An employee’s total compensation goes far above just the value of their regular paycheck and incorporates some items employees rarely consider. To offer a Total Compensation Statement to employees, both direct and indirect compensation totals should be compiled.
Direct compensation refers to compensation paid directly to an employee, such as the employee’s salary, bonuses, or cash incentives. Indirect compensation includes forms of compensation that are not paid directly to an employee, such as employer-paid insurance premiums, retirement benefits and paid time off.
Here’s a list:
- Medical, dental, and vision insurance 401(k) plan
- Paid leave for sickness, personal, vacation, company holidays etc.
- Health reimbursement arrangement
- Flexible spending accounts (healthcare, dependent care, limited purpose)
- Employee assistance program
- Commuter benefits
- Tuition assistance
- Adoption assistance
- Disability insurance
- Life insurance
- Stock options
- Relocation assistance
- Pet insurance
- Financial wellness programs Company vehicle
Consider providing comparisons to the national average to bolster your position. Check various resources such as the Society for Human Resource Management and the Bureau of Labor Statistics.
An employee benefit statement is a great platform for special announcements like new products, new branches etc. It’s a place to reiterate aspects that make your company shine, like the corporate culture.
Navia offers Employee Benefit Statements as a service with their other benefit offerings. Navia makes it very easy to communicate everything you need in our customized, eye-catching statements.