There are other ways to recognize, reward and motivate employees. Rather than increasing base pay, consider using lump-sum merit increases. They do not increase base pay and the associated costs, but still recognizes the employee’s performance.
Clearwater, FL (PRWEB) October 2, 2008
Lower employee turnover and lower 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 245 Florida employer participants, representing more than 1.5 million employees.
The regional surveys cover Tampa Bay, South Florida, Gulf Coast, Central Florida, and Northeast Florida, while the overall survey covers the entire state. The wages reported reflect August 2008 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 1.8%—considerably lower than the 2.5% reported last year and much less than the national average of 3.1%.
- A marked decrease in merit increases. The reported 3.6% planned merit increase is lower than the national average of 3.8% and is down from 3.9% as reported in last year’s survey.
“To retain your best performers, don’t forget about non-cash incentives” suggests Barry Brown, president of Effective Resources Inc., the owners of SalarySurveyOnline.com. “There are other ways to recognize, reward and motivate employees. Rather than increasing base pay, consider using lump-sum merit increases. They do not increase base pay and the associated costs, but still recognizes the employee’s performance.”
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:
About Effective Resources
Effective Resources, Inc. is a leading human resources consulting firm specializing in providing companies assistance with compensation issues, affirmative action plan preparation, salary surveys and 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
Barry Brown, SPHR CCP
Effective Resources, Inc., President
E-Mail: barry @ effectiveresources.com
This press release was distributed through eMediawire by Human Resources Marketer (HR Marketer: http://www.HRmarketer.com) on behalf of the company listed above.