Benefits and compensation can be a large part of your operating budget. According to the March 11, 2015 news release by the Bureau of Labor Statistics (BLS), private industry employers spent an average of $31.32 per hour worked for total employee compensation in December 2014. Wages and salaries averaged $21.72 per hour worked and accounted for 69.4 percent of these costs, while benefits averaged $9.60 and accounted for the remaining 30.6 percent.
Additionally, the Kaiser Family Foundation 2014 Employer Benefit Health Plans survey found that over the last ten years, the average premium for family coverage has increased 69%.
How do your benefits stack up? Are you in compliance with FMLA, HIPAA, COBRA, Health Care Reform, and ERISA? Are you effectively communicating the total value of the compensation package your organization provides to your employees? MRA provides benefits assistance so you don’t have to tackle these challenges alone.
As noted in the BLS numbers above, pay accounts for more than two thirds of total compensation. Aligning total rewards with your business strategy is instrumental in delivering programs that drive business results. Our compensation services help with pay structure, variable pay plans, and an overall strategy to respond to a dynamic marketplace and internal pay equity questions.
Benefit programs and pay structures should be based on credible and relevant data. MRA’s compensation and benefits surveys include local, regional, and national data and are segmented by industry type and employment size to give you exactly the data you need to make informed decisions.