NEWS ALERT: Total Compensation Costs on the Rise

Employers spent 3.8 percent more on wages and benefits in December 2023 compared to September 2023.

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You’re just getting started. Access compliance alerts, tools and more. JOIN NOW       Total Compensation Costs on the Rise   After months of slow growth, employers began spending significantly more on employees' overall compensation in the last month of last year. According to the latest Employer Costs for Employee Compensation report, released today by the U.S. Bureau of Labor Statistics (BLS), employers spent 3.8 percent more on wages and benefits in December 2023 compared to September 2023. Takeaway for employers: The BLS report indicates a greater increase in total compensation costs for employers than expected. Because compensation is often the largest expense line impacting an organization's profit and loss, HR leaders should begin a comprehensive workforce planning review to determine how these quickly increasing costs can be mitigated.    READ MORE   Advertisement     Get a List of the Best HRIS Systems for your Company Finding a new HRIS/payroll solution for your company doesn't have to be a pain. Let the experts at Matchr do the heavy lifting for you! Just tell us what you need, and we'll send you a customized shortlist of the best systems on the market. It's simple - and best of all, free! Join the thousands of HR pros who've trusted Matchr to simplify their system searches for the past 11 years! Get Your Free List Now       Connect with us on social!              1800 Duke Street, Alexandria, Virginia 22314 USA Contact Us | shrm.org This email was sent to manojdole1.Architectural@blogger.com. This email may contain advertisements. Unsubscribe or Change Email Preferences | Terms of Use | Privacy Policy © 2024 SHRM. All rights reserved.