FORT LAUDERDALE, Fla., May 16, 2024 /PRNewswire/ -- FMS Solutions is proud to announce the release of its 2024 Compensation and Benefits Study, a comprehensive analysis tailored specifically for the independent grocery sector. This year's study offers an in-depth look into current compensation trends and benefits packages across the industry, providing crucial insights for grocery store owners and managers.

The 2024 FMS Compensation and Benefits Study comprehensively examines wages—including hourly pay, salaries, and bonuses where applicable—for 30 roles ranging from store manager to bagger. One highlight of the report reveals that both exempt and non-exempt employees received an average wage increase of 4.9%, primarily driven by cost-of-living adjustments rather than performance-based raises. The raises for nonexempt employees closely mirrored those awarded to exempt staff, and 90% of the surveyed grocers have allocated budgets for employee raises in 2024.

"In today's challenging labor market, understanding the complexities of compensation has never been more critical," said FMS Solutions President and CEO Robert Graybill. "Our latest study provides the grocery sector with the essential data needed to navigate these times, ensuring that they are equipped to attract and retain the top talent necessary for sustained competitiveness."

This comprehensive dataset is especially valuable for grocers committed to adapting their strategies to meet market demands and employee expectations in a period marked by significant upheavals in the labor market. "As we look to the future, the ability of grocers to effectively manage their compensation strategies in alignment with evolving market conditions will be a defining factor in their success," added Graybill. "This study serves as a vital tool in that effort, offering critical insights into the current economic climate."

The 2024 FMS Compensation and Benefits Study is available for purchase now at fmssolutions.com. Study participants will receive a complimentary copy as a token of appreciation for their contribution to this critical industry resource. 

FMS Solutions Holdings LLC (FMS) — Since 1974, FMS has helped independent retail grocers succeed by transforming historical accounting activities into timely, accurate decision support tools. The company's keen understanding of the challenges the industry faces has positioned it as the National Grocers Association's (NGA) preferred provider of industry benchmarking, best practices and mission-critical decision support. Headquartered in Florida, FMS has additional offices in Alabama, Minnesota, Missouri, Illinois, Pennsylvania, New Jersey, Maryland, Tennessee, Nebraska, Oklahoma, Oregon, Texas, Kansas, Ontario (Canada), and Hyderabad (India). FMS services organizations in more than 5,000 locations across North America and the Caribbean, enabling them to improve profitability through better decision support. To learn more about FMS, please call 877.435.9400 or visit www.fmssolutions.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/fms-solutions-releases-2024-compensation-and-benefits-study-for-the-grocery-sector-302148259.html

SOURCE FMS Solutions