There’s more to compensation than salary. Studies have shown that employees who understand the full value of their earnings have better attitudes and are more motivated on the job. According to the Bureau of Labor Statistics, when medical insurance, bonuses and 401K factor in, the average compensation is 30% more than salary alone!
What is surprising is that most employees seem to have no clear picture of their total compensation package or about the financial investment their company has made in them in the way of both direct and indirect compensation. Start planning now to educate your employees in early 2016 about what exactly makes up their complete compensation statement and how to use that complete package to their advantage.
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