Many employees forget—or don't realize—that employer-provided benefits make up a big portion of their compensation.
Solution: Prepare an annual "total compensation statement" for each employee that shows how much you really invest beyond wages. This can improve employee morale and loyalty, which will ease turnover.
What to include: all compensation (both mandatory and voluntary) such as wages, health coverage, dental insurance, life/disability insurance, workers' comp contributions, retirement plan contributions, Social Security taxes, unemployment taxes and paid leave by category (vacation, sick leave, etc.). Keep it simple, and end with a summary total dollar amount.
Several vendors offer software to prepare your own statement, such as Benefit Software, www.bsiweb.com/mainsite/communicator.html. Other vendors can take your compensation data and create reports for you, such as www.haygroup.com/benefits, www.aboutyourbenefits.com and www.nas.adp.com/solutions/benefits/totalcomp.html.
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