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Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

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How do I get a salary survey?

One of the largest and most comprehensive sources of free salary information is the Bureau of Labor Statistics (BLS). The BLS has salary survey data for many different positions in various industries as well as for specific geographic locations.

Is cost of labor going up?

Employer labor expenses also include benefits. ing to AON, average costs for employers in the U.S. will increase 6.5 percent to more than $13,800 per employee in 2023. This is a huge jump from 2022 when the costs rose 3.7% from 2021.

How long does it take to do a compensation analysis?

This step could take up to six to eight weeks, depending on the size of your organization. This information is usually embedded in the company handbook, and the deeper philosophy sits with the CEO or HR Heads. A compensation philosophy discusses the organizations compensation philosophy and how they reward employees.

How much does a compensation survey cost?

Companies with fewer than 500 employees spend an average of $2,000 annually on salary surveys, and companies with more than 5,000 employees spend up to $15,000 or more each year on these important data sources.

Why a compensation survey is needed?

A compensation survey is a popular technique that an organization can utilize to ensure employees are given fair wages and benefit packages. The results of the survey should provide key insights into job roles and salaries, that will assist employers in determining and optimizing their own compensation strategies.

What is the US Employment Cost Index?

The Employment Cost Index is a BLS survey of employer payrolls conducted that measures the change in total employee compensation each quarter. It is used by a wide variety of stakeholderseconomists, investors, employersto track the state of the economy or set payscales for their employees.

What is included in a compensation survey?

The specific breakouts can vary from survey to survey, but typically include options such as employer size, industry, company revenue, non-profit status, union status, and geographic location. Some reports also provide breakouts related to the number of years the individual employees have been with their organizations.

Is ECI inflation adjusted?

The technical note in the ECI Constant Dollar historical listing further explains how ECI indices are adjusted to produce inflation-adjusted estimates.

What is the difference between CPI and ECI?

While the CPI is a measure of inflation in consumer prices, the ECI is vital as an indication of whether employment cost changes are rising or falling and so it measures inflation of wages, and employer-paid benefits.

Who conducts a national compensation survey?

Produced by the Bureau of Labor Statistics (BLS) in the US Department of Labor, the National Compensation Survey (NCS) provides comprehensive measures of occupational earnings; compensation cost trends, benefit incidence, and detailed plan provisions.

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Learn how to Index Wage Settlement For Free in a few simple steps

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How to Index Wage Settlement For Free