The economy seems to be chugging back, albeit at a slower pace than anyone would like. In manufacturing companies across the United States, where pay increase budgets remain low and pay freezes continue, they are searching for new ways to reward loyal employees.
Compdata Surveys has released a survey that shows time off is one way manufacturers are doing so. According to the 2010 Compensation Data Manufacturing survey, the vast majority of manufacturing firms use years of service to determine paid vacation day accruals. Among the other findings:
- Exempt employees with 5 years of service average 13.2 days of vacation per year,
- Exempt employees who have 10 years of service average 16.4 vacation days, and
- Employees with 20 years of service have an average of 20.8 vacation days.
Besides paid vacation, many employees are also granted paid personal days and sick days each year. The survey showed that, on average, exempt and non-exempt employees are allowed 3 personal days annually. On average, exempt employees receive 6 sick days and non-exempt employees receive 5 sick days.
“In retaining top employees, many organizations are finding enhancements to time off programs may be a viable alternative to granting pay increases,” said Amy Kaminski, director of marketing for Compdata. “Until effects of the economic recovery can be felt, it will remain important for companies to be creative and make the most of their compensation budgets.”
Benchmark Your PTO Practices with Other Employers
2010 Paid Time Off Survey Results (Summary)