STAFDA’s HR Consultant, Nancye Combs provides her Compensation Trends Report to members in the Fall each year to be sure you have the most current information as you are planning your salary budget for the next year. below is this year’s Report and a message from Nancye.
I have been waiting for the Social Security Administration to report the Cost-of-Living for 2025. It happened this morning and now I can send you the Compensation Budget Planning Report for 2025. I send this report to my clients in the Fall each year, to be sure you have the most current information, as you are planning your salary budget for the next year. You will see the advice from reliable sources.
This year it has been essential to pay attention to new rules from the Department of Labor that have been and will be costly:
- Make sure you have not misclassified employees as Contractors when they should be on your payroll.
- Review the exempt (hourly) and non-exempt (salaried) status to avoid the penalties.
- Implement the new salary threshold that the Department of Labor requires on January 1 to be paid salary with no overtime. It is a huge jump from July 1, 2024 You can avoid some of that cost if you understand how salary, plus overtime works.
You may have in-house staff who has and will address these challenges, but keep in mind the audits have started and they are costly.
If you have any questions about this report, please let me know. This is a labor-intensive endeavor and intended only for my clients. It is copyrighted to HR Enterprise.
Be well and safe,
Nancye
If you have any questions about this report, please contact Nancye. There is no charge to STAFDA members for this report.
