Benefits Analysis

Educate employees about the full value of their compensation packages.

Unfortunately, most employees view their compensation packagewith a salary bias. Weekly or monthly take-home pay is the"big picture" in their minds. It is therefore criticalthat you take the time to show not only your outstandingperformers, but every one of your employees, the full value oftheir compensation package. It's up to you to paint the real"big picture."

Create a list of all the benefits that are available to youremployees. Next to each benefit, show its annual dollar value. Forexample, if you provide health insurance, show the dollar amountyou contribute each year. For sick leave, show what it would costyou annually if the benefit was fully used. Make sure you includeall your government contributions for benefits such as SocialSecurity, workers' compensation and unemployment insurance.Costs for these programs vary from state to state, so be sure toadjust your figures accordingly.

Excerpted from Attracting & Rewarding OutstandingEmployees

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