increase reported was 9.5 percent. This year, Health Maintenance Organizations (HMO) plans had one of the largest increases at nearly 9 percent.
Compdata Surveys is excited to announce the release of the 2012 Compensation Data survey results. The national results feature data from 8,172 healthcare providers reporting on 5.1 million incumbents. Companies in other industries provided data on 450 benchmark titles for more than 27,000 locations across the country. Compensation Data Healthcare surveyed 225 industry job titles and 450 benchmark job titles, as well as comprehensive benefit and pay practice information.
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 healthcare 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.