Total Compensation Statements

jerzal

I would like to do a Total Comp statement this year. It is something new for our company. Does anyone have any examples of what to include?
I was thinking...
Annual Salary
Medical Insurance
Dental/Vision Insurance
Life Insurance & AD&DSTDLTD
401(k) plan match
Paid leave by category (vacation, personal, parental, etc)

Thanks,
Jenn

marc

Do not forget payroll taxes (FICA and Medi) and what about workman's compensation insurance. They are certainly part of our burden calculation.

Does you company have wellness programs?

Don D

You might also want to factor in the Unemployment Insurance tax which is a percentage of a portion of their annual wages. For example, in this state, it's a percentage of the first $7000 in wages. Check your state UI people for the precise calculation.

mwild31

Hi Jenn - Give me your email address & I'll send you a file for exempt & non-exempt total comp. statements (it's in excel).

I think this is a great tool, however, not all of the employees do. Instead of being interesting & "wow, didn't think of those costs, etc." it can become a hot button issue where the employee feels as though the company is nickel and diming them. I have a letter that I sent out too (word format) that I can send along as well. I would send out the letter with the compensation sheet.

stilldazed

I have just put together a draft total employee compensation statement as well with a couple of goals in mind. 1. Take a step toward helping employees understand their overall compensation package and get us ready in case we have to adjust employee contributions in the future; 2. remind employees of their benefits selections (we are six months into our benefit year, thus six months away from open enrollment). My draft is under review by senior management to determine if we actually want to move toward distribution. The concept seems like a double-edged sword, but my idea is that the long-term pluses will outweigh the minuses. In my draft, I quanitified (on an annual basis) wages, group insurance benefits costs, and costs for the time off package. I also divided company costs from individual costs. I have not yet developed the cover memo and am looking for ideas on how to present the message. Would you be willing to send your drafts to me as well? [email]psmythe@acvillage.net[/email].

Thanks,