Total Compensation Statements
Employees are often unaware of their total earnings because their benefits package and other compensations are not explained to them. Clarus Benefits offers custom Total Compensation Statements that detail the full reward that your employees are receiving, from their salaries to “hidden” compensations
A greater understanding of their benefits will help employees utilize them more effectively, saving both the employees and company time and money. Helping employees understand their total compensation can raise morale and increase loyalty to your company. Total Compensation Statements highlight the monetary value of your company’s benefits package, including those perks that may be overshadowed by traditional benefits.
Total Compensation Statement may include information about the following:
Though your benefits package may be quite substantial, your employees may not know it or understand some of the compensations you offer.
- Stock Options
- Stock Grants
- Employee Stock Purchase Plan
- Retirement Plan
- Social Security Contributions
- 401(k) Matching Contributions
- Paid Time Off
- Employer-Paid Premiums for health, life and disability insurance
- Wellness Rewards (discounts, cash bonuses, etc.)
By detailing the exact benefits your company provides, employees will become aware of the intangible benefits they receive and improve job satisfaction.
Benefits of Total Compensation Statements:
- Increase employee awareness of company benefits
- Provide a dollar amount for benefits that do not seem to have a tangible monetary value
- Promote the idea of total compensation beyond just the paycheck
- Raise employee morale
- Higher employee retention rates
- Reduce the workload for HR professionals by eliminating the need to manually prepare, print and mail statements to each employee
- Show potential recruits their total calculated compensation on top of their base compensation to make your organization more competitive in the hiring process
Whether you want to provide statements for management or for your entire staff, Clarus can design a custom Total Compensation Statement for you.
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