Total Compensation Statements
Total Compensation Statements provide your employees with a full picture of the costs associated with their employment. Most employers use these statements as a way to educate their employees about how the company is investing in them.
Why is Creating a Total Compensation Statement a Benefit to Employers?
- Demonstrates to the employees the employer/employee portions of total benefit costs.
- Educates your employees about the total costs of medical, dental, vision, etc. insurance coverage.
- Highlights benefits that may be under-utilized or not apparent to your employees.
- Allow employees and prospective employees to compare their total compensation “apples to apples” with other offers, rather than focusing solely on the base salary.
What Should be Included in Total Compensation Statements?
ERA can work with you to develop a Total Compensation Statement for your unique benefit package. We also have standard templates available and can give you advice about best practices. As a general idea, here are some areas that you commonly find in a Total Compensation Statement:
- Cash Compensation
- Health Benefits (Medical, Dental, Vision, Health Savings Accounts, etc.)
- Basic Life and AD&D Insurance
- Short-Term and Long-Term Disability
- Retirement Benefits (401(k), Profit Sharing, etc.)
- Vacation/PTO and Holidays
- Tuition Assistance/Reimbursement
- Parking Subsidy
- Childcare Programs
- Uniform Expense
ERA is able to provide customized Total Compensation Statements for your organization. For more information, please contact Jeff Lucas at 513-679-4120.
- Included with Membership
- Fee-based Services
- Affirmative Action Plans
- Employee Engagement Surveys
- Compensation Projects
- Compliance Services
- HR Checkup
- HR On-Demand Services
- Internal Investigation
- One-on-One Coaching
- Career Transition Services
- Performance Management
- 360 Degree Performance Reviews
- Total Compensation Statements