In April 2024, the DOL issued a final rule increasing the standard salary level for executive, administrative, and professional (EAP) exemptions under the Fair Labor Standards Act (FLSA). This final rule provides for current and future updates of the salary thresholds, as follows::

As we approach 2025, crafting an effective salary strategy involves more than just staying updated with market trends; it also requires aligning compensation with the organization's broader objectives and meeting employee expectations. Over the last few years, employers have experienced unpredictable fluctuations in the market.

At Helios, we are often approached by current and prospective clients to conduct compensation benchmarking for their organizations. Typically, it's because they are losing talent to the competition or having conversations with their employees about salaries they found online.

In the past, professionals used to seek out companies that could offer employment for the whole of their career—the so-called “job for life”. Those days are long gone. Today's average American will now have 12 jobs in their lifetime, and the career ladder has been replaced with the career journey.

Salary increases are a major point of concern for most employers right now. Recent data shows that most employers plan to offer increases of around 3.5% to 4.1% this year. This will put pressure on salary structures—but still might not meet employee expectations.

Maybe you’ve heard of compensation benchmarking, also known as salary benchmarking, but you really don’t understand what it is or why it’s important to an employer. I promise you are not alone! As a compensation consultant, I often have conversations with executives and HR professionals before starting an employee compensation benchmarking project. Typically, they feel like they need help with reviewing their salaries, but aren’t entirely clear on how to go about the process.