Archive for December 28, 2017

The Benefits of Total Compensation Statements

Written by Wall Street News on December 28th, 2017. Posted in Hr solution, Leave management, Onboarding process

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A total compensation statement is a document that states what an employee’s total compensation for the year is. This can be a simple spreadsheet or a more in-depth report. It is important to remember that many times, an employee’s compensation goes beyond just their base salary. It might also include information like bonuses and commission, paid leaves and PTO, car and phone allowance amount, and stock options. Other items that the document might include are travel expenses that the company pays for, company discounts, tuition assistance, and con-site child care.

There are many benefits to giving each employee one of these statements when they start their new job. It allows for more transparency, boost appreciation and satisfaction, and ultimately, leads to job retention. One way to care for the compensation