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.
For the past couple of years, our organization has been wanting to institute annual total compensation statements as they are a powerful tool for engaging and retaining employees. We simply could not find an economical or efficient way to do so until Employer Resource Association! Jeff Lucas at ERA made the process easy and was extremely responsive and attentive throughout. The end product looked amazing, and we have received nothing but positive feedback from our employees!
— Amy Day, MBA, SPHR, SHRM-SCP
Vice President of Associate Care, CME Federal Credit Union
- Included with Membership
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- Compensation Projects
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- HR Checkup
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- Total Compensation Statements