In March 2023, state and local government organizations spent an average of $58 an hour in staff wages and benefits, according to the U.S. Bureau of Labor Statistics (BLS). Their civilian and private sector counterparts managed $43.07 and $40.79 per hour respectively in worker compensation. Management, business, and financial professions attracted the highest mean hourly earnings […]
Category: Compensation
Aug 09, 2023
Jul 05, 2023
The year 2023 has brought significant positive news for employees across several industries. After the 2008 financial crisis, compensation increases, including salary raises, bonuses, and benefits, are being reported. This resurgence in compensation growth marks a milestone in the post-recession recovery and reflects the growing strength and stability of the global economy. Continue reading this […]
May 03, 2023
Compensation is a crucial factor in attracting, retaining, and motivating employees. It is the payment or remuneration given to employees in exchange for the services they render. The amount of compensation that an employee receives depends on various factors, and understanding these factors is essential for employers to design fair and competitive compensation packages. In […]
Jul 20, 2022
Workers for private companies in the Los Angeles Metropolitan Area saw wage increases for a 12-month period ending March 2022. This increase was reported by the Bureau of Labor Statistics (BLS), a division of the U.S. Department of Labor. The 5.2 percent compensation gain overshadows the previous year’s report of a 4.2 percent increase in […]
Jul 13, 2022
Schools are facing a metamorphosis in the fallout of the pandemic involving teacher pay. Innovative schools have led the way toward a new faculty compensation model. Here’s a look at how Graland Country Day School in Denver, Colorado, has pioneered a new model that improves the education system for teachers and students. Need to Update […]
Apr 13, 2022
In today’s job market, it isn’t easy to find and retain great candidates. Moreover, the quit rate levels remain high as employees seek better prospects. Also, as the American population ages, the labor force participation rate is declining. Therefore, to acquire and retain the best talent, you need an effective talent acquisition strategy. Benefits and […]
Mar 10, 2022
While pay hikes make for loyal employees, they can affect your bottom line. So, which compensation components should you increase or add (and how often) to keep your team happy and remain profitable? Here are some practical suggestions for small business owners. Select the Right Compensation Mix Choose a compensation mix to offer your employees […]
Feb 10, 2022
No industry is immune to the ill effects of poor remuneration, including higher education. Compensation studies can help you retain and attract highly talented faculty members in an employee-driven labor market. They can provide valuable insights on the market value of each position and benchmark salary ranges. By compiling a compensation best practices report every […]
Dec 08, 2021
A 2017 Bureau of Labor Statistics (BLS) report revealed that increased compensation helps improve employee productivity. This is true even for higher education faculty. Unfortunately, institutions of higher learning have little to no control over the availability of funds to compensate their faculties appropriately. Other than the higher education stakeholders who determine the availability of […]
Nov 10, 2021
According to a 2021 report by Candid (based on tax filings for over 100,000 nonprofits in 2019), salaries for chief executive officers (CEOs) and executive directors (EDs) in the charitable sector increased steadily between 2015 and 2019. When it comes to nonprofits, executive compensation isn’t just about attracting top talent; it’s also a compliance issue. […]