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Essay On National Compensation Survey

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National Compensation Survey Methods and Reasoning
The National Compensation Survey (NCS) is a division of the United States Department of Labor, and resides within the website for the Bureau of Labor Statistics. The function of the NCS is to collect information regarding changes in employer and employee costs, as well as cost levels and cost of employee benefits. These three methods that the NCS uses to gain the data are the Employment Cost Index, The Employer Costs for Employee Compensation, and The Employee Benefit Survey (Bureau of Labor Statistics/home). It would be valuable to have a general understanding of the reasoning for development of the NCS, as well as a description of the three methods used to execute the goals of the NCS.
The statistics that the NCS provides are used in the private and public sectors alike, as tools for businesses, persons seeking employment, and policymakers (Bureau of Labor Statistics/data). Data is gathered in part to aid the Federal Reserve System’s dual mandate from Congress, of providing price stability and maximum employment (Federal Reserve Bank of St. Louis/monetary). To better understand the reasoning behind the NCS, the purpose of the Federal Reserve System must be understood. Financial crises were prevalent …show more content…
The objective of this survey is to record the occurrence of, and the amount of benefits that are offered to employees in the private sector. The EBS collects data on paid leave, supplemental pay, insurance, retirement, legally required benefits and other benefits (Bureau of Labor Statistics/collect). By looking at the benefit information, employers and HR professionals can determine what is generally being offered to employees, which can help them make an informed decision on what benefits to offer, amongst other beneficial business strategies (Bureau of Labor

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