Today, many companies are focused on finding ways to improve the satisfaction levels of their top-performing employees. This may include offering additional perks inside the office — anything from a ping-pong table to a more comfortable to office kitchen to high-end gifts such as iPads.
But aside from offering something new, another way that companies can improve their employee retention efforts is by producing Total Compensation Statements.
What is a Total Compensation Statement?
While items such as salary are certainly well known to employees, employers often provide many other benefits and services that are far less visible or known.
A Total Compensation Statement can act as a tremendous communication tool in your HR efforts. They typically include items such as gross annual pay, amount spent on legally required benefits, amount spent on voluntary benefits, and benchmark data concerning the amount the average employer typically spends on benefits as a percentage of payroll and how compares.
Benefits of Producing and Distributing these Statements
While there may be an initial time commitment required by the employer to produce these statements, the benefits provided by them often make the effort well worth it. These benefits include:
- Increase employee awareness of their benefits and how much those benefits cost the company
- Provide a dollar amount for benefits that do not seem to have a tangible monetary value, such as dry cleaning services
- Promote the idea of total compensation, beyond just the paycheck
- Raise employee morale because they tangibly see the array of benefits being offered by their employer
- Higher retention rates by employees
Would you like to offer Total Compensation Statements to your employees?
If so, CBG Benefits can help. We can reduce the workload for Human Resources professionals by eliminating the need to manually prepare, print and mail statements to each employee.