NEWS ALERT: Total Compensation Costs on the Rise

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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.

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