Employees too often see their base salary as their only compensation. They forget how much other benefits are worth.
Illuminate those compensation blind spots by preparing an annual total compensation statement for each employee. Your goal: Show how much your organization really invests beyond wages. By shedding light on this “hidden paycheck,” you can improve employee morale and loyalty—and reduce turnover.
A useful total compensation statement contains all compensation to which your organization contributes on behalf of employees, including:
- Health, dental and life insurance
- Short/long term disability
- Retirement plan contributions
- Social Security taxes
- Paid leave by category (i.e., vacation, sick leave, etc.), both accrued and used.