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Editor’s Note: Additional Content For more information and resources related to this article, see the pages below, which offer quick access to all WorldatWork content on these topics: ;Employee Compensation; ;Finance and Budgeting; ;Organizational Performance; ;Total Rewards; #1 Total Rewards & Comp Newsletter Subscribe to Workspan Weekly and always get the latest news on compensation and Total Rewards delivered directly to you.

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Editor’s Note: Additional Content For more information and resources related to this article, see the pages below, which offer quick access to all WorldatWork content on these topics: ;Career Growth; ;Organizational Performance; #1 Total Rewards & Comp Newsletter Subscribe to Workspan Weekly and always get the latest news on compensation and Total Rewards delivered directly to you.

Employers today spend an average of $37 per hour worked, or roughly $77,000 on compensation per employee per year, making personnel one of the largest line items on company budgets. 1 Beyond base pay, organizations also invest heavily in other rewards offerings.

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IRS Nudges Standard Mileage Rate 3 Cents Higher The Internal Revenue Service on Dec. 19 increased the optional standard mileage rate for automobiles driven for business purposes by 3 cents, starting on Jan. 1, 2025, while the mileage rates for vehicles used for other purposes will remain unchanged from 2024.

Step 1: Be Forthcoming and Honest Telling your employees you can’t give them a raise right now is tough, but playing it close to the chest also isn’t a viable option, Dwyer said.

The vast majority of our readers work in management at the executive level, senior level or mid-level in these areas: Top Five Focus Areas 1.