Do You See Your Total Compensation?

compensationMany employees only consider base salary as their total compensation from their employer. They continue to remain in the dark when it comes to the amount contributed to health care and other costly benefits.

Some companies have begun using web-based services that provide employees with visual aids and educational tools, such as charts that break down the benefits the company contributes to. These can include salary, health care, defined contribution matches, incentive opportunities and even vacation time. When these numbers are clearly itemized all in one place, it helps them begin to look beyond just annual salary.

Closing this gap and giving a comprehensive look at everything that is included in their compensation can be the key to employee engagement and retention. It can also show them how much they are valued and encourage hem to take full advantage of their offerings.

To view other articles from the SIP Fall Newsletter, please click here.

In cooperation with NAEBA

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