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Spell out your company’s total compensation commitment

by on
in Employee Benefits Program,Human Resources

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:

  • Wages
  • 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.

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{ 2 comments… read them below or add one }

Janelle Jacobs July 30, 2013 at 6:27 pm

Oh, I forgot to add the link – http://www.compackage.com

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Janelle Jacobs July 30, 2013 at 6:26 pm

YES! Employees never know what they are missing until you spell it out for them. Last year I started using total compensation statements from COMPackage.com and I couldn’t believe what a difference it made in terms of the employees productivity. In the software there’s dozens of perks that are often overlooked by employees as part of their salary. Unbelievable! Thanks for posting this.

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