If you can afford a merit increase, do it.
Knoxville, TN (PRWEB) October 5, 2009
Lower employee turnover and lower merit raises are the findings of annual salary, wage and benefits surveys by Effective Resources, Inc.
The salary survey -- held in coordination with the Tennessee SHRM State Council Inc., a Society for Human Resource Management affiliated council --covers data from 164 Tennessee and 167 Florida employer participants, representing more than 1.9 million employees.
The Tennessee regional surveys cover East, West and Middle Tennessee with an overall survey covering the entire state. The Florida regional surveys cover Tampa Bay, South Florida, and Northeast Florida, while the overall survey covers the entire state. The wages reported include industry groups such as banking, finance and insurance, government/education, healthcare, hospitality and restaurants, manufacturing/distribution, not-for-profit, services (business/consumer) and sales (retail/wholesale) and more.
Among the highlights of the survey's findings for Tennessee:
- The average monthly employee turnover for Tennessee employers is 2.3%--considerably lower than the national average of 3.6%.
- The reported 3.5% planned merit increase is higher than other reported averages of 2.8% to 2.9% for the state and lower than the national average of 3.8%.
Among the highlights of the survey's findings for Florida:
- The average monthly employee turnover for Florida employers is 2.3%--considerably higher than the 1.8% reported last year but much less than the national average of 3.6%.
- A marked decrease in merit increases. The reported 3.2% planned merit increase is lower than the national average of 3.8% and is down from 3.6% as reported in last year's survey.
"If you can afford a merit increase, do it." suggests Barry Brown, president of Effective Resources Inc., the owners of SalarySurveyOnline.com. "When things start to return to normal, you'll be in a more competitive position. If not, consider non-cash rewards and don't hesitate to budget merit increases when your company's survival is a little more certain."
Aggregate wage information is reported for over 300 jobs with data break-outs by region, industry, company size, and more. The surveys also include an extensively detailed eight-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 SalarySurveyOnline.com to learn more about the surveys and their availability.
Click here to view a complimentary Executive Summary for the State of Tennessee:
Click here to view a complimentary Executive Summary for the State of Florida:
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: EffectiveResources.com
Barry Brown, SPHR CCP
Effective Resources, Inc., President
This press release was distributed through PR Web by Human Resources Marketer (HR Marketer: http://www.HRmarketer.com) on behalf of the company