Total compensation reports can be used as powerful year-end statements. By waiting until the end of the year to deliver a total compensation report, many companies are able to show their employees that they actually received tens of thousands of dollars in benefits throughout the year. This reminder is a powerful tool that can help increase employee morale and reduce turnover .
If you decide to use a total compensation report as a year-end report , you should first review the employees you’re distributing them to. You may decide that you don’t want to give total compensation reports to your part-time workers who receive no healthcare benefits, extra perks or retirement plans. Before you decide to withhold total compensation reports from any employee, however, we recommend doing a final review to make sure the employee has no hidden benefits such as free parking, vacation time or free food.
Make your total compensation report as effective as possible by including all the benefits you provide. Chances are, you’ll forget some the first time you draft a report. Be creative in your thought process. Our total compensation report includes 60 customizable benefit areas, and we’ve assembled a list of seven hidden perks to help you get started. Remember that if you can define it, and you can place an economic value to it, then COMPackage can deliver it in a clear, concise and colorful way.
Receive more information about COMPackage's total compensation software .
If you’re ready to start letting COMPackage work for you, view a free total compensation report demo today!