Help Your Employees Appreciate Your Investment in Them
You are probably paying your employees a lot more than they realize. There is an easy and inexpensive way to remedy this gap in knowledge. This may be particularly important at a time when the economy is slowly improving and employees may be inclined to snap up a job offer from another employer merely on the basis of the promised wage, rather than the total package.
“Total compensation statements” have been around for many years and are widely used by large employers. But they have become more accessible to smaller employers thanks to their availability online. The concept is simply to attach a dollar sign, where possible, to all the elements of compensation — or even the entire “work experience,” if you want to take it this far. Doing so may preclude a valued employee from jumping ship for a higher salary, only to realize that he's actually taking a pay cut when factoring in varying employer contributions to health and retirement benefits, among other items.
So, how do you define compensation? And, how do you present this to your team? Keep reading to learn more…