Compdata Surveys & Consulting Blog

Employer-Reported Turnover Rates by Industry

Posted by KC Hall on Jan 14, 2016 8:49:57 AM

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. 

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Topics: employee turnover, Banking & Finance, Utilities, Not-for-profit, Hospitality, Turnover, Insurance, Manufacturing, Healthcare, Turnover Rates, distrbution, Higher Education

Insurance: Projected Pay Increase Budgets for 2016

Posted by KC Hall on Dec 15, 2015 2:04:47 PM

In preparation for 2016, we're publishing 2016 projected pay increase budgets for the industries we survey. 

Today, we're sharing 2016 pay increase budget projections for the Insurance industry.

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Topics: compensation, salary survey, pay increase, Insurance, projected pay increase budget

Retirement Plans More Prevalent for Insurance Employees

Posted by Amy Kaminski on Sep 11, 2012 11:50:23 AM

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.

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Topics: dataLink, Insurance, Retirement Plans

Insurance Employers Seek Healthcare Cost Containment

Posted by Amy Kaminski on Sep 11, 2012 11:45:56 AM

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.

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Topics: dataLink, Insurance, Medical Insurance

Insurance Organizations' Recruiting Practices Shift with Technology

Posted by Amy Kaminski on Sep 11, 2012 10:55:06 AM

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.

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Topics: dataLink, Insurance, Recruiting

Medical Insurance Costs Continue Trending Upward for Insurance Employers

Posted by Amy Kaminski on Aug 21, 2012 3:33:31 AM

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 Insurance survey results reported the average annual cost of insurance per employee on an insurance employer sponsored PPO plan is $8,428. That's up from $7,899 reported in 2010, an increase of 6.7 percent in two years.

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Topics: Benefit News, News, Insurance, Medical Insurance

Insurance employers use wellness to control costs

Posted by Amy Kaminski on Jul 19, 2012 8:32:18 AM

Original Article: BenefitsPro.com

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Topics: In the News, Benefit News, Insurance, wellness, Medical Insurance

Insurance Employers Turn to Wellness Programs to Suppress Rising Costs

Posted by Amy Kaminski on Jul 18, 2012 3:19:12 AM

Kansas City, Kan.— In 2012, nearly two-thirds of insurance employers experienced increases to their medical insurance premiums, according to the 2012 Compensation Data Insurance survey results. The average increase reported by these organizations was 8 percent, down from 9.7 percent reported in 2011 and 9.6 percent in 2010. Despite the drop in the average premium increase, insurance organizations still contribute 10.2 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.

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Topics: Benefit News, News, Insurance, wellness, Medical Insurance

Insurance Organizations Seek Ways to Create a Flexible Work Environment

Posted by Amy Kaminski on Jul 2, 2012 3:17:53 AM

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.

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Topics: Benefit News, time off, News, Insurance

Insurance Employers Scramble to Find Relief on Prescription Costs

Posted by Amy Kaminski on Jun 7, 2012 8:24:44 AM

Original Article: Boston.com

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Topics: In the News, Prescription Costs, Benefit News, Insurance, Medical Insurance

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