McGriff Employee Benefits releases its 2023 Paid Leave and Compensation Survey
October 3, 2023
Charlotte, NC – McGriff today released its 2023 Paid Leave and Compensation Survey, a comprehensive report providing insights into employer paid leave and compensation trends in the United States.
The survey, the latest in a series from the McGriff Employee Benefits division, is based on responses from 412 employers across the nation in several major industries. Key findings include:
- The larger the employer the more likely it is to provide a more robust leave and compensation plan
- Nearly all employers offer paid vacation, while more than half offer paid sick leave to their employees
- Less than one-third of employers offer both maternity and paternity leave
- Almost half of employers pay whatever is necessary to fill an open position and over half rely on cost-of-living adjustments or performance for base pay increases
“With our national survey results again pointing to the importance of retention in today's employment market, we are excited to share the results of this targeted survey with employers who are looking to shore up their paid leave offerings,” said Janie Warner, McGriff Human Resources Practice Leader.
“We're grateful to the employers who took the time to complete our latest survey. We know this information will be a tremendous asset to employee benefits decision makers as they plan for potential benefit enhancements this year,” said Nick Pearce, healthcare actuary and director of Employee Benefits Insights and Analytics for McGriff.
A subsidiary of Truist Insurance Holdings, McGriff is a full-service broker providing insurance, risk management and employee benefit solutions to clients across the United States. The firm’s coverages include commercial property and casualty, corporate bonding and surety services, cyber, management liability, captives and alternative risk transfer programs, small business, title insurance, personal lines, and life and health. Visit www.mcgriff.com for more information.
About Truist Insurance Holdings
Truist Insurance Holdings, LLC.(opens in a new tab), the fifth largest insurance broker in the U.S., is a wholly owned subsidiary of Truist Financial Corporation (NYSE: TFC). Truist Insurance Holdings operates more than 250 offices through its subsidiaries: McGriff Insurance Services, Inc.; CRC Insurance Services, Inc.; Crump Life Insurance Services, Inc.; AmRisc, LLC; and its Premium Finance companies (AFCO Credit Corporation, Prime Rate Premium Finance Corporation, Inc., and CAFO Inc.). To learn more, visit www.truistinsurance.com.
Insurance products and services offered through McGriff Insurance Services, LLC, a subsidiary of Truist Insurance Holdings, LLC, are not a deposit, not FDIC insured, not guaranteed by a bank, not insured by any federal government agency and may go down in value.
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