Unfortunately, most employees view their compensation package with a salary bias. Weekly or monthly take-home pay is the "big picture" in their minds. It is therefore critical that you take the time to show not only your outstanding performers, but every one of your employees, the full value of their compensation package. It's up to you to paint the real "big picture."
Create a list of all the benefits that are available to your employees. Next to each benefit, show its annual dollar value. For example, if you provide health insurance, show the dollar amount you contribute each year. For sick leave, show what it would cost you annually if the benefit was fully used. Make sure you include all your government contributions for benefits such as Social Security, workers' compensation and unemployment insurance. Costs for these programs vary from state to state, so be sure to adjust your figures accordingly.
Excerpted from Attracting & Rewarding Outstanding Employees