Washington, DC (PRWEB) September 3, 2009
Salary structure and merit budget amounts in the energy services sector are consistent with national trends, according to human resources consulting firm Keating Advisors' recently released 2009 Compensation Survey for Energy Services. The average reported salary structure increase for the 2009 fiscal year was 2.5 percent and 2.5 percent is also planned for 2010. The average reported merit increase budget for the 2009 fiscal year was 2.9 percent and 2.9 percent is also planned for 2010.
Other key pay practice findings from Keating Advisors' 2009 Compensation Survey for Energy Services include:
- As employers try to reconcile rewarding high performers with limited budgets, there is a wide range in the amount of merit increase percentage amounts: The range of actual merit increase percentages for the 2009 fiscal year ranged from 0.3 percent at the lowest to 16.6 percent at the highest (excluding promotions and zero-percent increases).
- Variable pay plans: All of the survey participants have some type of variable pay plan, which are most often annual incentive plans or spot-award programs. Most of the participants with a formal annual incentive plan reported that all staff are eligible for the plan (80 percent), while some limit eligibility in the plan to management and other positions (20 percent).
- Other attraction and retention pay practices: Participants are utilizing alternative methods of attraction and retention, including non-cash performance awards (50 percent), sign-on bonuses (83 percent), and referral bonuses (100 percent).
- Long-term incentive plans: Most participants (83 percent) offer a long-term incentive plan, but over half (60 percent) of the participants offer long-term incentives only to the top Executive and direct reports.
About the survey
The 2009 Energy Services Compensation Survey is the first survey conducted to address the demand for industry-specific compensation data for energy services positions. The objective of the survey was to identify competitive pay for energy services jobs among premier energy services companies. The survey sponsor is Pepco Energy Services. The survey reports data for 10 energy services positions, pay policy, and variable practices, including annual incentives, long-term incentives, and sales commissions.
For more information, please contact Jennifer Daniels, Senior Consultant, (202) 680-2677 or jdaniels(at)keatingadvisors(dot)com.
About Keating Advisors
Keating Advisors is a high impact, strategic human resource consulting firm that serves clients by building and implementing human resources systems. Our areas of expertise are Compensation, Organizational Effectiveness, Performance Management, and Talent Acquisition. Our mission is to provide clients with innovative solutions that position them to achieve their strategic goals and objectives. For more information about Keating Advisors, please visit http://www.keatingadvisors.com.