“These increases are more robust than we’ve seen over the last couple of years.”
(PRWEB) August 29, 2016
Executive pay in the insurance industry increased between 6.5% to 8.7% according to the 2016 Executive and Professional Positions in Insurance Compensation Survey (EPPI). The EPPI Survey is a study by Total Compensation Solutions (TCS), a leading compensation and benefits consulting firm focused on insurance industry pay practices. On average, TCS observed that Chief Executive Officer (CEO) base salaries increased by 8.2% and executive positions below the CEO increased by approximately 6.6% with the exception of the Chief Financial Officer which we saw an increase of 8.7% from last year.
“These increases are more robust than we’ve seen over the last couple of years.” according to Tom Bailey, project director for the EPPI survey. Bailey speculates: “As the economy improves, these companies are offering their employees higher annual salary increases in the form of market-oriented base salaries; and generous bonuses related to individual and company performance to combat the potential of employee defections to other companies.”
The 2016 EPPI Survey (Executive and Professional Positions in Insurance) is a compilation of pay data and personnel policies for over 400 insurance companies of diverse size and lines-of-business. It is the result of comprehensive research on the insurance industry and a valuable tool for Boards of Directors and Executives who lead these companies and who set pay for insurance industry executives, middle managers and professional staff.
The EPPI survey compiles information from multi-state, multi-line insurance companies as well as single-state, mono-line companies throughout the U.S. The survey relates pay to asset size; premium volume; and geographic location illustrating the differentials based on these three factors.
TCS’s EPPI Compensation Survey (Executive and Professional Positions in Insurance) fills a vacuum for timely and accurate survey data on insurance industry positions. This survey, which is compiled by an independent firm, demonstrates how to apply sound salary administration theory that can enhance recruiting, reduce turnover, and potentially improve employee performance. It serves as a reliable, easy-to-use tool for compensation and human resources practitioners to apply sound pay policies and procedures in their everyday work.
Copies of the 2016 EPPI Compensation Survey may be obtained from TCS. If you have questions regarding this report, please call Tom Bailey at TCS - (914) 730-7300 or email questions to: tbailey(at)total-comp(dot)com
Total Compensation Solutions is an independent human resources consulting firm that assists clients in achieving their strategic compensation objectives. The firm uses market data to identify best practices in a variety of topical areas including: board compensation; executive, middle management and staff compensation; performance management; organization structure; health and welfare; and retirement benefits. From offices in Armonk, NY, TCS gathers and reports information on compensation, personnel practices and benefits and as a trusted advisor to management applies the most effective, market-driven solution to each organization’s unique set of circumstances. TCS provides comprehensive compensation consulting services to organizations in a variety of industries. For more information, visit http://www.total-comp.com or contact us at:
Total Compensation Solutions
200 Business Park Drive
Armonk, NY 10504
Phone: (914) 730 – 7300
Fax: (914) 730 – 7303