2010 - 2011 Bermuda Salary Trends Report
- 1. 2010 - 2011 Bermuda Salary Trends Survey COPYRIGHT@2010, Mark Rim Assets Management Limited, ALL RIGHT RESERVED 2010 - 2011 Bermuda Salary Trends Survey Report
- 2. 2010 - 2011 Bermuda Salary Trends Survey 1 Introduction The enclosed report represents the results of the 2010 - 2011 Bermuda Salary Trends Survey conducted by Mark Rim Assets Management Limited (“MRAM”). Data was collected from 26 business places throughout Bermuda. Every effort has been made to protect the identity of the participating companies. The information identifies salary and bonus trends among the participating companies, and we have presented statistics showing the range of pay changes for each employee level. Finally, we would like to thank the participants for your support in responding to the survey. Disclaimer & Copyright The information provided in this report is for reference only. Whilst MRAM takes great care to ensure the accuracy of the information in this report, no express or implied warranty is given by MRAM as to the accuracy of the information. MRAM shall not be liable for any damages (including, without limitation, damages for loss of business or loss of profits) arising in contract, tort or otherwise from the use of or liability to use this report, or any material contained in it, or from any action or decision taken as a result of using this report or any such material. © 2010 Mark Rim Assets Management Limited. All rights reserved. The information contained in this report is the specific property of Mark Rim Assets Management Limited. This report, or any part thereof, may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, storage in any information retrieval system, or otherwise, without the prior written permission of Mark Rim Assets Management Limited.
- 3. 2010 - 2011 Bermuda Salary Trends Survey 2 Scope and Methodology Objective The aim of this survey is to collect information on the pay trend of employees working in different business sectors in Bermuda. These findings will help companies make pay adjustment on the current staff. Data Collection Method The survey was conducted by a questionnaire sent out in November 2010 along with follow-up telephone calls and emails. Data Analysis The data was analyzed to determine the “25th percentile”, “median”, “average”, or “75th percentile” for percentage of adjustment of annual base salary and performance bonus. Separate analyzes were carried out by grouping the participants according to their business sectors.
- 4. 2010 - 2011 Bermuda Salary Trends Survey 3 Definition Employee Level: Employees are grouped into five categories based on their field’s experience. • Top Executives • Senior Management • Middle Management / Supervisory • Professional / Technical • Clerical 25th Percentile: It is the number of a set of data values which cuts off the lowest 25% of data. Average: A mathematical average of a set of data values. Arithmetic average will not be provided when number of data values used in calculation is 2 or less. 50th Percentile (Median): A middle number of a set of data values which divides the whole set into halves. Median will not be provided when number of the data values used in calculation is 3 or less. 75th Percentile: It is the number of a set of data values which cuts off the highest 25% of data.
- 5. 2010 - 2011 Bermuda Salary Trends Survey 4 Mark Rim Assets Management Limited is very pleased to present the 2010 – 2011 Bermuda Salary Trends Survey Report. Industry Profile Industry Profile Number of Participants Financial 2 Healthcare & Pharmaceutical 3 Insurance/Reinsurance 14 Telecommunications 5 Other 2 Total 26 Size of Company Number of Employees Number of Participants Percent of Participants 1 - 50 18 69% 51 - 100 5 19% 101 - 150 1 4% 301 - 500 1 4% Over 1,000 1 4% Total 26 100%
- 6. 2010 - 2011 Bermuda Salary Trends Survey 5 Fiscal Year End Fiscal Year End Number of Participants Percent of Participants March 4 15% April 1 4% June 1 4% September 1 4% December 19 73% Total 26 100%
- 7. 2010 - 2011 Bermuda Salary Trends Survey 6 Base Salary Out of 26 participants, 23 (88.5%) indicated that they have increased the base salary in 2010. Pay increases in 2010 Number of Participants Percent of Participants Number of Participants Percent of Participants Top Executives 14 53.8% 8 30.8% Senior Management 16 61.5% 6 23.1% Middle Management / Supervisory 20 76.9% 1 3.8% Professional / Technical 20 76.9% 2 7.7% Clerical 19 73.1% 3 11.5% Yes No
- 8. 2010 - 2011 Bermuda Salary Trends Survey 7 Base Salary - 2010 Average pay changes between January 1, 2010 to December 31, 2010 (exclude 0%). All Industries Average pay changes in 2010 Number of Participants 25th Percentile 50th Percentile Average 75th Percentile Top Executives 13 2.0% 3.0% 2.7% 3.0% Senior Management 15 2.0% 2.5% 2.6% 3.0% Middle Management / Supervisory 20 2.0% 3.0% 3.0% 3.5% Professional / Technical 20 2.0% 2.7% 3.5% 3.1% Clerical 19 2.0% 3.0% 2.8% 3.3% 1 (4.3%) organization reported 0% pay increased in 2010.
- 9. 2010 - 2011 Bermuda Salary Trends Survey 8 Base Salary - 2010 By Industry Average % Insurance / Reinsurance Healthcare / Pharmaceutical Telecommunications Top Executives 3.0% - 2.5% Senior Management 2.8% - 2.5% Middle Management / Supervisory 3.5% 2.5% 2.5% Professional / Technical 4.0% - 2.5% Clerical 3.0% 3.3% 2.5%
- 10. 2010 - 2011 Bermuda Salary Trends Survey 9 Base Salary - 2011 Out of 26 participants, 24 (92.3%) are planning to increase the base salary in 2011. Pay increases in 2011 Number of Participants Percent of Participants Number of Participants Percent of Participants Top Executives 15 57.7% 6 23.1% Senior Management 18 69.2% 4 15.4% Middle Management / Supervisory 18 69.2% 3 11.5% Professional / Technical 19 73.1% 3 11.5% Clerical 20 76.9% 1 3.8% Yes No 1 (3.8%) organization reported “To Be Determined”.
