executive summary. state of florida salary, wage & benefits survey. a comprehensive survey with regional details

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1 executive summary state of florida salary, wage & benefits survey a comprehensive survey with regional details

2 executive summary State of Florida Salary, Wage and Benefits Survey A comprehensive survey with regional details Since 2001, Effective Resources, Inc. has been providing salary, wage, and benefit data for the State of Florida and its major metropolitan regions via SalarySurveyOnline.com. This survey is unlike any other in that it s put together by compensation professionals with the active support of the Society for Human Resource Management s (SHRM) HR Florida State Council and its network of thousands of Human Resource professionals. In other words, it s developed by professionals for professionals. The survey is an invaluable source of information for employers of all sizes, business owners, Human Resource professionals, and educational institutions with graduating seniors. Wage and salary data is provided for 328 jobs in a variety of easy-touse breakouts including Industry, Company Size by Employees, and Company Size by Sales/Assets (see Rates for Selected Jobs). The survey also contains comprehensive benefits sections with details for medical premium increases, life insurance and disability plans, medical out-ofpocket costs, 401(k) matching, vacation and sick time, and other important issues facing today s employers. The following Executive Summary provides an overview of this year s survey results. METHODOLOGY The State of Florida Salary, Wage and Benefits Survey, and its regional surveys, were conducted, tabulated and reported by SalarySurveyOnline.com, a web-based data collection and reporting system. For returning survey participants, basic company information was provided upon login for review and updating as necessary. Additionally, returning participants had access to their prior year data submitted to aid in survey completion. Beginning summer 2007, SalarySurveyOnline.com ed monthly survey information to all individuals in its database. More than 11,000 individuals were ed invitations to participate via the web site. Partially 2

3 Other Florida Areas Combined Central Florida 13.1 Northeast Florida 14.0 South Florida Tampa Bay completed or inadequate responses are excluded from this report. The collection period was from August 1, 2007 through September 7, Real-time and server validations are built into the questionnaire process. These checks flag data that is unexpected or out of acceptable range (i.e. below minimum wage) as it is being entered providing the participant opportunity to review and/or correct their entry. A final validation check flags other errors or shortcomings to survey completion and provides areas of correction to the participant. In order for the survey to be accepted, the participant had to correct these issues. Data was collected from participating firms representing 1,932,329 employees with 149,643 employees in the survey area. Surveys were compiled for Central Florida, Northeast Florida, South Florida, Tampa Bay and the State of Florida. The wages reported are those in effect as of August, 2007 for Banking and Finance, Government/Education, Healthcare, Hospitality, Manufacturing and Distribution, Retail, Staffing, and other industry groups. Compensation data for 346 positions in 17 functional areas was surveyed. Wage and salary data is provided for 328 jobs in a variety of easy-touse breakouts including Industry, Company Size by Employees, and Company Size by Sales/Assets. The survey includes comprehensive benefits sections with details for medical premium increases, life insurance and disability plans, medical out-ofpocket costs, 401(k) matching, vacation and sick time, and other important issues facing today s employers. PARTICIPANT COMPANY PROFILE This year s survey was completed by 214 companies with employees in Florida. The charts below describe the mix of participants by geographic region and industry. Since our survey originated in Tampa Bay, that region historically has had the highest participation. % of Participation by Region Manufacturing, Not-For-Profit, Banking, Finance & Insurance, Government/Education, and Health Care are relatively well represented in the survey. The Other industry category 3

4 remains a large group even though we annually review those companies looking for a set that we can break-out into its own industry category. % of Participation by Industry Retail, 2.8 Staffing & Employer Services, 1.9 Banking, Finance & Insurance, 10.3 Govt/Edu, 10.3 Other, 23.4 Health Care, 14.5 Not-For- Profit, 16.4 Mfg/Dist, 17.3 Hospitality, 2.3 Mining, Chemicals & Utilities, 0.9 MERIT INCREASES The overall merit increase continues to hover at 3.9 percent, slightly more than 3.8 percent reported for US average in national surveys. 1 The increase has to be enough to keep current employees satisfied and attract new employees while not over-extending company funds. Companies also have to balance the economic uncertainty of the housing market slump and a not-to-too-distant election with the lack of skilled labor to find the magic number for increases. This rate hasn t changed much more than one-tenth of a percent for years /2008 US Compensation Planning Survey, Mercer HR Consulting; 2007 WorldatWork Salary Budget Survey 4

