Currently, organizations are offering extra vacation time when recruiting, and many allow flexible schedules.
Kansas City, Kan. (PRWEB) June 27, 2008
With gas prices on the rise, many have speculated about the number of trips U.S. employees will take this summer. Despite these concerns, time off packages continue to be a valuable asset when attracting and retaining employees. Whether traveling or relaxing at home, the Compensation Data 2008 preliminary results found exempt employees in their first year are typically given 8.3 vacation days, while non-exempt have 7.
U.S. companies offer a variety of time off packages to employees. The 2008 Compensation Data results found exempt employees have 10.5 days on average after their first year. Those with five to nine years of service earn 14.5 days. In addition to vacation time, exempt and non-exempt employees receive 3.1 personal days and 9.3 holidays a year.
Compensation Data 2008 also reported 57.1 percent of companies allow carryover of vacation days, and 87.5 percent place a cap on the number of days that can be carried over. The maximum number of days allowed for exempt employees is 23.4 days, compared to 22.2 for non-exempt.
“Pay increase budgets have remained unchanged over the last five years, causing companies to bolster time off packages,” said Amy Kaminski, manager of marketing programs for Compdata Surveys. “Currently, organizations are offering extra vacation time when recruiting, and many allow flexible schedules.”
Flexible schedules are one way organizations can cut down on employee commutes. The 2008 Compensation Data preliminary results found 51.6 percent of companies allow flexible schedules. When comparing prevalence among employee groups, they are most offered to technical/professional employees, 40.1 percent. Additionally, 15.6 percent of organizations utilize extra vacation time as a recruiting tactic.
About the Survey
Compensation Data 2008 contains data on 637 job titles ranging from entry-level to top executives. Information was collected from millions of employees across the country. The results provide a comprehensive summary of pay data, benefits information and pay practices with an effective date of March 1, 2008.
Compdata Surveys is the nation’s leading compensation and benefits survey data provider. Data is collected annually from thousands of organizations across the country. Compdata Surveys has been providing accurate, reliable data at affordable prices to organizations from coast to coast since 1988. For further information about the compensation and benefits surveys, contact Lane Odle at (800) 300-9570.
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This press release was distributed through eMediawire by Human Resources Marketer (HR Marketer: http://www.HRmarketer.com) on behalf of the company