Kansas City, Kan. -- The newly released Compensation Data – Florida annual survey of 271 companies found pay increase budgets are 3.90 percent for 2007 and are projected to decrease slightly to 3.89 in 2008. Florida pay increase budgets have increased in the last year, as pay increase budgets were 3.65 percent in 2006.
Although the results show pay increase budgets for Florida have increased, this trend is also seen nationally. National pay increase budgets were 3.65 percent this year, which is below the state average. When compared to the rest of the state, pay increase budgets were highest in the Tallahassee area, 4.01 percent and lowest in the Pensacola area at 3.51 percent.
Florida pay increase budgets vary slightly by industry. Results showed companies in the technology industry had the highest, 5.38 percent. Though health care organizations had the lowest with 3.37 percent, they have remained consistent with last year’s pay increase budget for the industry, 3.38 percent.
"To attract and retain top performers, employers should ensure they’re offering a complete compensation package," said Amy Kaminski, manager of marketing programs for Compdata Surveys. "Because not all employees are motivated by routine raises, organizations should look to other methods to boost their compensation packages. These could include increased time off and the introduction of flexible schedules."
About the Survey
"Compdata Surveys offers pay and benefits data on 539 job titles for organizations across the country," said Kaminski. "The results allow users to compare data by company size, industry and geographic region allowing customers to find information best fitting their needs."
Compensation Data 2007 – Florida contains data on 509 job titles ranging from entry-level to top executives. Information was collected on more than 353,000 employees across the state. The results provide a comprehensive summary of pay data, benefits information and pay practices with an effective date of March 1, 2007. Compdata Surveys, www.compdatasurveys.com, has been providing accurate, reliable data at affordable prices since 1988. For further information about the compensation and benefits surveys, contact Lane Lyons Odle at (800) 300-9570 or lodle[at]compdatasurveys.com.
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