5 Merit Percentage Planned Merit Increase Company size seems to affects merit increases as well. Employers with 50 to 199 employees plan 4.4 percent average increases while employers with 750 or more employees plan 3.6 percent. One may logically attribute the difference to the ability of larger employers to offer more desirable benefits packages and opportunities for advancement with which smaller employers find it difficult to compete. SALARY RANGE ADJUSTMENTS Planned Salary Range Adjustments had been up slightly for the prior two years and had been steadily moving up from 3.4 percent in However, the planned adjustment this year for exempt pay structures is 3.5 percent compared with 3.9 percent the previous year. Non-exempt pay structures this year are at 3.5 percent compared with 3.6 percent the previous year. Employers are being cautious in the planning and budgeting processes. TURNOVER Although Florida s 4.0 percent unemployment rate in August 2007 is a 0.7 percent increase over August 2006, it remains well below the national rate of 4.6 percent. 2 Competition for workers continues to be a real issue for employers. The overall average monthly turnover rate shows an increase of one-tenth of one percent each year for the last three survey years to 2.5 percent this year. There are no remarkable results to report: Smaller companies experience higher average monthly turnover rates than larger 2 United States Department of Labor, Regional and State Employment and Unemployment Summary, August

6 14.0 First Day Days -2 Months employers; Retail and Hospitality experienced the highest turnover at 4.8 and 4.2 percent respectively. Both of these trends had been well established in our surveys through the years. BENEFITS Employee increased of-pocket annual out-of-pocket expenses for employee only coveragee has $61.40 this year. After three years of decreases in family out- expenses, we see an increase this year of $ The employee s portion of the medical premiumm for employee only and dependent coverage hasn t varied by more than +/- 2 percent over the last five years. This year happens to be an up year with the employee paying 29.6 percent for employeee only and 52.6 percent for dependent coverage. The ongoing decrease of first day eligibility for Short Term Disability (STD) coverage is balanced by the increase of 2 days to 2 months and 3 to 5 months coverage. Long Term Disability (LTD) eligibility for coverage shows similar movement in a decrease in 2 days to 2 months and an increasee to the ranges covering 6 months to one year waiting periods. The shift is subtle, but has been moving in that direction for the last several years for both STD and LTD. % 2008 % 2007 Summary STD Waiting Periods Medical premiums come as somewhat positive news for 75.2 percent of employers in the form of single digit increases - a full one percent more than last year s survey results. Only five years ago we were seeing premium increases of 20 percent or more. Most employers have obviously heard the wakeup calll and have instituted measures to reverse the double- still digit increase trend. Conversely, though, a quarter of employers are getting hit with high premium increases and haven t found (or haven t looked for) the solutions that are obviously effective and available Months Months Months More than 1 year 6 COPYRIG GHT 2007 SALARYSURVEYONLINE.COM ALL RIGHTS RESERVED Employers are becoming quite adept with the refinement of balance between pay and benefits to hold down costs and still retain and attractt employees.

7 Job Title Rates for Selected Jobs A sampling of some jobs across the State are listed below. Note that the rates reflect average weighted annual base pay only and do not include differentials, premiums or incentives. Accounts Payable Clerk 29,945 Accountant 39,917 Accounting Manager 64,752 Controller 101,603 Director of Finance 109,761 Receptionist/Switchboard Operator 23,928 Administrative Assistant 33,476 Executivee Secretary 42,061 Human Resource Assistant 31,938 Human Resource Director 90,722 State of Florida Average Weighted Base Pay Change $ $ % 28,419 39,259 64,375 92, ,980 22,321 34,955 40,110 32,331 87, % 1.7% 0.6% 9.4% 1.6% 7.2% -4.2% 4.9% -1.2% 3.9% Job Report Each of the 328 jobs reports contain a full page of data as shown to the right to include the job description, number of companies and number of incumbents reporting, average hire rate, average weighted pay rate, pay range, bonus, rate by union status, rate by region, rate by industry and rate by company size. 7 COPYRIG GHT 2007 SALARYSURVEYONLINE.COM ALL RIGHTS RESERVED

8 Accessing Survey Results The surveys at SalarySurveyOnline.com are excellent support tools for your benchmarking, planning and budgeting processes. Our surveys afford you the ability to review benefits and compare your pay rates with others of similar size, industry and geographic region so you can make informed decisions. Survey results are available in a variety of formats to suit your work style and priced to fit the tightest budget. To review the surveys available and/or purchase the results, click the SalarySurveyOnline.com link on your local SHRM chapter website, go directly to or call us at (800) during normal business hours. Our managing firm, Effective Resources, Inc., also provides consulting services in compensation planning, performance management, incentive plan design, market pricing, Affirmative Action Plans, employee opinion surveys, and other analytically-demanding projects. Developers of SalarySurveyOnline.com Effective Resources, Inc The information in this work is provided as is, without warranty, expressed or implied, including but not limited to warranties of correctness and fitness for a particular purpose. Although every precaution has been taken to ensure the accuracy and completeness of the information presented in this work, SalarySurveyOnline.com, Effective Resources, Inc., TiberTech Enterprises, Inc. or any employees or associates thereof will have no liability to any person or entity with respect to any loss or damage caused or alleged to be caused directly or indirectly by the information contained in this work. 8