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October 17, 2011

A Source for Compensation and Benefit Data (and it’s Free!)

Filed under: General HR Buzz6:00 am

Part of my Sunday ritual includes going through the newspaper and pulling out the fliers that have the coupons in them.  It seems we are all trying to cut costs, and when I can find a coupon for a product I already use I am pretty excited!  Although it may be just a few dollars in savings, it somehow helps me justify that Starbucks cup of coffee on Monday morning.

In the work world, I also try to put this frugality philosophy to use by registering early for conferences to get the “early bird” special rate or by renewing a subscription for two years (rather than one) to get a reduced rate.  I recently learned of another source for some free (and valid!) information!  If you are looking for additional data points to assist in analyzing your compensation and benefit costs, the Bureau of Labor Statistics may be a great resource.  Quarterly, they conduct a National Compensation Survey with the most recent data from June 2011 and the next release is due the end of October.

Some of the key tools in the compensation data include detailed average costs of wages and categories of benefits by industry, type of worker, geography, and size of employer.  Historical information in some data points goes back to December 2006.

Are you looking for information to compare your benefit plans?  The survey also includes the incidence of benefits offered to employees, a fact sheet on unmarried domestic partner benefits, and the average employer costs of retirement plans just to name a few.

It is recommended to utilize several statistical reliable and consistent survey sources when comparing your compensation and benefit plans.  Having additional survey data available in your hip pocket is always a good idea.  And when it’s free, it’s an even better idea.

 

 

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