Positive Signs from Florida's Employers: Study Finds Improvements in Employee Turnover Rates, Merit Increases

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Effective Resources, Inc. releases 10th annual survey of Florida salary and benefits data, representing nearly one million employees

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This is the tenth annual salary and benefits survey that we've conducted in the state of Florida and I'm delighted to report that participation in this year's survey rose by 15 percent over last year

Things seem to be looking up for Florida's employers: a new study by Effective Resources, Inc., a leading human resources consulting firm, reports that the state's employers are reporting a lower monthly employee turnover rate as compared to last year, while a greater number are also planning merit increases.

The 2010 - 2011 State of Florida Salary, Wage and Benefits Survey from Effective Resources, Inc., encompasses data from 192 Florida employers who represent nearly one million employees nationwide and approximately 130,500 employees in Florida alone. Among the findings of the 2010 – 2011 survey of Florida's employers:

  • The average monthly employee turnover rate for Florida is 2.1 percent—an improvement over last year's 2.3 percent and the first positive turnover trend in several years. Prior to this year, Florida's average monthly turnover rate rose by one-tenth of one percent each year for several years in a row.
  • The Services and Not-for-Profit sectors experienced the highest turnover at 2.7 percent each, followed by Banking, Finance & Insurance with 2.5 percent turnover.
  • 78.4 percent of Florida employers are planning merit increases next year, which is about five percent more than last year. The state's overall merit increase is projected to be 2.8 percent, lower than last year's 3.2 percent projected increase.
  • 61.4 percent of Florida's employers report a rise in their medical insurance premiums this year of 10 percent or less (versus 65.8 percent last year), while 38.6 percent report a rise of 11 percent or more (versus 34.2 percent last year).

In addition to sharing its statewide survey findings, Effective Resources, Inc. is sharing regional findings for Tampa Bay, South Florida, Northeast Florida, the Gulf Coast, and Central Florida.

The 2010 -2011 findings are broken out by a number of useful categories including industry, region, company size by employees, and company size by sales/assets. There are wage and salary data for 328 jobs in a variety of industry sectors including Banking, Finance & Insurance, Government/Education, Healthcare, Hospitality, Manufacturing/Distribution, Sales (retail/wholesale), Services (business/consumer), and more. In addition, there is extensive benefits reportage 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 issues of importance for today's employers.

"This is the tenth annual salary and benefits survey that we've conducted in the state of Florida and I'm delighted to report that participation in this year's survey rose by 15 percent over last year," said Barry Brown, president of Effective Resources Inc. "This makes our data more encompassing and more relevant than ever, especially as a critical benchmarking and planning tool for the state's employers."

The 2010 – 2011 survey was conducted, tabulated and reported by SalarySurveyOnline.com, a web-based data collection and reporting system designed and managed by Effective Resources, Inc. To learn more about the surveys and their availability, visit http://www.salarysurveyonline.com.

Click here to view a complimentary Executive Summary for the State of Florida: https://www.salarysurveyonline.com/es.asp?refcode=pr2010FL

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

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Barry Brown, SPHR CCP
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