BALA CYNWYD, PA – May 2009 – Margolis & Company P.C. has conducted its eighth annual Salary Survey for administrative and staff positions within physician practices in the metropolitan Philadelphia area. This survey serves as a valuable resource to hundreds of practices and also acts as a benchmark when reviewing salaries and benefits for staff members.
This year’s salary survey reveals that, in 2008, the average salary increase paid to employees of respondents was 2.5%, which is a bit lower than last year’s average of 3% and 3.4% in 2007. The survey shows that salary increases were based on performance (95%), cost of living (62%) and time on the job (21%). Interestingly, last year’s survey showed salary increases linked to performance at 84% and cost of living increases at 45%. The increases for time on the job remained the same.
An increase in bonus compensation programs is apparent as this year’s survey indicates that 60% of all practices now offer bonuses to their employees. This number climbed from last year’s 48% and 37% in 2007. Additionally, of those practices who offered a bonus or incentive program to their employees, 60% offered this bonus program to all of their employees. This trend could be due to a variety of reasons, including more complex compensation programs. Interestingly, the survey revealed that only 49% of those eligible did, in fact, receive a bonus.
Respondents to this year’s survey report that 84% of all practices offer some type of pension, 401(k) or profit-sharing plan to their employees. This number continues to drop slightly each year; down from 96% in 2006. Of the employers who do offer a 401(k) plan, 63% said that the employee contribution was matched in part by the employer (down from last year’s 70% and closer to a reported 59% in 2007). This statistic continues to rise from only 24% in 2002.
Copies of the Healthcare Salary Survey may be obtained through Margolis & Company at a cost of $50.00. Participants in the survey received a copy of the results at no charge. For more information about the salary survey, or to obtain a copy, please contact Director of Marketing, Lisa Tierney at (610) 784-0155 or via e-mail at firstname.lastname@example.org.