Do you know what the total cost of having an employee really is? A total compensation statement is a valuable tool in helping to answer that question. It paints a full picture of the benefits employees receive while working at your company. It shows them all of the benefits they receive - including the ones they typically don't consider when thinking of their 'pay'. A compensation statement is sometimes referred to as the 'hidden paycheck' and often includes company paid benefits such as medical, dental, life and vision insurances, retirement benefits, vacation, sick, paid-time off, social security and medicare taxes paid by the company. If your comany offers other benefits such as education reimburesment, flexible spending accounts, uniforms, other discounts or benefits, those should be included as well.
This statement can be a great tool for employees to use in planning for their future. HR Kinections has samples available and is able to provide statements for your employees. For more information about the process, please contact us!
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