Kansas City, Kan.— During the recession, having a well developed time-off program was essential for companies looking for a way to compensate employees, without stretching already thin budgets. Now, as companies push towards recovery, time-off programs are one of the cornerstones of highly competitive compensation programs attracting the best talent. The 2011 Compensation Data Insurance survey results found employers offer exempt employees with one full year of service an average of 10.8 vacation days, while non-exempt employees receive 10 days.
Exempt employees with five years of service earn 14.5 days of vacation, compared to those with ten years of service, 17.4 days. Employees with 15 years of service receive 19.5 vacation days. In addition, both exempt and non-exempt employees are granted an average of three personal days and eight sick days each year. The average waiting period for employees to receive time-off benefits after the start of employment is 59.9 days.
“Maintaining a healthy work-life balance is more important to workers today than ever before,” said Amy Kaminski, director of marketing for Compdata Surveys, the nation’s leading pay and benefits survey data provider. “By developing a comprehensive time-off program, employers are helping their employees achieve this balance, and are often rewarded with increased productivity in return.”
Formal paid time-off (PTO) programs are gaining prevalence, as the survey results found 50.6 percent of insurance employers now offer a PTO program to employees. PTO programs group together all paid absences, including vacation, sick and personal days. Exempt employees with at least one year of service earn an average 17 days of PTO per year. Those with five years of service receive 21 days, while those with ten years of service average 24 days.
More than 90 percent of insurance organizations allow employees to carry over unused PTO, but 89.9 percent place a limit on the number of days that can be carried over. Exempt employees may carry over an average of 21.8 days, while non-exempt employees are allowed to carry over an average of 19.6 days.
About the Survey
Compensation Data 2011 Insurance surveyed more than 100 industry-specific job titles and 350 benchmark titles ranging from entry-level to top executives. Data was collected from 210 insurance employers reporting on nearly 1,750 locations across the country. The results provide a comprehensive summary of pay data, benefit information and pay practices with an effective date of January 1, 2011.
Compdata Surveys is the nation’s leading compensation and benefits survey data provider. Thousands of U.S. organizations provide data each year ensuring the reliability of our results. Compdata Surveys has been providing comprehensive data at affordable prices to organizations from coast to coast since 1988. For further information about their compensation and benefit surveys, contact Michelle Willis at (800) 300-9570.