Benefits Analysis

Educate employees about the full value of their compensation packages.

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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 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 value. For example, if you provide , show the dollar amount you contribute each year. For , show what it would cost you annually if the benefit was fully used. Make sure you include all your contributions for benefits such as Social Security, workers' compensation and insurance. for these programs vary from state to state, so be sure to adjust your figures accordingly.

Excerpted from Attracting & Rewarding Outstanding Employees

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