Last year, only 56 percent of employers planned to give an increase. This year, 76 percent are planning increases.
Knoxville, TN (PRWEB) October 02, 2011
Tennessee's employers are reporting a slightly higher monthly employee turnover rate than they did last year-and a rate that is about half of the national average. Even so, significantly more are planning merit increases than last year. These are just a few of the key findings reported in the 2011 - 2012 State of Tennessee Salary, Wage and Benefits Survey, presented by Effective Resources, Inc., a leading human resources consulting firm.
The 2011 - 2012 survey encompasses data from 222 Tennessee employers who represent well over 1.9 million employees nationwide and more than 82,600 employees in Tennessee alone. The survey was sponsored by the Tennessee SHRM (Society for Human Resource Management) State Council, Inc. with the active support of the Tennessee Chamber of Commerce and Industry.
Among the findings of the 2011 - 2012 survey of Tennessee's employers:
- The average monthly employee turnover rate for Tennessee is 1.7 percent-slightly higher than last year's turnover rate of 1.6 percent and about half of the national average of 3.0 percent as of July 2011.
- The Hospitality & Restaurant sector experienced the highest turnover at 4.1 percent, while the Manufacturing/Distribution sector experienced the lowest turnover at 1.1 percent. These are typical results.
- Roughly 76 percent of Tennessee's employers are planning merit increases for this year-a significant increase from the 56 percent who planned increases last year. The state's overall merit increase is projected to be 2.8 percent for this year and next year, which is on target with last year's projections.
- Regarding employee benefits costs, the good news is that 71.6 percent of Tennessee employers reported an increase of 10 percent or less in their medical insurance premiums. The bad news is that 28.4 percent reported an increase of 11 percent or more in their premiums. Overall, this is a slight improvement over last year.
In addition to sharing its statewide survey findings, Effective Resources, Inc. is sharing regional findings for East Tennessee, Middle Tennessee and West Tennessee.
"This is the third annual salary and benefits survey that we've conducted in the state of Tennessee and we're happy to report that participation in this year's survey rose by 3.3 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 2011 - 2012 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
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