Companies provide employees total compensation statements to show workers how much they earn in a year. The report includes wages, medical benefits and other perks they may receive, offering workers an in-depth compensation analysis. Employers can hire employee benefit consulting companies to provide assistance in creating total compensation statements.
Businesses can evaluate how much they pay an employee to better assess their value to the organization against regional and national compensation statistics. This information can help employers determine which employees may be eligible for pay increases and promotions. In addition, the statistics can help a business evaluate its compensation package against the competition to better attract the ideal employee.
Employees can study the reports to understand a company's compensation strategy. The statements deliver an informative tool that provides insight into how much an employee receives in specific areas. Companies can provide employees information about how an annual salary is divided with total compensation statements.
Many businesses use online software, but understanding how to set up charts, graphs and evaluation tools may prove challenging. Supervisors can reach out to employee benefit consultants to learn how to maximize the use of total compensation statement programs.
