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.
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.
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.
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.
Original Article: BenefitsPro.com
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.
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.