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Total Compensation Statements as a Tool to Communicate Total Value

OnDemand Webinar (86 minutes)

Learn how total compensation statements can help you communicate the true value of your company's compensation and benefits packages to employees.Often employees look at their base salary as the total value provided by your organization. Retaining employees is the number one issue of business today, and often they leave for a few cents in base pay. Creating customized compensation statements for your organization can be a valuable communication tool. Generally, total compensation ranges from 30 to 50 percent above base compensation for an organization and most employees are unaware of the benefit. This information will help you understand the value of creating total compensation statements as well as the process for information gathering, data management, and printing and production of the final statements.

Authors

Lori Kleiman, SPHR, HR Topics

Agenda

What Makes up Compensation?

• Base Compensation

• Bonus and Commissions

• Government Mandated Benefits

• Voluntary Benefits

• Nonmonetary Benefits

Communication Vehicle

• Branding

• Tool for Messaging

• Benefit Recap

• Stock Options/Plans

• Visually Appealing

Data Assembly

• Options From Payroll Systems

• Employee Demographics

• Data From Other Areas of Organization

• Ability to Include Items That Are Not for All Employees

• How to Handle Paid Time off

Tools Available for Statement Creation

• Microsoft Products

• Internal Database

• HRIS Programs

• Your Benefit Broker

Considerations in Statements

• Printing and Mailing

• PDF's

• Color or Black and White