DEADLINE EXTENDED TO MARCH 15, 2012
Many FPDA distributors have already submitted data for the 2012 Cross-Industry Compensation Survey. Are you one of them? If not, act now to learn how your firm's employee compensation package stacks up not only in the fluid power industry but across 35 distribution industries. The Cross-Industry 2012 Compensation Survey gives distributors access to key benchmarks for both compensation and fringe benefits.
This service is a benefit of your membership in FPDA and participation is offered to you free of charge. Here are five key reasons you should participate:
Magnitude-For most distributors payroll and associated fringe benefits represent close to two-thirds of total expenses. There is simply no way to maintain a profitable organization without constant review of payroll.
Action-There is probably more going on in the payroll area than anywhere else. Firms have adjusted their salary levels, rethought fringe benefit offerings and made dramatic switches in the structure of their insurance programs. In most instances, more still needs to be done. Current benchmarking guidelines are essential to stay on top of payroll issues.
Profit Impact-Given the size of payroll expenditures, it should be clear that fine-tuning payroll can dramatically impact profit. However, sometimes payroll's financial impact is not fully appreciated. For example, a 2.0% reduction in payroll expense has the same impact on the bottom line as a 20.0% reduction in inventory investment.
Controllable-In a tough economy, sales gains may be difficult to achieve and increases in gross margin may be nearly impossible. However, changes in payroll costs are possible by restructuring compensation programs. This is true even for firms that have already "cut to the bone."
Two-Edged Sword-If payroll costs are too high, profit is clearly impacted. However, if compensation and benefit programs are inadequate, sales may suffer in a way that is never seen by the firm. Compensation is an area where it is essential to be exactly on target.
To maintain adequate payroll performance, take part in the 2012 Cross-Industry Compensation Report. The deadline has been extended to March 15. After that it is too late to gain access to this critical information.
Click this link to participate: 2012 Compensation Survey