Kansas City, Kan. - A few weeks ago, Compdata Surveys published the 2014 Compensation Data Colleges & Universities pay and benefits survey results. Compensation Data Colleges & Universities provides a comprehensive summary of salary data, benefits information and pay practices with an effective date of January 1, 2014. The survey covers more than 950 total job titles, including faculty, higher ed and general staff positions ranging from entry-level to executive. This year's results feature data collected from 413 higher education employers reporting on more than 494,000 incumbents across the country.
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.
Kansas City, Kan. – The average pay increase budget projected for organizations in 2014 is 2.8 percent, up slightly from 2.7 percent reported for 2013, according to Compdata Surveys’ national survey of 40,000 U.S. employers. More than 80 percent of participating organizations indicated having a formal pay range in place, and the average pay range adjustment reported in 2013 was 2.1 percent. This is up slightly from 1.9 percent last year and 1.7 percent in 2011. Organizations expect almost no change for 2014, reporting projected adjustments of 2 percent.
Kansas City, Kan. — Rising insurance costs are forcing employers to re-evaluate the benefit options offered to employees in an effort to reduce their bottom line. Recently, United Parcel Service (UPS) announced changes to their medical insurance plans that will end coverage for working spouses of UPS employees, beginning in 2014.
Kansas City, Kan. – In June 2013, the Bureau of Labor Statistics reported the unemployment rate at 7.6 percent, down from the recession high of 10 percent reported in October 2009. Although the unemployment rate has dropped slowly over the last few years, the 2013 Compensation Data Manufacturing & Distribution survey results show pay increase budgets in the industry have remained very similar this year at 2.9 percent compared to 2.7 percent since 2011. The results indicate employers expect pay increase budgets to remain at 2.9 percent in 2014.
Kansas City, Kan. – Wednesday is Administrative Professionals Day® and administrative assistants and secretaries across the country are being delivered cards, flowers and treated to lunch in appreciation for the services they provide. In addition to the gestures bestowed on this increasingly valuable group of employees, many have also enjoyed increasing salaries over the past year. The Compdata Surveys 2012 BenchmarkPro survey results found executive assistants earn an average base salary of $54,500, up 5.6 percent from 2011.
Kansas City, Kan.— There have been a number of companies making headlines over the last year as details of various wellness initiatives have been leaked to the public. CVS Caremark being the latest, now requires each of their employees to receive health screenings to include weight, cholesterol, blood sugar and blood pressure, or face a $50 per month penalty on their health insurance premiums. Although some may tout these measures as being drastic, they are becoming increasingly common for employers looking to combat the rising cost of healthcare. In fact, the Compdata Surveys Benefits USA 2012/2013 survey results found 34 percent of employers offering wellness programs either provide insurance discounts for employees participating in wellness programs or impose penalties on employees with risk factors, who aren't taking action. That's up from just 25.4 percent in 2009.
Kansas City, Kan. – Scrutiny of executive pay has seen a steady rise over the past few years, due in part to stringent SEC disclosure regulations and the Frank-Dodd Act say on pay requirements. Executive perquisites play no small part in these examinations as many companies offer them as a way to entice and retain the strongest leaders. The Compdata Surveys Executive Compensation 2012/2013 survey results found supplemental life insurance continues to be the perquisite most commonly offered to CEOs at 43.3 percent.
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 Hospitality survey results reported the average annual cost of insurance per employee on a hospitality employer sponsored PPO plan is $6,380. That's up from $4,902 reported in 2009, an increase of 30.2 percent in three years.
Kansas City, Kan.— With slow economic growth and minimal pay increase budgets to work with, it's no wonder companies continue to count every dollar when it comes to benefits planning. Human resources professionals, who are also dealing with the demands of employees to offer more comprehensive coverage, have found that offering voluntary benefits may be the key to boosting the value of their company's benefits plan.