Amid the challenges of a competitive job market and employee retention, offering a comprehensive view of compensation is crucial. While employees often focus solely on their direct wages, they may overlook the value of indirect benefits like healthcare and paid time off. Employers can bridge this gap by providing total compensation statements detailing direct and indirect compensation, demonstrating their investment in employees. Such transparency builds trust and allows employees to assess their compensation relative to other employers better. Employers should ensure consistent calculations and pay equity and emphasize the purpose of sharing this information to foster a positive work culture.
Schafer, Jodi SPHR, SHRM-SCP
"Staff Matters: The Value of Using Total Compensation Statements,"
The Journal of the Michigan Dental Association: Vol. 104:
8, Article 8.
Available at: https://commons.ada.org/journalmichigandentalassociation/vol104/iss8/8
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