Total Compensation Statements can be a tremendous tool when used for HR communications.
There truly are many employer contributions to the employee benefits package that are generally not known or discussed frequently. While salary is an obvious benefit of employment, the hidden perks are not always recognized.
To help increase visibility to those items, our clients are able to easily produce Total Compensation Statements for their employees.
Total Compensation Statement: Features and Benefits
- Gross annual pay
- Amount spends on legally required benefits
- Amount spends on voluntary benefits
- Benchmark data concerning the amount the average employer typically spends on benefits as a percentage of payroll and how it compares
On average, employers spend the equivalent of over 30 percent of each employee’s annual salary on his or her benefits.
By putting forth the effort to create awareness of that fact, organizations may increase employee satisfaction and retention.