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.
We're in the process of releasing projected 2016 pay increase budgets for several industries. Up today? Utilities! Here is what utility employers are projecting for pay increase budgets in 2016:
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 Utilities survey results reported the average annual cost of insurance per employee on a utilities employer sponsored PPO plan is $8,602. That's up from $8,131 reported in 2010, an increase of 5.8 percent in two years.
Kansas City, Kan.— In 2012, roughly two-thirds of utilities industry employers experienced increases to their medical insurance premiums, according to the 2012 Compensation Data Utilities survey results. The average increase reported by these organizations was 11.6 percent, down from 12.5 percent reported in 2011. Despite the drop in the average premium increase, utilities organizations still contribute 10.4 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.
As the economy begins to regain its footing, pay increase budgets increased only slightly for utilities. The newly released 2012 Compensation Data Utilities survey results indicate pay increase budgets rose to 2.8 percent, just above the expected 2.7 percent for 2012. An increase to 2.9 percent is expected in 2013.
According to the newly released 2012 Compensation Data Utilities survey results, utilities employers are providing considerably more options to their employees concerning health and wellness programs. With prevention becoming the buzzword, organizations have taken steps to increase their employees’ health and wellness through various programs.
The newly released 2012 Compensation Data Utilities survey results show medical insurance premiums have increased by an average of 11.6 percent over the last year. This is down from 2011, where the average premium increase reported was 12.5 percent. This year, Preferred Provider Organizations (PPO) plans had one of the largest increases at 12.4 percent.
Compdata Surveys is excited to announce the release of the 2012 Compensation Data Utilities survey results. The national results feature data from more than 1,200 utilities reporting on more than 195,000 employees across the country. More than 34,000 companies in other industries provided data on 400 benchmark titles. Compensation Data Utilities surveyed 115 industry job titles and 400 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 utilities 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.