Communicate about Total Compensation
You’ve worked hard to make sure your compensation is competitive and to have a great total rewards package for your employees. Yet, your employees still seem uncertain about how their pay stacks up against the market and how much their benefits are worth. You may need to work on a key aspect of your compensation package – communication. Luckily for you, PayScale has you covered with the new Total Compensation Statement!
Employees often think of their compensation as their base salary or wages only. However, an employer's taxes, workers' compensation insurance and paperwork can cost an employer an additional 30 percent in payroll costs. Such benefits as health insurance, dental insurance, employment insurance and PTO are well known by the Human Resources Department, but may not be by the employees. Being transparent about these details throughout the employment relationship can help you to keep your employees motivated and more satisfied in their jobs so they’ll stay.
Related: Communicating Total Compensation to Employees in a Meaningful Way
- Available as an optional section of the Employee Compensation Report.
- Customers can easily upload a benefit/cost breakdown and have it available in the Employee Compensation Report.
- Seeing the cost breakdown for different benefits helps facilitate manager to employee conversations regarding pay and total reward packages.
Now, entering labor market data is much easier and more accurate
We conducted a usability study and found that entering data accurately can be tricky. When users don't know the effect of various company sizes on pay, they don’t know what company size to select.
To make company size selection easier, PayScale's compensation software now includes a chart that compares average company size to median salary. We also highlight that it's important to think of companies you compete with for talent when completing the Labor Market survey.
Want more details? Read more about all of the exciting new features of this release in our Product Release Notes.
More than 3,000 organizations use PayScale's cloud compensation software to:
- Allocate raises. PayScale Insight allows you to allocate raises based on employee performance and labor budget.
- Attract talent. Price jobs based on your local market and competition.
- Retain employees. Get pay right and show them how you did it. Your employees will be more satisfied to stay.
- Drive performance. Get their salary right so they can focus on doing a good job.
- Be confident. With know-how to talk about comp with anyone.
What are you waiting for?