The HR Daily Advisor® recently announced the results of its latest compensation survey, conducted in May 2011. The survey, which garnered 338 responses, looked at what employers are doing to reduce healthcare costs, as well as the general costs associated with providing benefits to each employee.
According to the results, 84% of responding companies reported taking at least one action to reduce healthcare costs in the previous year, while two-thirds plan further cost control in the coming year. In comparison to last year’s survey results, employers reported paying significantly more in annual costs per employee. This year, 56% reported annual costs per employee in the $5,000 to $10,000 range, compared with 47% in last year's survey. Eighteen percent reported costs of over $10,000 per year, compared with 12% reporting the same in last year's survey.
“The results of this survey offer a significant advantage to HR professionals assessing benefit plans for the coming year,” said HR Daily Advisor editor Stephen Bruce, PHR. “As healthcare costs continue to go up, it is more important than ever for HR managers to have a good idea of what’s going on in the field.”
The complete results of this survey can be accessed here, courtesy of HR Daily Advisor:
For more information about the HR Daily Advisor, please visit hrdailyadvisor.blr.com.