In late 2023, the Bureau of Labor Statistics released its employee compensation summary. As with many things, the cost of doing business continues to rise. The report found employer costs for employee compensation for civilian workers averaged $43.93 per hour worked in September 2023. Wages and salaries averaged $30.35 and benefit costs averaged $13.58, according to the report.
In private industry, costs were like civilian employees at $41.35 per hour. Wages and salaries were slightly lower at $29.34, which accounted for 70.6% of employer costs. Benefit costs were also lower at $12.19 per hour worked.
Compensation for government employees (state and local) was higher at $59.90 per hour. Wages and salaries and benefit costs were also higher at $37.09 at 61.9% of employer cost and benefit costs at $22.81.
As we enter a new year, it’s safe to say that the labor market and the needs of employees and employers will continue to ebb and flow, particularly with a number of previously retired workers set to re-enter the workforce. Organizations will also be looking for ways to re-engage employees and improve retention because hiring is still an expensive and time-consuming process.
At Staffing Kansas City, we are here to help you achieve all of your staffing needs, including part-time, full-time and contract positions. Our experienced job recruiters are proud to have a well-established presence among small- and medium-sized businesses throughout Kansas City. We are here to help you in the hiring process, to help you find the right employee the first time. Let us know how we can assist you in 2024!