Florida Salary and Benefits Survey: Merit Raises Higher and Turnover Lower than National Average

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Effective Resources, Inc. releases study data representing more than 1.9 million employees and 214 Florida employers

Companies also have to balance the economic uncertainty of the housing market slump, the war, and a not-to-too-distant election with the lack of skilled labor to find the ‘magic number’ for increases.

Lower employee turnover and higher merit raises are the findings of an annual statewide salary, wage and benefits survey by Effective Resources, Inc. The salary survey -- held in coordination with the HR Florida State Council, a Society for Human Resource Management affiliated council -- covers data from 214 Florida employer participants, representing more than 1.9 million employees.

The regional surveys cover Tampa Bay, South Florida, Central Florida, and Northeast Florida, while the overall survey covers the entire state. The wages reported reflect August 2007 rates, and include industry groups such as banking, finance and insurance, government/education, healthcare, hospitality, manufacturing/distribution, not-for-profit, staffing/employer services and retail.

Among the highlights of the survey’s findings:

  • The average monthly employee turnover for Florida employers is 2.5% -- a slight uptick from 2.4% reported last year but still down considerably from the national average of 3.2%. Monthly turnover rates vary among industry groups, with the highest group being retail at 4.8% followed by hospitality at 4.2% per month. Historically, these two groups have had the highest turnover in our surveys.
  • Continuing a recent trend, the planned average merit increase is still less than 4.0%. The reported 3.9% planned merit increase is one-tenth higher than the national average of 3.8% but remains conservative.

"The merit increase has to be enough to keep current employees satisfied and attract new employees, while not over-extending company funds," said Barry Brown, President of Effective Resources. "Companies also have to balance the economic uncertainty of the housing market slump, the war, and a not-to-too-distant election with the lack of skilled labor to find the ‘magic number’ for increases."

Aggregate wage information is reported for 328 jobs with data break-outs by region/county, industry, company size, and more. The surveys also include an extensively 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.

Visit http://www.salarysurveyonline.com to learn more about the surveys and their availability.

Click here to view a complimentary Executive Summary:
http://www.SalarySurveyOnline.com/Default.asp?Location=ES/SSO_FLES_2007.pdf&RefCode=PressRelease2007

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 our website at: http://wwwEffectiveResources.com

Contact Information:
Barry Brown, SPHR CCP
Effective Resources, Inc., President
Voice: 727-944-2507

This press release was distributed through eMediawire by Human Resources Marketer (HR Marketer: http://www.HRmarketer.com) on behalf of the company listed above.

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Barry L. Brown SPHR CCP
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