To Compensate Employees for their Time Challenges Private Industry

Over the last year, employers have been rallied to create more positions for workers.  In many industries, the cost of employing people has gone up substantially, even in comparison to the previous year.  As a collective, employers in the private industry paid two percent more to workers than in the previous year.  Does this compensation benefit employees directly, or is this increase in compensation consumed by people and things quite removed from the company’s mission?

Comparatively, the 12-month period ending March 2010 saw a 1.6 percent increase in costs of employee compensation.

Among industry supersectors, compensation cost increases for private industry workers for the current 12-month period ranged from 0.6 percent for construction to 2.8 percent for both manufacturing and financial activities.

Among occupational groups, compensation cost increases for private industry workers for the 12-month period ending March 2011 were 1.4 percent for natural resources, construction, and maintenance occupations; 1.9 percent for service occupations; and 2.1 percent for the remaining three groups—management, professional, and related; sales and office; and production, transportation, and material moving occupations.