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Time-Off Programs Benefit Healthcare Employers
Date: June 14 2011
Kansas City, Kan.— During the recession, having a well developed time-off program was essential for companies looking for a way to compensate employees, without stretching already thin budgets. Now, as companies push towards recovery, time-off programs are one of the cornerstones of highly competitive compensation programs attracting the best talent. The 2011 Compensation Data Healthcare survey results found 73.8 percent of healthcare organizations offer a formal paid time-off (PTO) program to employees.
PTO programs group together all paid absences, including vacation, sick and personal days. To be eligible to receive PTO, full-time employees must work a minimum average of 35.3 hours per week, while benefits eligible part-time employees must work a minimum of 18.6 hours per week. The average waiting period to receive PTO benefits after the start of employment is 78.1 days.
"Maintaining a healthy work-life balance is more important to workers today than ever before," said Amy Kaminski, director of marketing for Compdata Surveys, the nation's leading pay and benefits survey data provider. "By developing a comprehensive time-off program, employers are helping their employees achieve this balance, and are often rewarded with increased productivity in return."
Nearly 77 percent of healthcare employers use both hours worked and years of service to determine how much PTO an employee has accrued. A full-time employee with one full year of service receives an average of 21.3 days of PTO, while those with five years of service earn 24.8 days. Full-time employees with 15 years of service average 30.9 days per year, compared to those with 30 years of service, 32.4 days.
More than 95 percent of healthcare organizations allow employees to carry over unused PTO, but 76.7 percent place a limit on the number of days that can be carried over. Full-time employees accruing PTO by both hours worked and years of experience may carry over an average of 37.7 days, while part-time employees are allowed to carry over an average of 31.9 days.
About the Survey
Compensation Data 2011 Healthcare surveyed 250 industry-specific job titles and more than 350 benchmark titles ranging from entry-level to top executives. Data was collected from more than 1,100 healthcare employers reporting on nearly 5,300 locations across the country. The results provide a comprehensive summary of pay data, benefit information and pay practices with an effective date of January 1, 2011.
Compdata Surveys is the nation's leading compensation and benefits survey data provider. Thousands of U.S. organizations provide data each year ensuring the reliability of our results. Compdata Surveys has been providing comprehensive data at affordable prices to organizations from coast to coast since 1988. For further information about their compensation and benefit surveys, contact Michelle Willis at (800) 300-9570.