merit raises for state of florida employees
Reduced employee turnover and a steady increase in merit raises are the findings of an annual statewide salary, wage and benefits survey by Effective Resources, Inc., held in coordination with the HR Florida State Council, a Society for Human Resource Management affiliated council. The salary survey includes data reported from over 250 Florida employer participants, representing more than 1.4 million employees.
The regional surveys cover Tampa Bay, South Florida, Central Florida, Gulf Coast, Space and Treasure Coast, Northeast Florida and the overall survey covers the entire State of Florida. The wages reported are as of August, 2006, and include industry groups such as Banking, Finance and Insurance, Government/Education, Healthcare, Hospitality, Manufacturing and Distribution, Not-for-Profit, Staffing/Employer Services and Retail.
Among the highlights of the survey:
- Employee turnover has decreased over the past two years for Florida employers. The average rate in Florida is 2.4% … a slight up tick from 2.3% reported last year but still down considerably from 2.9% the previous year. Monthly turnover rates since last year vary among industry groups with the highest group being Retail at 3.9% followed by Hospitality at 3.3% per month. Historically, these two groups have had the highest turnover in our surveys.
- Continuing the trend that started in recent years, the planned average merit increase is less than 4.0%, but climbing by tenths of a percent towards the 4.0% level of the ‘90’s. The reported 3.9% planned merit increase is one-tenth higher than last year and remains conservative as many employers are still uncertain about the economy, political impact on their business, and the ongoing automatic wage increases from Florida’s minimum wage bill.
Aggregate wage information is reported for 333 jobs with data break-outs by region/county, industry, company size, and more. The surveys also include an extensive, detailed nine-section benefits report with details for medical premium increases, life insurance and disability plans, medical out-of-pocket costs, 401(k) matching, vacation and sick time, and other important issues facing today’s employers.
“Even with war and political strife, our economy seems to be healthy, and economic recovery seems to be strong,” said Barry Brown, President of Effective Resources. “Compensation and benefits continue to receive careful attention, especially since they comprise such a large portion of the business costs.”
“Competition for skilled employees, especially those with technical skills at all levels and of all types, will continue to be a major battle in the labor market,” he added.
Visit http://www.salarysurveyonline.com to learn more about the surveys and their availability.
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About Effective Resources
Effective Resources, Inc. is a leading human resources consulting firm specializing providing companies assistance with compensation issues, affirmative action plan preparation, salary surveys, employee opinions surveys as well as other areas of human resources. Effective Resources, Inc. has been in business since 1992. Visit its website at: http://wwwEffectiveResources.com
This press release was distributed through eMediawire by Human Resources Marketer (HR Marketer: www.HRmarketer.com) on behalf of the company listed above.
Barry L. Brown SPHR CCP
Effective Resources, Inc.