- 11. 2010 - 2011 Bermuda Salary Trends Survey 10 Base Salary - 2011 Projected average pay changes between January 1, 2011 to December 31, 2011 (exclude 0%). All Industries Average pay changes in 2011 Number of Participants 25th Percentile 50th Percentile Average 75th Percentile Top Executives 13 2.5% 3.0% 2.8% 3.0% Senior Management 16 2.9% 3.0% 2.9% 3.0% Middle Management / Supervisory 16 2.0% 3.0% 2.7% 3.0% Professional / Technical 17 2.0% 3.0% 3.2% 3.0% Clerical 17 2.0% 3.0% 2.9% 3.0% 1 (4.2%) organization reported 0% pay increases in 2011 and 3 (12.5%) reported “To Be Determined”.
- 12. 2010 - 2011 Bermuda Salary Trends Survey 11 Base Salary - 2011 By Industry Average % Insurance / Reinsurance Telecommunications Top Executives 3.2% 2.5% Senior Management 3.2% 2.5% Middle Management / Supervisory 3.0% 2.5% Professional / Technical 3.7% 2.5% Clerical 3.2% 2.5%
- 13. 2010 - 2011 Bermuda Salary Trends Survey 12 Bonus Pay Out of 26 participants, 17 (65.4%) provide short-term variable pay to the staff. Provide short-term variable pay Number of Participants Percent of Participants Number of Participants Percent of Participants Top Executives 14 53.8% 8 30.8% Senior Management 14 53.8% 9 34.6% Middle Management / Supervisory 14 53.8% 8 30.8% Professional / Technical 14 53.8% 9 34.6% Clerical 14 53.8% 8 30.8% Yes No
- 14. 2010 - 2011 Bermuda Salary Trends Survey 13 Bonus Pay - 2010 Average award as a percent of base salary between January 1, 2010 to December 31, 2010 (exclude 0%). All Industries Average Award as a % of Base Salary in 2010 Number of Participants 25th Percentile 50th Percentile Average 75th Percentile Top Executives 14 51.3% 75.0% 96.2% 100.0% Senior Management 14 20.0% 50.0% 75.0% 75.0% Middle Management / Supervisory 14 13.0% 30.0% 32.4% 39.0% Professional / Technical 14 12.8% 22.5% 23.8% 29.5% Clerical 13 8.0% 10.0% 11.1% 15.0% 1 (5.9%) organization reported 0% award in 2010.
- 15. 2010 - 2011 Bermuda Salary Trends Survey 14 Bonus Pay - 2010 By Industry Average % Insurance / Reinsurance Top Executives 117.7% Senior Management 105.7% Middle Management / Supervisory 46.9% Professional / Technical 31.4% Clerical 14.0%
- 16. 2010 - 2011 Bermuda Salary Trends Survey 15 Bonus Pay - 2011 Projected average award as a percent of base salary between January 1, 2011 to December 31, 2011 (exclude 0%). All Industries Projected Average Award as a % of Base Salary in 2011 Number of Participants 25th Percentile 50th Percentile Average 75th Percentile Top Executives 10 50.0% 67.5% 67.5% 100.0% Senior Management 10 18.5% 50.0% 41.1% 57.5% Middle Management / Supervisory 10 12.5% 22.5% 22.2% 29.0% Professional / Technical 10 11.0% 17.5% 23.0% 25.0% Clerical 10 8.5% 10.0% 10.6% 13.8% 3 (17.6%) organizations reported “To Be Determined”.
- 17. 2010 - 2011 Bermuda Salary Trends Survey 16 Bonus Pay – 2011 By Industry Average % Insurance / Reinsurance Top Executives 76.4% Senior Management 53.7% Middle Management / Supervisory 29.2% Professional / Technical 30.0% Clerical 12.0%
- 18. 2010 - 2011 Bermuda Salary Trends Survey 17 List of Participants Allianz Risk Transfer (Bermuda) Limited Iris Reinsurance Anderson Hill Insurance Limited JRG Reinsurance Company Limited Arch Reinsurance Limited KeyTech Limited Argo Re Limited Merck Sharp & Dohme (International) Limited Bacardi International Limited Novartis International Pharmaceutical Ltd. Bermuda Commercial Bank Limited Oil Management Services Limited Bermuda Digital Communications Limited PartnerRe Limited Bermuda Hospital Board Royal Dutch Shell Company in Bermuda BF&M Insurance Group Sirius International Insurance Corporation Butterfield Fulcrum Group (Bermuda) Limited TeleBermuda International Limited Cable Management Group Tokio Millennium Reinsurance Limited Digicel Bermuda Torus Insurance Bermuda Limited Hiscox Insurance Company (Bermuda) Limited Wind River Reinsurance Company Limited
- 19. 2010 - 2011 Bermuda Salary Trends Survey Contact Information www.markrim.com Telephone: +1(647) 993-3312 Fax: +1(480) 287-8231 Email: [email protected]